Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h +0.004%

Price spread now: BingX against Phoenix−0.231%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$840.836% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 4 days (all we have)−0.557%−$56 · spread now −0.231%, 7d avg −0.008%

Together, before fees−0.377%−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BingX is 0.223% cheaper against Phoenix than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.180%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5140	0.0528	pay 0.0066% / 1h	9m 24s	$67K	$110K	15x
Short	BingX XRP-USDT	1.5105	0.0100	get 0.0100% / 8h	3h 09m	—	$127.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.231%Rate

Funding earned: −$89.89
Price spread: −0.231% → −0.008%: −$22.29
Slippage, 4 orders: −$66.59
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$195.77
Costs to cover: 0.836%
Break-even: never at this rate

Slippage from Phoenix: live order book, 23 min ago; BingX: live order book, 15 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 Phoenix live order book, 23 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	0.99 bp	6.1 bp −$6	7.3 bp −$73	9.0 bp −$904	13.7 bp −$6,856

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	1.5130	−0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5123	−0.113%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5105	−0.231%	$258K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5132	−0.053%	$7.7M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5127	−0.083%	$14.4M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.774%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5104	−0.239%	$793K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5131	−0.058%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5127	−0.086%	$495K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5122	−0.119%	$10K	$351K	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	1.5119	−0.135%	$961K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5102	−0.253%	$38.8M	$85.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5126	−0.094%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5102	−0.251%	$532.0M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5098	−0.277%	$343.1M	$946.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5099	−0.271%	$125.3M	$882.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5110	−0.198%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5127	−0.086%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5138	−0.011%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5106	−0.225%	$373.6M	$157.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5103	−0.244%	$295.7M	$908.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5124	−0.108%	$109.0M	$178.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5118	−0.145%	$268.4M	$390.7M	125x	as long as short
BingX XRP-USDTshort	+0.0100%	8h	1.5105	−0.231%	—	$127.9M	—
Variational Omni XRP	+0.0100%	8h	1.5130	−0.068%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5144	+0.026%	$658K	$110.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5137	−0.018%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5150	+0.066%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5121	−0.127%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5120	−0.132%	$44K	$480K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5103	−0.243%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5096	−0.291%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5098	−0.279%	$812K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5130	−0.063%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5128	−0.079%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5126	−0.095%	$49.4M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5129	−0.073%	$53.8M	$31.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5130	−0.067%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5112	−0.188%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5094	−0.302%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5126	−0.092%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5135	−0.033%	$5.7M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0197%	8h	1.5139	−0.007%	$1.9M	$35.3M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5109	−0.204%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5132	−0.053%	$24.3M	$75.6M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0240%	1h	1.5133	−0.046%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0288%	1h	1.5128	−0.079%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5125	−0.099%	$516K	$777K	10x	as long as short
Hyperliquid XRP	+0.0389%	1h	1.5132	−0.053%	$295.9M	$252.6M	20x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5140	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0662%	1h	1.5144	+0.028%	$2K	$15K	10x	as long as short