Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h +0.020%

Price spread now: Kraken Futures against Phemex−0.013%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$520.525% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.013%, 7d avg +0.002%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.080%, 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	1.4945	0.0100	pay 0.0100% / 8h	2h 27m	$53.3M	$32.0M	50x
Short	Kraken Futures PF_XRPUSD	1.4943	−0.0001	pay 0.0000% / 1h	27m 01s	$14.1M	$75.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$21.23
Price spread: −0.013% → +0.002%: −$1.49
Slippage, 4 orders: −$30.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$75.17
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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, 2 min ago	4.34 bp	19.6 bp −$20	25.9 bp −$259	33.5 bp −$3,351	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.67 bp	8.8 bp −$9	12.5 bp −$125	23.6 bp −$2,355	54.0 bp −$27.0K

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	1.4958	+0.087%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSDshort	−0.0001%	1h	1.4943	−0.013%	$14.1M	$75.2M	50x
dYdX XRP-USD	0.0000%	1h	1.4966	+0.144%	$1.1M	$130K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5010	+0.435%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.4943	−0.013%	$7.6M	$25.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.4937	−0.055%	$244K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+4.115%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.4935	−0.065%	$787K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.4960	+0.100%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.4945	+0.001%	$2.8M	$15.0M	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	1.4945	0.000%	$540K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.4940	−0.033%	$11K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.4948	+0.023%	$940K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.4955	+0.067%	$284.7M	$261.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.4946	+0.007%	$38.1M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.4965	+0.137%	$598K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.4947	+0.012%	$523.1M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.4942	−0.020%	$339.7M	$969.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.4947	+0.013%	$123.6M	$888.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.4954	+0.060%	$559K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.4961	+0.107%	$143K	$729K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5027	+0.548%	$1.6M	$4K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.4946	+0.007%	$365.7M	$158.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.4947	+0.013%	$278.1M	$917.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.4944	−0.007%	$104.3M	$180.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.4942	−0.020%	$262.3M	$399.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.4946	+0.007%	—	$106.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5004	+0.396%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5011	+0.444%	$652K	$112.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5001	+0.373%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5018	+0.488%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.4957	+0.077%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.4947	+0.013%	$51K	$492K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.4939	−0.040%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.4936	−0.060%	$61K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.4939	−0.042%	$804K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.4945	−0.003%	$125K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.4946	+0.007%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.4938	−0.048%	$48.8M	$15.9M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.4945	long leg	$53.3M	$32.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.4966	+0.137%	$467K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.4938	−0.044%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.4942	−0.020%	$57K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0137%	8h	1.4956	+0.074%	$1.6M	$35.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0154%	1h	1.4950	+0.033%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.4948	+0.020%	$5.5M	$48.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.4967	+0.148%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.4936	−0.060%	$1.3M	$6K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.4939	−0.040%	$23.2M	$76.1M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.4954	+0.064%	$510K	$781K	10x	as long as short
Aftermath Perps XRPUSD	+0.0633%	1h	1.5011	+0.443%	$2K	$16K	10x	as long as short