Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Phemex+0.085%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.085%, 7d avg −0.003%

Together, before fees−0.025%−$2 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: Bitget is 0.088% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5354	0.0100	pay 0.0100% / 8h	7h 10m	$54.6M	$29.5M	50x
Short	Bitget XRPUSDT	1.5367	0.0100	get 0.0100% / 8h	7h 10m	$269.6M	$374.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → −0.003%: $8.75
Slippage, 4 orders: −$16.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$31.98
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bitget: 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 Phemex live order book, 3 min ago	3.25 bp	11.5 bp −$11	14.7 bp −$147	23.9 bp −$2,392	doesn't fit
Sell Bitget live order book, 3 min ago	0.32 bp	6.3 bp −$6	8.1 bp −$81	19.7 bp −$1,971	34.9 bp −$17.4K

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	1.5368	+0.091%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5372	+0.117%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5348	−0.041%	$257K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5353	−0.007%	$9.3M	$25.0M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0074%	1h	1.5350	−0.027%	$842K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.342%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	−0.020%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5372	+0.117%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5383	+0.187%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5383	+0.189%	$516K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5365	+0.072%	$9K	$281K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5379	+0.165%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5362	+0.055%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5369	+0.098%	$38.8M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5383	+0.190%	$636K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5385	+0.202%	$543.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5383	+0.189%	$342.6M	$918.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5369	+0.098%	$125.0M	$868.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5366	+0.078%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5372	+0.117%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.518%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5373	+0.124%	$375.8M	$151.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5367	+0.085%	$306.8M	$913.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5378	+0.154%	$111.3M	$166.9M	75x	as long as short
Bitget XRPUSDTshort	+0.0100%	8h	1.5367	+0.085%	$269.6M	$374.8M	125x
BingX XRP-USDC	+0.0100%	8h	1.5366	+0.078%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	0.000%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5358	+0.026%	$668K	$107.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5362	+0.052%	$1.1M	$37.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5374	+0.130%	$1.2M	$997K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5370	+0.104%	$47K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5357	+0.020%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5352	−0.016%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5368	+0.092%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5351	−0.020%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5365	+0.070%	$50.4M	$15.3M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5354	long leg	$54.6M	$29.5M	50x
Vest XRP-PERP	+0.0100%	1h	1.5363	+0.058%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5364	+0.065%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5351	−0.023%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5361	+0.048%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5355	+0.007%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5356	+0.013%	$5.7M	$46.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5351	−0.017%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0308%	1h	1.5360	+0.039%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5361	+0.047%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5370	+0.104%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0384%	1h	1.5390	+0.234%	$290.7M	$215.8M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5380	+0.169%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5380	+0.169%	$544K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0837%	1h	1.5366	+0.078%	$2K	$13K	10x	as long as short