Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.028%

Price spread now: Deribit against Phemex−0.006%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.006%, 7d avg +0.021%

Together, before fees+0.149%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.028% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.116%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5514	0.0100	pay 0.0100% / 8h	1h 27m	$55.2M	$29.2M	50x
Short	Deribit XRP_USDC-PERPETUAL	1.5513	0	get 0.0000% / 1h	27m 31s	$9.5M	$25.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$21
Price spread: −0.006% → +0.021%: −$2.77
Slippage, 4 orders: −$18.11
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$60.88
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Phemex: live order book, 7 min ago; Deribit: 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, 7 min ago	2.89 bp	13.9 bp −$14	34.6 bp −$346	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	1.29 bp	4.8 bp −$5	7.5 bp −$75	doesn't fit	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	1.5523	+0.058%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5501	−0.082%	$1.1M	$114K	10x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5513	−0.006%	$9.5M	$25.3M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5527	+0.085%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.444%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5506	−0.054%	$15.4M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0052% / S +0.0124%	1h	1.5527	+0.086%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5517	+0.019%	$77K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5509	−0.032%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5509	−0.032%	$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	1.5532	+0.119%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5513	−0.006%	$39.4M	$78.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5509	−0.032%	$638K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5536	+0.144%	$559.0M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5524	+0.064%	$347.2M	$892.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5521	+0.045%	$127.3M	$877.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5528	+0.090%	$577K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5536	+0.142%	$118K	$740K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5515	+0.006%	$374.0M	$139.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5520	+0.039%	$291.7M	$850.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5505	−0.061%	$113.2M	$158.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5522	+0.052%	$270.8M	$362.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5517	+0.019%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5485	−0.190%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5495	−0.120%	$675K	$101.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5534	+0.127%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5504	−0.064%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5520	+0.041%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5532	+0.116%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5525	+0.071%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5520	+0.036%	$835K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5524	+0.067%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5509	−0.032%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5516	+0.014%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5514	long leg	$55.2M	$29.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.241%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5521	+0.047%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5528	+0.090%	$11K	$255K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5522	+0.049%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5514	+0.003%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5531	+0.110%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5527	+0.083%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5522	+0.052%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5517	+0.019%	$5.8M	$47.1M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5510	−0.026%	$24.6M	$73.4M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0266%	1h	1.5510	−0.026%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5556	+0.271%	$1.9M	$32.7M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.219%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5540	+0.165%	$509K	$629K	10x	as long as short
Hyperliquid XRP	+0.0598%	1h	1.5542	+0.181%	$291.1M	$202.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0727%	1h	1.5545	+0.197%	$1K	$11K	10x	as long as short