Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h +0.010%

Price spread now: Gate against Phoenix+0.026%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$940.944% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 4 days (all we have)−0.808%−$81 · spread now +0.026%, 7d avg −0.013%

Together, before fees−0.640%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.039% dearer against Phoenix than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.013%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 7 hours. Mind the row above: over the last 7 days funding on this pair paid +0.167%, 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 0.167% 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	1.5120	0.0528	pay 0.0066% / 1h	41m 14s	$67K	$110K	15x
Short	Gate XRP_USDT	1.5124	0.0100	get 0.0100% / 8h	5h 41m	$369.8M	$151.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.026%Rate

Funding earned: −$89.96
Price spread: +0.026% → −0.013%: $3.93
Slippage, 4 orders: −$72.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$180.45
Costs to cover: 0.944%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Gate: 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, 2 min ago	6.59 bp	35.9 bp −$36	94.9 bp −$949	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.99 bp	11.4 bp −$11	14.0 bp −$140	30.6 bp −$3,061	42.5 bp −$21.2K

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	1.5125	+0.033%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5115	−0.032%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5122	+0.013%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0015%	1h	1.5120	0.000%	$7.6M	$25.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0032% / S +0.0047%	1h	1.5120	+0.001%	$816K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.910%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5122	+0.013%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5124	+0.026%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5121	+0.006%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5126	+0.040%	$509K	$3.2M	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	1.5117	−0.020%	$9K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5128	+0.056%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5131	+0.073%	$280.3M	$221.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5124	+0.029%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5121	+0.006%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5122	+0.011%	$536.0M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5120	0.000%	$343.1M	$925.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5124	+0.026%	$125.2M	$864.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5116	−0.026%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5131	+0.073%	$114K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5136	+0.103%	$1.6M	$88K	20x	as long as short
Gate XRP_USDTshort	+0.0100%	8h	1.5124	+0.026%	$369.8M	$151.0M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5118	−0.013%	$292.9M	$895.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5122	+0.012%	$106.5M	$170.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5125	+0.033%	$266.2M	$380.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5126	+0.040%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5109	−0.074%	$5.9M	$36.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5133	+0.084%	$658K	$108.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5153	+0.218%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5143	+0.152%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5129	+0.062%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5125	+0.033%	$41K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5123	+0.019%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5125	+0.035%	$814K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5125	+0.035%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5119	−0.007%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5117	−0.018%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5126	+0.040%	$53.8M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5120	−0.001%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5112	−0.050%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5117	−0.022%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5120	0.000%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5126	+0.040%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5120	0.000%	$24.2M	$74.5M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0236%	1h	1.5149	+0.192%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5119	−0.006%	$14.5M	$73.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5145	+0.164%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0354%	8h	1.5127	+0.046%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5130	+0.067%	$525K	$770K	10x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5120	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0712%	1h	1.5131	+0.073%	$2K	$14K	10x	as long as short