Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex+0.018%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now +0.018%, 7d avg +0.009%

Together, before fees+0.115%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5543	0.0100	pay 0.0100% / 8h	1h 20m	$55.3M	$29.1M	50x
Short	Lighter XRP	1.5546	0.0096	get 0.0012% / 1h	20m 18s	$3.0M	$12.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$0.84
Price spread: +0.018% → +0.009%: $0.87
Slippage, 4 orders: −$16.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$28.41
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Lighter: 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, 4 min ago	2.25 bp	13.8 bp −$14	15.6 bp −$156	25.3 bp −$2,532	doesn't fit
Sell Lighter live order book, 3 min ago	0.91 bp	2.4 bp −$2	5.9 bp −$59	16.5 bp −$1,650	38.7 bp −$19.4K

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	1.5577	+0.219%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5569	+0.165%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5535	−0.051%	$9.5M	$25.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5545	+0.013%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.109%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5538	−0.034%	$15.4M	$68.7M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0119%	1h	1.5544	+0.004%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5534	−0.058%	$78K	$949K	50x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5546	+0.018%	$3.0M	$12.3M	20x
Lighter RH XRP	+0.0096%	1h	1.5545	+0.013%	$440K	$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	1.5554	+0.068%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5546	+0.019%	$39.4M	$78.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5573	+0.193%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5545	+0.013%	$559.1M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5546	+0.019%	$347.5M	$900.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5546	+0.019%	$127.4M	$880.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	+0.084%	$580K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5572	+0.187%	$119K	$742K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	+0.152%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5544	+0.006%	$373.8M	$140.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5549	+0.039%	$296.6M	$857.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5553	+0.062%	$113.9M	$159.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5534	−0.058%	$271.3M	$363.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5545	+0.013%	—	$118.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5549	+0.036%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5544	+0.009%	$676K	$101.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	+0.180%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5557	+0.090%	$1.0M	$883K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5556	+0.086%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5557	+0.090%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5544	+0.007%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5535	−0.053%	$836K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5544	+0.006%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5537	−0.039%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5543	+0.002%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5543	long leg	$55.3M	$29.1M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5571	+0.177%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5561	+0.116%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5534	−0.055%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5534	−0.058%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5573	+0.193%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5566	+0.146%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5549	+0.036%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5544	+0.006%	$5.8M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5570	+0.174%	$24.5M	$74.0M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5572	+0.187%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5569	+0.167%	$1.9M	$33.0M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5560	+0.109%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5574	+0.200%	$510K	$630K	10x	as long as short
Hyperliquid XRP	+0.0596%	1h	1.5569	+0.169%	$291.7M	$202.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0745%	1h	1.5559	+0.101%	$1K	$11K	10x	as long as short