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: Bybit against Phoenix+0.457%65s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as 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−$830.825% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 3 days (all we have)−0.665%−$67 · spread now +0.457%, 7d avg −0.012%

Together, before fees−0.499%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.469% dearer against Phoenix than usual: you sell high and buy low (spread +0.457% now, against its 7-day average of −0.012%): +$47 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 3.7 days. Mind the row above: over the last 7 days funding on this pair paid +0.166%, so the current rate has only just turned against you. The two prices were read 65 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 0.166% in total (about 8.7% 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	14m 25s	$68K	$110K	15x
Short	Bybit XRPUSDT	1.5390	0.0100	get 0.0100% / 8h	7h 14m	$343.1M	$919.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.457%Rate

Funding earned: −$88.3
Price spread: +0.457% → −0.012%: $46.91
Slippage, 4 orders: −$64.55
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$123.94
Costs to cover: 0.825%
Break-even: never at this rate

Slippage from Phoenix: live order book, 39 min ago; Bybit: live order book, 5 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, 39 min ago	6.49 bp	35.4 bp −$35	94.1 bp −$941	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.33 bp	5.8 bp −$6	7.6 bp −$76	13.4 bp −$1,342	24.5 bp −$12.3K

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	1.5365	+0.294%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	+0.279%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5387	+0.435%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0017% / S +0.0075%	1h	1.5386	+0.429%	$843K	—	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	1.5389	+0.450%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5381	+0.398%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5372	+0.339%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5375	+0.359%	$516K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5373	+0.346%	$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	1.5376	+0.368%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5373	+0.344%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5378	+0.381%	$38.9M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5374	+0.353%	$635K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5391	+0.466%	$543.9M	$2.05B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5390	+0.457%	$343.1M	$919.0M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5391	+0.463%	$125.0M	$868.8M	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	1.5379	+0.385%	$118K	$712K	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	1.5386	+0.431%	$375.2M	$151.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5386	+0.431%	$308.4M	$911.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5385	+0.422%	$110.9M	$166.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5384	+0.418%	$269.3M	$374.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5386	+0.431%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5332	+0.079%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5313	−0.049%	$665K	$107.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5336	+0.104%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5325	+0.033%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5371	+0.335%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5388	+0.444%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5385	+0.426%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5366	+0.302%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5370	+0.325%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5361	+0.268%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5361	+0.269%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5361	+0.268%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5368	+0.314%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5361	+0.269%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5366	+0.300%	$9.3M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5381	+0.401%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5367	+0.307%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5367	+0.307%	$5.8M	$46.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5362	+0.273%	$14.6M	$70.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0304%	1h	1.5368	+0.313%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5358	+0.251%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5366	+0.300%	$2.0M	$34.8M	2.9x	as long as short
Hyperliquid XRP	+0.0383%	1h	1.5392	+0.470%	$290.0M	$215.0M	20x	as long as short
Phoenix XRPlong	+0.0520%	1h	1.5320	long leg	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0789%	1h	1.5343	+0.150%	$2K	$13K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5382	+0.403%	$544K	$773K	10x	as long as short