Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against Phemex+0.030%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$820.816% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now +0.030%, 7d avg −0.002%

Together, before fees−0.141%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.033% dearer against Phemex than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.002%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5158	0.0100	pay 0.0100% / 8h	6h 46m	$53.8M	$29.6M	50x
Short	dYdX XRP-USD	1.5163	0	get 0.0000% / 1h	46m 09s	$1.1M	$120K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$21
Price spread: +0.030% → −0.002%: $3.27
Slippage, 4 orders: −$59.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$99.37
Costs to cover: 0.816%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; dYdX: 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	3.62 bp	9.9 bp −$10	13.1 bp −$131	21.1 bp −$2,106	doesn't fit
Sell dYdX live order book, 3 min ago	25.00 bp	30.0 bp −$30	30.0 bp −$300	39.6 bp −$3,959	85.4 bp −$42.7K

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	+0.139%	$5K	$3K	20x	as long as short
dYdX XRP-USDshort	0.0000%	1h	1.5163	+0.030%	$1.1M	$120K	10x
Phoenix XRP	0.0000%	1h	1.5190	+0.211%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5151	−0.045%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0065%	1h	1.5151	−0.049%	$831K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.652%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5151	−0.046%	$14.7M	$72.3M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0068%	8h	1.5157	−0.007%	$57K	$945K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5159	+0.007%	$9.0M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5156	−0.013%	$2.8M	$14.0M	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	1.5158	0.000%	$518K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5160	+0.013%	$11K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5159	+0.010%	$864K	$5.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5156	−0.011%	$38.4M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	+0.020%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5160	+0.011%	$535.9M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5160	+0.013%	$337.1M	$937.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5161	+0.020%	$123.1M	$870.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	+0.092%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5162	+0.026%	$115K	$722K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.164%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5157	−0.007%	$367.6M	$149.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5159	+0.007%	$292.0M	$898.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5158	0.000%	$108.3M	$171.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5150	−0.053%	$264.7M	$383.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5153	−0.033%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−0.019%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5188	+0.199%	$660K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5207	+0.324%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5193	+0.231%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5163	+0.032%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5157	−0.007%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5156	−0.011%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5160	+0.016%	$816K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5165	+0.046%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5155	−0.020%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5153	−0.033%	$49.7M	$15.5M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5158	long leg	$53.8M	$29.6M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5169	+0.070%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5156	−0.016%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5156	−0.014%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5164	+0.040%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0178%	1h	1.5163	+0.033%	$280.5M	$223.1M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5152	−0.037%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5158	0.000%	$5.7M	$46.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.231%	$24.0M	$75.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0333%	8h	1.5167	+0.059%	$2.1M	$36.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0336%	1h	1.5178	+0.135%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0368%	1h	1.5161	+0.020%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5166	+0.054%	$537K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0810%	1h	1.5178	+0.131%	$2K	$14K	10x	as long as short