Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.034%

Price spread now: Hibachi against Phemex−0.146%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHibachi: Active · farm boardneeds both histories

Funding pays, the price is against you. Hibachi is 0.146% cheaper against Phemex than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 3.1 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5517	0.0100	pay 0.0100% / 8h	1h 06m	$55.2M	$29.0M	50x
Short	Hibachi XRP/USDT-P	1.5494	0.0256	get 0.0032% / 1h	6m 04s	$18K	$82K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.146%Rate

Funding earned: $32.76
Price spread: −0.146% → 0.000%: −$14.63
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$2.87
Costs to cover: 0.210%
Break-even: 7.6 days

Slippage unknown: Phemex: live order book, 3 min ago; Hibachi: 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, 3 min ago	4.51 bp	16.0 bp −$16	22.1 bp −$221	doesn't fit	doesn't fit
Sell Hibachi no order-book sample	—	—	—	—	—

Hibachi: 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	1.5513	−0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5506	−0.068%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5521	+0.026%	$9.5M	$25.1M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0001% / S +0.0113%	1h	1.5522	+0.034%	$853K	—	200x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5521	+0.026%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.277%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5519	+0.011%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0055%	8h	1.5521	+0.026%	$76K	$909K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5517	+0.001%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5520	+0.019%	$443K	$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	1.5520	+0.017%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5517	+0.003%	$39.4M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5518	+0.005%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5504	−0.083%	$557.8M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5504	−0.084%	$346.0M	$903.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5503	−0.090%	$127.7M	$880.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5467	−0.322%	$576K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5522	+0.032%	$119K	$746K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	−0.101%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5514	−0.019%	$363.6M	$143.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5504	−0.084%	$299.8M	$868.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5506	−0.071%	$113.0M	$161.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5504	−0.084%	$270.7M	$366.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5517	0.000%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5501	−0.100%	$11.8M	$30.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5508	−0.058%	$673K	$101.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	−0.025%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5507	−0.064%	$1.0M	$884K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5526	+0.058%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5524	+0.047%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5523	+0.038%	$836K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5526	+0.055%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5520	+0.019%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5517	+0.002%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5517	long leg	$55.2M	$29.0M	50x
Vest XRP-PERP	+0.0100%	1h	1.5514	−0.021%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5517	−0.001%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5519	+0.013%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5499	−0.114%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5520	+0.017%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5527	+0.064%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5521	+0.023%	$1.4M	$8K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5529	+0.077%	$6.0M	$47.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5499	−0.116%	$24.6M	$73.6M	125x	as long as short
Hibachi XRP/USDT-Pshort	+0.0256%	1h	1.5494	−0.146%	$18K	$82K	7x
Backpack XRP_USDC_PERP	+0.0294%	1h	1.5525	+0.052%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5526	+0.058%	$1.9M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5500	−0.110%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5534	+0.111%	$509K	$631K	10x	as long as short
Hyperliquid XRP	+0.0581%	1h	1.5533	+0.103%	$290.4M	$204.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0770%	1h	1.5520	+0.018%	$1K	$11K	10x	as long as short