Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0420%/8h= −46.0% APRpaid last 24h +0.017%

Price spread now: Bitget against Phoenix+0.098%49s7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$840.843% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.177%+$18 on $10k

Price spread, last 3 days (all we have)−0.320%−$32 · spread now +0.098%, 7d avg −0.006%

Together, before fees−0.143%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.104% dearer against Phoenix than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of −0.006%): +$10 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 7 days funding on this pair paid +0.177%, so the current rate has only just turned against you. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.177% in total (about 9.2% 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	1.5320	0.0520	pay 0.0065% / 1h	16m 35s	$68K	$110K	15x
Short	Bitget XRPUSDT	1.5335	0.0100	get 0.0100% / 8h	7h 16m	$268.4M	$375.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.098%Rate

Funding earned: −$88.3
Price spread: +0.098% → −0.006%: $10.41
Slippage, 4 orders: −$65.27
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$162.16
Costs to cover: 0.843%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; Bitget: 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 Phoenix live order book, 36 min ago	6.49 bp	35.4 bp −$35	94.1 bp −$941	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.33 bp	6.4 bp −$6	9.5 bp −$95	16.2 bp −$1,618	30.5 bp −$15.2K

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	1.5322	+0.013%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5331	+0.074%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5312	−0.054%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0016% / S +0.0075%	1h	1.5309	−0.071%	$840K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.567%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5318	−0.013%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5338	+0.117%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5343	+0.152%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5345	+0.163%	$515K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5331	+0.072%	$9K	$280K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5340	+0.129%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5338	+0.119%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5340	+0.131%	$38.8M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5343	+0.150%	$634K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5337	+0.114%	$542.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5337	+0.111%	$341.9M	$920.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5338	+0.117%	$124.7M	$868.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5317	−0.020%	$570K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5341	+0.137%	$117K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.297%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5338	+0.117%	$374.2M	$151.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5341	+0.137%	$308.3M	$910.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5338	+0.116%	$110.4M	$166.4M	75x	as long as short
Bitget XRPUSDTshort	+0.0100%	8h	1.5335	+0.098%	$268.4M	$375.1M	125x
BingX XRP-USDT	+0.0100%	8h	1.5338	+0.117%	—	$123.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5315	−0.033%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5316	−0.023%	$667K	$107.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5327	+0.046%	$1.1M	$38.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5312	−0.052%	$1.2M	$996K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5327	+0.046%	$49K	$444K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5313	−0.046%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5321	+0.007%	$825K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5314	−0.040%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5321	+0.007%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5313	−0.048%	$50.2M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5325	+0.033%	$54.5M	$29.6M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5316	−0.026%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5331	+0.074%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5318	−0.015%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0142%	1h	1.5324	+0.026%	$9.3M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5317	−0.018%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5323	+0.020%	$24.1M	$73.6M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5325	+0.033%	$5.7M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5322	+0.012%	$14.6M	$70.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0294%	1h	1.5335	+0.098%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5322	+0.013%	$2.0M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5292	−0.185%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0381%	1h	1.5350	+0.196%	$289.2M	$214.8M	20x	as long as short
Phoenix XRPlong	+0.0520%	1h	1.5320	long leg	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0798%	1h	1.5331	+0.070%	$2K	$13K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5339	+0.125%	$543K	$773K	10x	as long as short