Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h +0.016%

Price spread now: Phoenix against Paradex−0.135%106s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$840.836% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.081%−$8 on $10k

Price spread, last 4 days (all we have)+0.445%+$45 · spread now −0.135%, 7d avg +0.002%

Together, before fees+0.364%+ Points / potential airdropParadex: Active · farm board+$36 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 0.138% cheaper against Paradex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 106 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	Paradex XRP-USD-PERP	1.5261	0.0099	pay 0.0099% / 8h	5h 29m	$476K	$47K	50x
Short	Phoenix XRP	1.5240	0	get 0.0000% / 1h	29m 30s	$68K	$108K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$20.79
Price spread: −0.135% → +0.002%: −$13.76
Slippage, 4 orders: −$72.64
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$118.19
Costs to cover: 0.836%
Break-even: never at this rate

Slippage from Paradex: live order book, 18 min ago; Phoenix: live order book, 8 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 Paradex live order book, 18 min ago	4.24 bp	6.2 bp −$6	148.3 bp −$1,483	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	6.52 bp	35.6 bp −$36	84.4 bp −$844	doesn't fit	doesn't fit

XRP on 50 exchanges

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
01 Exchange XRPUSD	−0.0080%	1h	1.5261	+0.002%	$9K	$987	10x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5366	+0.690%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0063%	1h	1.5266	+0.034%	$13.8M	$69.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5264	+0.021%	$1.1M	$154K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5240	−0.135%	$68K	$108K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5266	+0.035%	$7.6M	$20.9M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5252	−0.055%	$241K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.962%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5259	−0.009%	$17K	$75K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5257	−0.022%	$2.8M	$14.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5265	+0.028%	$591K	$3.1M	20x	as long as short
Paradex XRP-USD-PERPlong	+0.0099%	8h	1.5261	long leg	$476K	$47K	50x
Katana Perps XRP-USD	+0.0100%	8h	1.5253	−0.050%	$9K	$403K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5263	+0.012%	$1.1M	$5.8M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5272	+0.074%	$295.8M	$266.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5258	−0.017%	$38.8M	$80.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5261	+0.002%	$587K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5258	−0.015%	$529.9M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5258	−0.017%	$357.8M	$878.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5259	−0.011%	$123.4M	$824.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5240	−0.135%	$560K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5267	+0.042%	$163K	$697K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5262	+0.009%	$380.1M	$158.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5257	−0.024%	$305.6M	$900.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5260	−0.005%	$104.4M	$181.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5260	−0.004%	$270.0M	$354.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5259	−0.011%	—	$99.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5257	−0.025%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5249	−0.076%	$662K	$109.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5255	−0.037%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5256	−0.030%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5262	+0.008%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5264	+0.022%	$52K	$473K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5264	+0.020%	$41K	$64K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5262	+0.009%	$83K	$601K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5264	+0.019%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5261	+0.002%	$30K	$1.4M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5259	−0.011%	$49.7M	$13.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5261	+0.002%	$54.4M	$33.3M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5287	+0.169%	$1.6M	$32K	20x	as long as short
Backpack XRP_USDC_PERP	+0.0102%	1h	1.5275	+0.094%	$2.0M	$1.2M	25x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5255	−0.040%	$2.2M	$6.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5259	−0.008%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5265	+0.028%	$5.4M	$42.9M	50x	as long as short
Kalshi KXXRPPERP	+0.0129%	8h	1.5255	−0.037%	$1.9M	$35.4M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5251	−0.063%	$23.8M	$77.7M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5257	−0.024%	$1.3M	$1K	15x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0225% / S −0.0458%	1h	1.5264	+0.024%	$859K	—	200x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5266	+0.034%	$512K	$725K	10x	as long as short
Aftermath Perps XRPUSD	+0.0336%	1h	1.5268	+0.048%	$3K	$13K	10x	as long as short