Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.009%

Price spread now: Phoenix against OKX−0.164%46s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$830.828% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)+0.963%+$96 · spread now −0.164%, 7d avg +0.021%

Together, before fees+0.819%+$82 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.185% cheaper against OKX than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.021%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5225	0.0100	pay 0.0100% / 8h	7h 50m	$127.1M	$861.5M	100x
Short	Phoenix XRP	1.5200	0	get 0.0000% / 1h	50m 42s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$21
Price spread: −0.164% → +0.021%: −$18.48
Slippage, 4 orders: −$65.82
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$122.3
Costs to cover: 0.828%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 27 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 OKX live order book, 3 min ago	0.33 bp	5.7 bp −$6	8.9 bp −$89	16.7 bp −$1,667	34.3 bp −$17.1K
Sell Phoenix live order book, 27 min ago	6.58 bp	35.9 bp −$36	83.7 bp −$837	doesn't fit	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
Kraken Futures PF_XRPUSD	−0.0171%	1h	1.5238	+0.084%	$14.8M	$76.0M	50x	as long as short
Phemex XRPUSDT	−0.0116%	8h	1.5229	+0.026%	$54.4M	$32.6M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5228	+0.020%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5226	+0.008%	$1.1M	$148K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5200	−0.164%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5233	+0.050%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5237	+0.079%	$7.7M	$23.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.200%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0064%	1h	1.5220	−0.031%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5230	+0.033%	$2.8M	$14.5M	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	1.5235	+0.066%	$608K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5229	+0.026%	$20K	$382K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5229	+0.030%	$999K	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5228	+0.022%	$38.6M	$85.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5218	−0.043%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5228	+0.018%	$530.8M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5223	−0.013%	$353.3M	$946.5M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5225	long leg	$127.1M	$861.5M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5207	−0.118%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5242	+0.112%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−0.233%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5230	+0.033%	$379.7M	$151.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5232	+0.046%	$314.4M	$912.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5230	+0.034%	$106.7M	$183.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5228	+0.020%	$270.1M	$386.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5229	+0.026%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5226	+0.006%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5214	−0.071%	$661K	$112.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5218	−0.046%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5223	−0.013%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5237	+0.079%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5239	+0.092%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5234	+0.059%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5234	+0.059%	$78K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5206	−0.122%	$818K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5240	+0.101%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5234	+0.059%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5236	+0.074%	$49.7M	$15.2M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5222	−0.017%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5223	−0.015%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5232	+0.045%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0114% / S −0.0077%	1h	1.5232	+0.043%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5241	+0.105%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5239	+0.092%	$5.6M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0169%	8h	1.5229	+0.026%	$1.7M	$33.5M	2.9x	as long as short
Hyperliquid XRP	+0.0219%	1h	1.5243	+0.118%	$291.1M	$267.7M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5233	+0.053%	$23.7M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5234	+0.061%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0275%	1h	1.5241	+0.105%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5239	+0.092%	$523K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0538%	1h	1.5205	−0.134%	$2K	$16K	10x	as long as short