Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Phemex−0.007%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 Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5348	0.0100	pay 0.0100% / 8h	7h 13m	$54.4M	$33.2M	50x
Short	Hotstuff XRP-PERP	1.5347	−0.0080	pay 0.0010% / 1h	13m 20s	$5K	$3K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$37.8
Price spread: −0.007% → 0.000%: −$0.65
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$55.45
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Hotstuff: 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, 6 min ago	0.33 bp	7.6 bp −$8	10.9 bp −$109	18.2 bp −$1,822	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 50 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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5337	−0.071%	$14.0M	$74.7M	50x	as long as short
Hotstuff XRP-PERPshort	−0.0080%	1h	1.5347	−0.007%	$5K	$3K	20x
Phoenix XRP	0.0000%	1h	1.5350	+0.013%	$69K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5339	−0.059%	$7.8M	$22.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5333	−0.098%	$249K	—	150x	as long as short
dYdX XRP-USD	+0.0006%	1h	1.5347	−0.007%	$1.1M	$123K	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.381%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5345	−0.020%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5360	+0.077%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5341	−0.047%	$2.8M	$14.7M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5349	+0.007%	$624K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5342	−0.039%	$20K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5347	−0.009%	$479K	$52K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5342	−0.036%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5347	−0.007%	$39.0M	$82.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5348	+0.001%	$618K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5348	−0.001%	$536.3M	$2.13B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5347	−0.007%	$357.7M	$912.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5346	−0.013%	$127.6M	$840.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5326	−0.143%	$562K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5352	+0.026%	$159K	$706K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5316	−0.209%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5338	−0.065%	$378.3M	$156.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5336	−0.078%	$318.9M	$929.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5344	−0.027%	$108.4M	$180.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5334	−0.091%	$272.2M	$363.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5334	−0.091%	—	$106.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5344	−0.024%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5339	−0.059%	$666K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5356	+0.054%	$1.1M	$32.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5342	−0.039%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5349	+0.006%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5343	−0.033%	$52K	$502K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5334	−0.091%	$41K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5335	−0.085%	$78K	$646K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5337	−0.071%	$129K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5334	−0.091%	$31K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5349	+0.005%	$50.1M	$13.9M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5348	long leg	$54.4M	$33.2M	50x
Extended XRP-USD	+0.0104%	1h	1.5329	−0.121%	$2.1M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5332	−0.103%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0134% / S −0.0096%	1h	1.5335	−0.087%	$788K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5333	−0.098%	$5.3M	$46.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0172%	8h	1.5357	+0.059%	$1.7M	$32.8M	2.9x	as long as short
Hyperliquid XRP	+0.0177%	1h	1.5348	0.000%	$293.8M	$265.6M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5334	−0.091%	$23.8M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5331	−0.110%	$1.4M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0226%	1h	1.5372	+0.156%	$2.0M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5347	−0.009%	$525K	$784K	10x	as long as short
Aftermath Perps XRPUSD	+0.0522%	1h	1.5320	−0.181%	$3K	$16K	10x	as long as short