Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0121%/8h= +13.3% APRpaid last 24h +0.033%

Price spread now: Reya against Phemex−0.057%7-day average −0.018% · you buy dearer than you sell

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.113%+$11 on $10k

Price spread, last 4 days (all we have)+0.499%+$50 · spread now −0.057%, 7d avg −0.018%

Together, before fees+0.612%+ Points / potential airdropReya: Active · farm board+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.040% cheaper against Phemex than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.018%). If the spread goes back, that is −$4 on $10k: about 26 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5156	0.0100	pay 0.0100% / 8h	7h 29m	$54.0M	$32.8M	50x
Short	Reya XRPRUSDPERP	1.5147	0.0221	get 0.0028% / 1h	29m 50s	$1.3M	$4K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now −0.057%Rate

Funding earned: $25.42
Price spread: −0.057% → −0.018%: −$3.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $3.46
Costs to cover: 0.180%
Break-even: 6.0 days

Slippage unknown: Phemex: live order book, 4 min ago; Reya: 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, 4 min ago	0.33 bp	7.1 bp −$7	12.8 bp −$128	22.6 bp −$2,258	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Kraken Futures PF_XRPUSD	−0.0172%	1h	1.5151	−0.033%	$14.7M	$74.5M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5145	−0.073%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.092%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5151	−0.034%	$246K	—	150x	as long as short
dYdX XRP-USD	+0.0010%	1h	1.5149	−0.046%	$1.1M	$158K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5157	+0.007%	$7.7M	$23.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.666%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5143	−0.089%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5153	−0.022%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5155	−0.007%	$618K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5141	−0.099%	$20K	$381K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5145	−0.069%	$990K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5156	0.000%	$38.5M	$84.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5146	−0.067%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5157	+0.007%	$528.3M	$2.17B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5153	−0.020%	$352.8M	$939.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5155	−0.007%	$125.8M	$848.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5150	−0.040%	$556K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5152	−0.026%	$143K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	+0.297%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5154	−0.013%	$377.1M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5153	−0.020%	$312.2M	$917.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5159	+0.020%	$105.9M	$183.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5154	−0.013%	$267.9M	$380.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5149	−0.046%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5142	−0.092%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5161	+0.034%	$659K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5198	+0.277%	$1.1M	$33.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	−0.007%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5152	−0.029%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5149	−0.046%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5149	−0.046%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5147	−0.059%	$77K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.042%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5156	0.000%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5158	+0.013%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5149	−0.044%	$49.5M	$14.8M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5156	long leg	$54.0M	$32.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5149	−0.046%	$472K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5152	−0.029%	$2.1M	$6.7M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5146	−0.066%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5152	−0.026%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0119% / S −0.0085%	1h	1.5151	−0.031%	$785K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5154	−0.013%	$5.3M	$47.7M	50x	as long as short
Kalshi KXXRPPERP	+0.0168%	8h	1.5150	−0.040%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRP	+0.0180%	1h	1.5170	+0.092%	$290.0M	$268.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0200%	1h	1.5166	+0.066%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5144	−0.079%	$23.7M	$77.4M	125x	as long as short
Reya XRPRUSDPERPshort	+0.0221%	1h	1.5147	−0.057%	$1.3M	$4K	15x
RISEx XRP/USDC	+0.0337%	1h	1.5150	−0.040%	$519K	$788K	10x	as long as short
Aftermath Perps XRPUSD	+0.0559%	1h	1.5176	+0.134%	$2K	$16K	10x	as long as short