Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Phemex+0.097%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)+0.197%+$20 · spread now +0.097%, 7d avg +0.007%

Together, before fees+0.159%+ Points / potential airdropLighter RH: Points live · farm board+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter RH is 0.090% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5448	0.0100	pay 0.0100% / 8h	2h 01m	$55.2M	$28.3M	50x
Short	Lighter RH XRP	1.5463	0.0096	get 0.0012% / 1h	1m 22s	$447K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$0.84
Price spread: +0.097% → +0.007%: $9.05
Slippage, 4 orders: −$11.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$15.65
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter RH: 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, 3 min ago	2.27 bp	9.5 bp −$10	12.2 bp −$122	26.8 bp −$2,684	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.29 bp	1.3 bp −$1	5.2 bp −$52	30.6 bp −$3,059	doesn't fit

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	1.5457	+0.058%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5454	+0.036%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5430	−0.117%	$69K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5457	+0.058%	$9.4M	$24.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5471	+0.151%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−1.023%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0049%	8h	1.5471	+0.149%	$81K	$935K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0077% / S +0.0160%	1h	1.5478	+0.193%	$911K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5461	+0.085%	$3.0M	$11.6M	20x	as long as short
Lighter RH XRPshort	+0.0096%	1h	1.5463	+0.097%	$447K	$3.1M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5458	+0.068%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5457	+0.056%	$39.3M	$73.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5462	+0.088%	$675K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5478	+0.196%	$556.8M	$1.88B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5469	+0.136%	$348.3M	$854.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5468	+0.129%	$126.0M	$852.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5393	−0.356%	$575K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5461	+0.084%	$121K	$688K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5455	+0.042%	$1.7M	$470K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5486	+0.246%	$369.0M	$134.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5485	+0.240%	$284.9M	$827.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5455	+0.045%	$112.6M	$149.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5469	+0.136%	$268.1M	$347.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5476	+0.181%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5410	−0.247%	$6.6M	$24.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5414	−0.222%	$670K	$96.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5398	−0.324%	$1.1M	$41.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5386	−0.401%	$1.0M	$879K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5454	+0.038%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5470	+0.142%	$51K	$437K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5486	+0.244%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5454	+0.039%	$832K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5463	+0.096%	$130K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5453	+0.032%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5455	+0.045%	$50.8M	$14.9M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5448	long leg	$55.2M	$28.3M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5458	+0.067%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5459	+0.071%	$11K	$242K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5453	+0.030%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5468	+0.131%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0152%	1h	1.5462	+0.091%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0169%	1h	1.5450	+0.012%	$15.7M	$65.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5462	+0.091%	$5.6M	$45.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0209%	1h	1.5459	+0.071%	$1.8M	$953K	25x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5480	+0.207%	$1.4M	$9K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5434	−0.091%	$24.3M	$69.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0301%	8h	1.5455	+0.045%	$1.8M	$32.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5457	+0.060%	$19K	$66K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5463	+0.099%	$406K	$523K	10x	as long as short
Hyperliquid XRP	+0.0521%	1h	1.5472	+0.155%	$285.8M	$191.1M	20x	as long as short
Aftermath Perps XRPUSD	+0.0575%	1h	1.5435	−0.081%	$1K	$11K	10x	as long as short