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: Bybit against Phemex−0.033%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now −0.033%, 7d avg −0.009%

Together, before fees+0.200%+$20 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: Bybit is 0.024% cheaper against Phemex than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5180	0.0100	pay 0.0100% / 8h	4h 25m	$54.2M	$30.7M	50x
Short	Bybit XRPUSDT	1.5175	0.0100	get 0.0100% / 8h	4h 25m	$346.9M	$933.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → −0.009%: −$2.36
Slippage, 4 orders: −$12.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.12
Costs to cover: 0.358%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	3.95 bp	10.6 bp −$11	12.6 bp −$126	31.5 bp −$3,153	doesn't fit
Sell Bybit live order book, 4 min ago	0.33 bp	5.8 bp −$6	6.9 bp −$69	13.3 bp −$1,330	21.5 bp −$10.8K

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	1.5179	−0.007%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5185	+0.036%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5177	−0.019%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5180	0.000%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5183	+0.020%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5190	+0.066%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.503%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0043% / S +0.0026%	1h	1.5182	+0.014%	$792K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0084%	8h	1.5186	+0.040%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5184	+0.030%	$2.8M	$14.6M	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	1.5178	−0.013%	$498K	$3.3M	20x	as long as short
01 Exchange XRPUSD	+0.0096%	1h	1.5194	+0.092%	$8K	$8K	10x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5186	+0.040%	$10K	$325K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5181	+0.008%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5182	+0.013%	$281.7M	$226.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5189	+0.061%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5189	+0.058%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5180	+0.001%	$535.2M	$2.11B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5175	−0.033%	$346.9M	$933.9M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5173	−0.046%	$126.3M	$875.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−0.040%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5192	+0.079%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5115	−0.426%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5173	−0.046%	$370.0M	$154.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5173	−0.046%	$291.1M	$900.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5187	+0.048%	$108.0M	$174.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5171	−0.059%	$268.4M	$384.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5177	−0.020%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5179	−0.009%	$5.2M	$37.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5159	−0.136%	$658K	$108.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5178	−0.016%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5164	−0.105%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5187	+0.047%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5195	+0.099%	$44K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5185	+0.034%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5189	+0.058%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5194	+0.095%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5189	+0.059%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5191	+0.073%	$49.7M	$15.7M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5180	long leg	$54.2M	$30.7M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5185	+0.032%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5184	+0.029%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5185	+0.033%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0174%	1h	1.5181	+0.007%	$2.0M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5178	−0.011%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5194	+0.092%	$5.6M	$47.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5188	+0.053%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5177	−0.020%	$24.1M	$76.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0311%	8h	1.5194	+0.092%	$2.1M	$34.5M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5195	+0.097%	$517K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0649%	1h	1.5181	+0.009%	$2K	$15K	10x	as long as short