Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h −0.020%

Price spread now: Phemex against Kraken Futures+0.004%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.004%, 7d avg −0.002%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.080%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XRPUSD	1.5007	−0.0001	get 0.0000% / 1h	30m 57s	$14.2M	$75.2M	50x
Short	Phemex XRPUSDT	1.5008	0.0100	get 0.0100% / 8h	2h 30m	$53.5M	$31.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.004%Rate

Funding earned: $21.23
Price spread: +0.004% → −0.002%: $0.52
Slippage, 4 orders: −$20.31
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20.56
Costs to cover: 0.423%
Break-even: 13.8 days

Slippage from Kraken Futures: live order book, 3 min ago; Phemex: live order book, 3 min ago.

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 Kraken Futures live order book, 3 min ago	1.33 bp	9.5 bp −$9	12.1 bp −$121	21.8 bp −$2,179	39.9 bp −$19.9K
Sell Phemex live order book, 3 min ago	0.33 bp	15.5 bp −$16	18.9 bp −$189	25.9 bp −$2,590	doesn't fit

XRP on 51 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	1.5013	+0.037%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSDlong	−0.0001%	1h	1.5007	long leg	$14.2M	$75.2M	50x
dYdX XRP-USD	0.0000%	1h	1.5021	+0.088%	$1.1M	$130K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5030	+0.150%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5009	+0.010%	$7.6M	$25.7M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5006	−0.013%	$257K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.682%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5004	−0.023%	$786K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5022	+0.097%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5008	+0.002%	$2.8M	$14.9M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5010	+0.017%	$494K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5012	+0.030%	$12K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5021	+0.087%	$914K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5019	+0.077%	$287.4M	$259.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5008	0.000%	$38.3M	$86.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5021	+0.087%	$602K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5011	+0.023%	$526.2M	$2.20B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5011	+0.023%	$341.2M	$959.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5012	+0.030%	$124.4M	$889.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5033	+0.170%	$559K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5024	+0.110%	$143K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5027	+0.129%	$1.6M	$4K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5009	+0.010%	$367.8M	$157.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5010	+0.017%	$288.0M	$913.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5010	+0.014%	$106.2M	$180.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5010	+0.017%	$264.8M	$396.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5009	+0.010%	—	$105.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5004	−0.022%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5013	+0.038%	$652K	$112.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5026	+0.124%	$1.1M	$37.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5014	+0.043%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5016	+0.060%	—	$13K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5012	+0.030%	$51K	$493K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5006	−0.010%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5006	−0.010%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5004	−0.023%	$807K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5019	+0.079%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5007	−0.003%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5005	−0.019%	$49.0M	$15.8M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5008	+0.004%	$53.5M	$31.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5022	+0.100%	$468K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5008	0.000%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5006	−0.010%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0133%	8h	1.5025	+0.117%	$1.7M	$35.7M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0167%	1h	1.5016	+0.057%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5012	+0.030%	$5.6M	$48.2M	50x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5026	+0.121%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5006	−0.007%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5001	−0.043%	$23.3M	$75.8M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5023	+0.104%	$512K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0604%	1h	1.5042	+0.231%	$2K	$16K	10x	as long as short