Funding you earn now, next payment 07:00 UTC−0.0493%/8h= −54.0% APRnext payment −$0.62 per $10,000 · paid last 24h −0.021%
Price spread now: Injective against Phoenix+1.966%7-day average −0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs−$135as in the Funding arb table
Net, price: spread back to 7d avg − costs+$36as in the Price arb table
costs, in and out, $10k−$1641.640% of the position
Funding, last 7 days+0.289%+$29 on $10k
+Price spread, last 4 days (all we have)−2.606%−$261 · spread now +1.966%, 7d avg −0.034%
=The price spread pays, funding is against you. Injective is 2.000% dearer against Phoenix than usual: you sell high and buy low (spread +1.966% now, against its 7-day average of −0.034%): +$200 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 14 days. Mind the row above: over the last 7 days funding on this pair paid +0.289%, 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 0.289% in total (about 15.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.62 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 | 1.5260 | 0.0526 | pay 0.0066% / 1h | 42m 11s | $68K | $110K | 15x |
| Short | Injective XRP/USDC PERP | 1.5560 | 0.0033 | get 0.0004% / 1h | 42m 11s | $2K | $107K | 30x |
Phoenix XRP
Injective XRP/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$103.53
- Price spread: +1.966% → −0.034%
- $200.03
- Slippage, 4 orders
- −$156.97
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$67.48
- Costs to cover
- 1.640%
- Break-even
- from the start
Slippage from Phoenix: live order book, 41 min ago; Injective: live order book, 61 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, 41 min ago | 6.57 bp | 35.8 bp −$36 | 94.7 bp −$947 | doesn't fit | doesn't fit |
| Sell Injective live order book, 61 min ago | 46.17 bp | 46.2 bp −$46 | 59.4 bp −$594 | doesn't fit | doesn't fit |
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 | 1.5241 | −0.125% | $5K | $3K | 20x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5242 | −0.116% | $1.1M | $148K | 10x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5248 | −0.078% | $247K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0012% | 1h | 1.5252 | −0.052% | $7.9M | $24.1M | 50x | as long as short |
| Injective XRP/USDC PERPshort | +0.0033% | 1h | 1.5560 | +1.966% | $2K | $107K | 30x | |
| Kraken Futures PF_XRPUSD | +0.0078% | 1h | 1.5244 | −0.107% | $14.6M | $73.8M | 50x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5247 | −0.083% | $2.8M | $15.1M | 20x | as long as short |
| Lighter RH XRP | +0.0096% | 1h | 1.5246 | −0.092% | $602K | $3.2M | 20x | as long as short |
| Katana Perps XRP-USD | +0.0099% | 8h | 1.5239 | −0.138% | $10K | $372K | 20x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0100% / S −0.0058% | 1h | 1.5250 | −0.069% | $787K | — | 200x | as long as short |
Hotstuff XRP-PERP
dYdX XRP-USD
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Kraken Futures PF_XRPUSD
Lighter XRP
Lighter RH XRP
Katana Perps XRP-USD
GMX XRP/USD [ETH-USDC]Show all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado XRP-PERP | +0.0100% | 1h | 1.5242 | −0.115% | $1.0M | $6.3M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5247 | −0.085% | $38.7M | $87.0M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5249 | −0.072% | $615K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5242 | −0.116% | $533.9M | $2.22B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5237 | −0.151% | $350.9M | $957.2M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5240 | −0.131% | $128.5M | $877.1M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5226 | −0.223% | $566K | $33K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5253 | −0.046% | $145K | $713K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5191 | −0.455% | $1.6M | $5K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5243 | −0.111% | $380.0M | $160.2M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5240 | −0.131% | $315.5M | $920.4M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5239 | −0.136% | $107.4M | $184.0M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5234 | −0.170% | $269.4M | $392.6M | 125x | as long as short |
| BingX XRP-USDT | +0.0100% | 8h | 1.5241 | −0.125% | — | $107.5M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5239 | −0.141% | $4.9M | $38.5M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5231 | −0.193% | $662K | $113.7M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5252 | −0.055% | $1.1M | $35.2M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5249 | −0.072% | $1.2M | $1.2M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5251 | −0.062% | — | $15K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5255 | −0.033% | $50K | $511K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5249 | −0.071% | $41K | $69K | 20x | as long as short |
| Orderly PERP_XRP_USDC | +0.0100% | 8h | 1.5247 | −0.085% | $78K | $688K | 50x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5233 | −0.180% | $819K | $74K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5258 | −0.010% | $128K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5243 | −0.111% | $28K | $1.6M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5256 | −0.029% | $49.8M | $15.4M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5248 | −0.079% | $54.5M | $32.7M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5250 | −0.065% | $475K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5242 | −0.115% | $2.1M | $6.9M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5247 | −0.085% | $59K | $25K | 3x | as long as short |
| 01 Exchange XRPUSD | +0.0112% | 1h | 1.5248 | −0.079% | $9K | $2K | 10x | as long as short |
| Hibachi XRP/USDT-P | +0.0120% | 1h | 1.5234 | −0.172% | $17K | $78K | 7x | as long as short |
| Hyperliquid XRP | +0.0160% | 1h | 1.5250 | −0.066% | $290.9M | $268.1M | 20x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0176% | 1h | 1.5251 | −0.059% | $5.7M | $48.5M | 50x | as long as short |
| Backpack XRP_USDC_PERP | +0.0184% | 1h | 1.5252 | −0.052% | $2.0M | $1.4M | 25x | as long as short |
| Kalshi KXXRPPERP | +0.0204% | 8h | 1.5237 | −0.151% | $1.8M | $34.6M | 2.9x | as long as short |
| Reya XRPRUSDPERP | +0.0220% | 1h | 1.5249 | −0.072% | $1.3M | $4K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5227 | −0.216% | $23.7M | $78.0M | 125x | as long as short |
| RISEx XRP/USDC | +0.0394% | 1h | 1.5256 | −0.023% | $529K | $804K | 10x | as long as short |
| Phoenix XRPlong | +0.0526% | 1h | 1.5260 | long leg | $68K | $110K | 15x | |
| Aftermath Perps XRPUSD | +0.0645% | 1h | 1.5235 | −0.163% | $2K | $16K | 10x | as long as short |
Nado XRP-PERP
Aster XRPUSDT
Pacifica XRP
Binance XRPUSDT
Bybit XRPUSDT
OKX XRP-USDT-SWAP
Ondo Perps XRP-USD.P
Arcus XRP-USD
Bulk XRP-USD
Gate XRP_USDT
MEXC XRP_USDT
KuCoin XRPUSDTM
Bitget XRPUSDT
BingX XRP-USDT
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
ApeX Omni XRPUSDT
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Orderly PERP_XRP_USDC
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
Aevo XRP-PERP
01 Exchange XRPUSD
Hibachi XRP/USDT-P
Hyperliquid XRP
Coinbase International XRP-PERP-INTX
Backpack XRP_USDC_PERP
Kalshi KXXRPPERP
Reya XRPRUSDPERP
BloFin XRP-USDT
RISEx XRP/USDC
Aftermath Perps XRPUSD