Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.031%

Price spread now: Coinbase International against Phemex+0.059%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.059%, 7d avg +0.025%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.035% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5150	0.0100	pay 0.0100% / 8h	1h 32m	$54.2M	$32.5M	50x
Short	Coinbase International XRP-PERP-INTX	1.5159	0.0176	get 0.0022% / 1h	32m 13s	$5.7M	$48.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.059%Rate

Funding earned: $15.96
Price spread: +0.059% → +0.025%: $3.48
Slippage, 4 orders: −$14.9
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$17.46
Costs to cover: 0.369%
Break-even: 14.7 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: live order book, 2 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, 2 min ago	1.98 bp	12.7 bp −$13	16.1 bp −$161	29.0 bp −$2,895	doesn't fit
Sell Coinbase International live order book, 2 min ago	0.33 bp	5.9 bp −$6	8.5 bp −$85	25.0 bp −$2,501	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	1.5168	+0.119%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	+0.059%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.132%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5147	−0.023%	$245K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5152	+0.013%	$7.7M	$24.9M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5150	−0.003%	$14.4M	$75.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.706%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0084% / S −0.0033%	1h	1.5152	+0.012%	$799K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5150	−0.001%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5151	+0.007%	$544K	$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
01 Exchange XRPUSD	+0.0096%	1h	1.5161	+0.073%	$8K	$2K	10x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5153	+0.020%	$10K	$371K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5149	−0.003%	$978K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5150	+0.002%	$38.5M	$87.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5159	+0.061%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5150	0.000%	$531.1M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5147	−0.020%	$345.5M	$961.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5147	−0.020%	$127.2M	$882.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5151	+0.007%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5162	+0.079%	$143K	$714K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5153	+0.020%	$376.1M	$160.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5150	0.000%	$300.0M	$923.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5147	−0.018%	$107.3M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5147	−0.020%	$267.2M	$397.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5155	+0.033%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5146	−0.027%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5160	+0.065%	$660K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5158	+0.053%	$1.1M	$36.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	+0.125%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5158	+0.055%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5156	+0.040%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5156	+0.041%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5152	+0.013%	$65K	$774K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−0.011%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5159	+0.059%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5149	−0.007%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5169	+0.123%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5150	long leg	$54.2M	$32.5M	50x
Bulk XRP-USD	+0.0100%	1h	1.5157	+0.046%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5158	+0.052%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5143	−0.047%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5149	−0.008%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5142	−0.050%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0168%	1h	1.5158	+0.053%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTXshort	+0.0176%	1h	1.5159	+0.059%	$5.7M	$48.3M	50x
Hyperliquid XRP	+0.0179%	1h	1.5163	+0.086%	$288.3M	$264.7M	20x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5159	+0.059%	$1.7M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5149	−0.005%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5170	+0.132%	$23.6M	$77.9M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5160	+0.066%	$524K	$798K	10x	as long as short
Aftermath Perps XRPUSD	+0.0599%	1h	1.5161	+0.071%	$2K	$16K	10x	as long as short