Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Phemex−0.090%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Phemex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.459%+$46 · spread now −0.090%, 7d avg −0.016%

Together, before fees+0.487%+$49 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: BingX is 0.074% cheaper against Phemex than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5537	0.0100	pay 0.0100% / 8h	7h 03m	$55.2M	$33.2M	50x
Short	BingX XRP-USDC	1.5523	0.0100	get 0.0100% / 8h	7h 03m	—	$4.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.090%Rate

Funding earned: $0
Price spread: −0.090% → −0.016%: −$7.37
Slippage, 4 orders: −$18.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$47.57
Costs to cover: 0.402%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; BingX: live order book, 6 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	1.62 bp	14.4 bp −$14	16.9 bp −$169	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	0.97 bp	8.3 bp −$8	10.0 bp −$100	15.5 bp −$1,549	53.2 bp −$26.6K

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
Kraken Futures PF_XRPUSD	−0.0168%	1h	1.5542	+0.031%	$14.3M	$73.7M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5519	−0.116%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5490	−0.303%	$70K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5536	−0.006%	$252K	—	150x	as long as short
dYdX XRP-USD	+0.0005%	1h	1.5531	−0.041%	$1.1M	$155K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5545	+0.051%	$8.1M	$22.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.148%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0064%	1h	1.5496	−0.267%	$18K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5536	−0.006%	$9K	$2K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5527	−0.066%	$2.8M	$14.8M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5531	−0.039%	$629K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5526	−0.071%	$20K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5538	+0.005%	$485K	$52K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5524	−0.080%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5532	−0.031%	$39.3M	$82.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5532	−0.030%	$629K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5530	−0.044%	$543.0M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5522	−0.097%	$360.6M	$906.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5526	−0.071%	$126.4M	$851.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5449	−0.566%	$567K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5537	0.000%	$163K	$699K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5432	−0.674%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5531	−0.039%	$390.9M	$160.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5523	−0.090%	$317.7M	$941.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5524	−0.082%	$109.7M	$180.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5527	−0.064%	$275.3M	$361.1M	125x	as long as short
BingX XRP-USDCshort	+0.0100%	8h	1.5523	−0.090%	—	$4.1M	—
Variational Omni XRP	+0.0100%	8h	1.5506	−0.200%	$4.9M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5451	−0.555%	$683K	$113.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5489	−0.311%	$1.1M	$32.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5468	−0.444%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5525	−0.076%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5532	−0.032%	$53K	$502K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5537	0.000%	$42K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5541	+0.026%	$79K	$646K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5544	+0.045%	$130K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5539	+0.013%	$31K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5535	−0.014%	$50.6M	$14.3M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5537	long leg	$55.2M	$33.2M	50x
Extended XRP-USD	+0.0104%	1h	1.5520	−0.111%	$2.1M	$5.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5539	+0.016%	$60K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0142% / S −0.0108%	1h	1.5534	−0.019%	$832K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5541	+0.026%	$5.4M	$46.9M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5530	−0.045%	$1.8M	$33.0M	2.9x	as long as short
Hyperliquid XRP	+0.0195%	1h	1.5539	+0.013%	$299.6M	$265.4M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5514	−0.148%	$23.9M	$79.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0222%	1h	1.5524	−0.083%	$1.4M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0241%	1h	1.5545	+0.051%	$2.0M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5535	−0.015%	$523K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0489%	1h	1.5441	−0.618%	$3K	$15K	10x	as long as short