Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Katana Perps+0.285%7-day average +0.021% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.346%−$35 · spread now +0.285%, 7d avg +0.021%

Together, before fees−0.320%−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.264% dearer against Katana Perps than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5079	0.0100	pay 0.0100% / 8h	5h 55m	$9K	$305K	20x
Short	Phemex XRPUSDT	1.5122	0.0100	get 0.0100% / 8h	5h 55m	$53.9M	$29.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Katana PerpsbpFee PhemexbpOrdersPrice spread, now +0.285%Rate

Funding earned: $0.04
Price spread: +0.285% → +0.021%: $26.45
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $10.69
Costs to cover: 0.158%
Break-even: from the start

Slippage unknown: Katana Perps: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Katana Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	2.32 bp	8.8 bp −$9	12.7 bp −$127	21.6 bp −$2,158	doesn't fit

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XRP on 50 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff XRP-PERP	−0.0080%	1h	1.5107	+0.186%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5089	+0.067%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5140	+0.405%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5133	+0.355%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0025% / S +0.0051%	1h	1.5139	+0.399%	$800K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.190%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0074%	8h	1.5136	+0.378%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5096	+0.110%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5108	+0.192%	$508K	$3.2M	20x	as long as short
01 Exchange XRPUSD	+0.0096%	1h	1.5086	+0.046%	$8K	$8K	10x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USDlong	+0.0100%	8h	1.5079	long leg	$9K	$305K	20x
Nado XRP-PERP	+0.0100%	1h	1.5130	+0.342%	$970K	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5111	+0.212%	$279.3M	$221.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5103	+0.159%	$38.3M	$82.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5095	+0.103%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5086	+0.048%	$534.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5084	+0.033%	$340.6M	$924.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5086	+0.046%	$124.6M	$860.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5116	+0.245%	$561K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5095	+0.106%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	+0.050%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5090	+0.073%	$367.3M	$150.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5089	+0.066%	$292.0M	$890.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5093	+0.095%	$106.3M	$170.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5090	+0.073%	$266.0M	$379.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5090	+0.073%	—	$126.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5143	+0.424%	$6.1M	$35.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5088	+0.063%	$655K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	+0.239%	$1.1M	$35.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5094	+0.099%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5130	+0.340%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5142	+0.418%	$41K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5140	+0.406%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5139	+0.396%	$815K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5135	+0.371%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5132	+0.351%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5134	+0.364%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5122	+0.285%	$53.9M	$29.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5092	+0.089%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5086	+0.046%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5133	+0.357%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0147%	1h	1.5136	+0.378%	$7.7M	$25.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5140	+0.406%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5132	+0.351%	$5.6M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0250%	1h	1.5129	+0.332%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5128	+0.328%	$14.5M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5107	+0.189%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5130	+0.338%	$2.1M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5094	+0.096%	$525K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0755%	1h	1.5127	+0.322%	$2K	$14K	10x	as long as short