Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Derive against Phemex+0.062%7-day average −0.003% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.062%, 7d avg −0.003%

Together, before fees−0.029%−$3 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: Derive is 0.065% dearer against Phemex than usual: you sell high and buy low, +$6 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	1.5112	0.0100	pay 0.0100% / 8h	5h 37m	$53.8M	$30.0M	50x
Short	Derive XRP-PERP	1.5121	0.0100	get 0.0013% / 1h	37m 27s	$814K	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.062%Rate

Funding earned: $0
Price spread: +0.062% → −0.003%: $6.46
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$11.54
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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	0.99 bp	7.8 bp −$8	13.8 bp −$138	29.4 bp −$2,941	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5117	+0.033%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5118	+0.043%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5117	+0.033%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0015%	1h	1.5119	+0.046%	$7.6M	$25.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0032% / S +0.0046%	1h	1.5118	+0.040%	$816K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.965%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5123	+0.073%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5119	+0.046%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5118	+0.042%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5120	+0.053%	$508K	$3.3M	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	1.5113	+0.007%	$9K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5131	+0.129%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5144	+0.212%	$280.2M	$220.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5118	+0.040%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5118	+0.041%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5135	+0.150%	$536.4M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5137	+0.165%	$343.4M	$925.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5139	+0.179%	$125.4M	$865.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5112	0.000%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5124	+0.079%	$114K	$706K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5136	+0.156%	$1.6M	$88K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5122	+0.066%	$368.6M	$151.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5115	+0.020%	$292.9M	$896.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5116	+0.024%	$106.4M	$170.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5131	+0.126%	$266.3M	$380.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5118	+0.040%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5121	+0.057%	$5.6M	$36.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5123	+0.071%	$657K	$109.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5119	+0.049%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5120	+0.053%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5130	+0.118%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5137	+0.165%	$42K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5132	+0.135%	$41K	$68K	20x	as long as short
Derive XRP-PERPshort	+0.0100%	1h	1.5121	+0.062%	$814K	$73K	10x
SunX XRP-USDT	+0.0100%	8h	1.5122	+0.064%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5117	+0.033%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5117	+0.032%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5112	long leg	$53.8M	$30.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5123	+0.071%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5118	+0.042%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5117	+0.032%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5117	+0.033%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5130	+0.119%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5118	+0.040%	$5.6M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5108	−0.026%	$24.2M	$74.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5112	+0.001%	$14.5M	$73.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5119	+0.047%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0352%	8h	1.5127	+0.099%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5127	+0.099%	$515K	$776K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	+0.119%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0711%	1h	1.5126	+0.093%	$2K	$14K	10x	as long as short