Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.009%

Price spread now: KuCoin against Phoenix−0.718%63s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as 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−$890.893% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now −0.718%, 7d avg −0.005%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.713% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.718% now, against its 7-day average of −0.005%). If the spread goes back, that is −$71 on $10k: about 24 days of funding at the current rate (+$3 a day). The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5430	0	get 0.0000% / 1h	54m 29s	$69K	$109K	15x
Short	KuCoin XRPUSDTM	1.5319	0.0100	get 0.0100% / 8h	6h 54m	$107.9M	$180.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.718%Rate

Funding earned: $21
Price spread: −0.718% → −0.005%: −$71.33
Slippage, 4 orders: −$70.27
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$139.6
Costs to cover: 0.893%
Break-even: 53.5 days

Slippage from Phoenix: live order book, 18 min ago; KuCoin: 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, 18 min ago	6.50 bp	35.5 bp −$35	93.7 bp −$937	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.03 bp	10.5 bp −$11	17.7 bp −$177	doesn't fit	doesn't fit

XRP on 50 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	1.5321	−0.706%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5300	−0.843%	$1.1M	$155K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5430	long leg	$69K	$109K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5353	−0.499%	$7.9M	$22.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5479	+0.315%	$251K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0016%	1h	1.5354	−0.492%	$14.0M	$73.4M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.843%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5351	−0.513%	$17K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5320	−0.713%	$9K	$2K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5304	−0.818%	$2.8M	$14.4M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5303	−0.823%	$615K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5318	−0.726%	$16K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5319	−0.721%	$478K	$51K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5318	−0.723%	$987K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5324	−0.686%	$38.9M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5303	−0.822%	$605K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5325	−0.683%	$534.6M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5323	−0.693%	$355.7M	$909.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5328	−0.661%	$124.4M	$849.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5434	+0.026%	$567K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5325	−0.680%	$166K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5425	−0.035%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5325	−0.680%	$382.5M	$156.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5321	−0.706%	$303.0M	$897.6M	300x	as long as short
KuCoin XRPUSDTMshort	+0.0100%	8h	1.5319	−0.718%	$107.9M	$180.4M	75x
Bitget XRPUSDT	+0.0100%	8h	1.5322	−0.700%	$270.6M	$362.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5323	−0.693%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5429	−0.003%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5432	+0.014%	$672K	$113.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5452	+0.145%	$1.1M	$32.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5438	+0.052%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5335	−0.615%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5323	−0.693%	$52K	$480K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5326	−0.674%	$41K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5324	−0.687%	$69K	$633K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5354	−0.494%	$129K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5353	−0.499%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5344	−0.558%	$50.1M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5353	−0.499%	$54.6M	$33.3M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5309	−0.785%	$2.1M	$5.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5371	−0.383%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0120%	1h	1.5353	−0.499%	$5.4M	$46.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0126%	1h	1.5346	−0.544%	$2.0M	$1.3M	25x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0145% / S −0.0113%	1h	1.5348	−0.534%	$822K	—	200x	as long as short
Kalshi KXXRPPERP	+0.0170%	8h	1.5371	−0.382%	$1.7M	$32.9M	2.9x	as long as short
Hyperliquid XRP	+0.0170%	1h	1.5336	−0.609%	$294.3M	$268.0M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5343	−0.564%	$23.8M	$79.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0222%	1h	1.5317	−0.735%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0272%	1h	1.5327	−0.669%	$512K	$795K	10x	as long as short
Aftermath Perps XRPUSD	+0.0499%	1h	1.5423	−0.042%	$3K	$15K	10x	as long as short