XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0520%/8h= −57.0% APRnext payment −$0.65 per $10,000 · paid last 24h −0.013%

Price spread now: dYdX against Phoenix−0.250%46s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as 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−$1311.310% of the position

Long on Phoenix Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.250%, 7d avg −0.006%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and dYdX is 0.245% cheaper against Phoenix than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 46 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 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.65 per $10,000. 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	1.5360	0.0520	pay 0.0065% / 1h	6m 48s	$68K	$110K	15x
Short	dYdX XRP-USD	1.5322	0	get 0.0000% / 1h	6m 48s	$1.1M	$112K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.250%Rate

Funding earned: −$109.3
Price spread: −0.250% → −0.006%: −$24.46
Slippage, 4 orders: −$114.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$264.79
Costs to cover: 1.310%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; dYdX: 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 Phoenix live order book, 46 min ago	6.49 bp	35.4 bp −$35	94.1 bp −$941	doesn't fit	doesn't fit
Sell dYdX live order book, 2 min ago	25.07 bp	30.1 bp −$30	30.1 bp −$301	35.0 bp −$3,504	83.2 bp −$41.6K

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	1.5356	−0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USDshort	0.0000%	1h	1.5322	−0.250%	$1.1M	$112K	10x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5346	−0.094%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0072%	1h	1.5345	−0.100%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.302%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	−0.059%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5341	−0.124%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5340	−0.130%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5325	−0.228%	$514K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5346	−0.091%	$9K	$281K	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	1.5359	−0.004%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5351	−0.055%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5342	−0.117%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5327	−0.215%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5327	−0.215%	$541.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5320	−0.260%	$341.5M	$918.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5320	−0.260%	$124.5M	$866.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	−0.247%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5355	−0.033%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	−0.067%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5338	−0.143%	$374.6M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5319	−0.267%	$303.9M	$915.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5343	−0.113%	$110.9M	$167.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5336	−0.156%	$269.0M	$375.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5343	−0.111%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	−0.039%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5376	+0.105%	$668K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5355	−0.033%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5390	+0.195%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5348	−0.076%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5349	−0.072%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5350	−0.067%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5354	−0.038%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5357	−0.017%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5351	−0.059%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5349	−0.072%	$50.3M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5351	−0.059%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5333	−0.178%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	−0.069%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5352	−0.052%	$9.3M	$24.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5343	−0.109%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5355	−0.033%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5358	−0.013%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5351	−0.061%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0312%	1h	1.5359	−0.007%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5374	+0.091%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5360	0.000%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0375%	1h	1.5347	−0.085%	$290.2M	$214.5M	20x	as long as short
Phoenix XRPlong	+0.0520%	1h	1.5360	long leg	$68K	$110K	15x
RISEx XRP/USDC	+0.0828%	1h	1.5350	−0.062%	$543K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0833%	1h	1.5354	−0.040%	$2K	$13K	10x	as long as short