Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Arcus against Phemex−0.090%7-day average −0.005% · 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−$45as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.232%+$23 · spread now −0.090%, 7d avg −0.005%

Together, before fees+0.235%+$23 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: Arcus is 0.085% cheaper against Phemex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5520	0.0100	pay 0.0100% / 8h	1h 28m	$55.3M	$29.2M	50x
Short	Arcus XRP-USD	1.5506	0.0100	get 0.0013% / 1h	28m 54s	$118K	$739K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Phemex. 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 PhemexbpFee ArcusbpOrdersPrice spread, now −0.090%Rate

Funding earned: $0
Price spread: −0.090% → −0.005%: −$8.53
Slippage, 4 orders: −$20.1
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$45.13
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Arcus: live order book, 55 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 Phemex live order book, 5 min ago	2.89 bp	13.9 bp −$14	34.6 bp −$346	doesn't fit	doesn't fit
Sell Arcus live order book, 55 min ago	1.30 bp	5.0 bp −$5	16.5 bp −$165	43.7 bp −$4,367	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	1.5461	−0.380%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5494	−0.169%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5505	−0.097%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.482%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5511	−0.056%	$15.4M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0124%	1h	1.5504	−0.101%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5510	−0.064%	$77K	$942K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0072%	1h	1.5514	−0.039%	$9.5M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5521	+0.004%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5520	0.000%	$439K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5502	−0.114%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5523	+0.019%	$39.5M	$78.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5504	−0.103%	$638K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5525	+0.032%	$558.6M	$1.96B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5523	+0.019%	$347.0M	$891.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5524	+0.026%	$127.1M	$876.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5515	−0.032%	$577K	$41K	5x	as long as short
Arcus XRP-USDshort	+0.0100%	1h	1.5506	−0.090%	$118K	$739K	20x
Gate XRP_USDT	+0.0100%	8h	1.5520	0.000%	$373.9M	$139.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5537	+0.110%	$292.2M	$848.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5522	+0.013%	$113.3M	$158.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5528	+0.052%	$270.7M	$362.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5553	+0.213%	—	$117.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5485	−0.228%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5531	+0.072%	$674K	$101.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5464	−0.363%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5529	+0.058%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5494	−0.167%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5512	−0.052%	$45K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5506	−0.089%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5514	−0.041%	$835K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5518	−0.012%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5513	−0.045%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5499	−0.137%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5520	long leg	$55.3M	$29.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.279%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5492	−0.179%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5505	−0.097%	$11K	$255K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5527	+0.043%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5511	−0.058%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5510	−0.064%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5475	−0.288%	$18K	$81K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5502	−0.118%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5516	−0.026%	$5.9M	$47.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5510	−0.064%	$24.6M	$73.4M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0253%	1h	1.5530	+0.064%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5503	−0.110%	$1.9M	$32.7M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.258%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5515	−0.034%	$508K	$629K	10x	as long as short
Hyperliquid XRP	+0.0599%	1h	1.5539	+0.122%	$290.8M	$202.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0731%	1h	1.5535	+0.094%	$1K	$11K	10x	as long as short