Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.017%

Price spread now: MEXC against Phoenix−0.256%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.256% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.256% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 8.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5650	0	get 0.0000% / 1h	46m 51s	$70K	$90K	15x
Short	MEXC XRP_USDT	1.5610	0.0100	get 0.0100% / 8h	46m 51s	$302.5M	$867.0M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.256%Rate

Funding earned: $21
Price spread: −0.256% → 0.000%: −$25.56
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$11.56
Costs to cover: 0.070%
Break-even: 10.9 days

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 2 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	0.32 bp	0.3 bp $0	0.6 bp −$6	5.1 bp −$512	20.7 bp −$10.4K

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5571	−0.505%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5603	−0.300%	$1.1M	$113K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5650	long leg	$70K	$90K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5567	−0.531%	$260K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0106%	1h	1.5568	−0.523%	$856K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5576	−0.473%	$9.7M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5584	−0.422%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5570	−0.511%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.575%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5611	−0.247%	$3.0M	$12.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5619	−0.198%	$445K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5571	−0.508%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5611	−0.249%	$39.7M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5579	−0.456%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5617	−0.208%	$559.2M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5621	−0.185%	$348.1M	$913.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5623	−0.173%	$127.4M	$892.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5568	−0.524%	$582K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5572	−0.498%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	−0.108%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5609	−0.262%	$373.0M	$143.2M	100x	as long as short
MEXC XRP_USDTshort	+0.0100%	8h	1.5610	−0.256%	$302.5M	$867.0M	300x
KuCoin XRPUSDTM	+0.0100%	8h	1.5611	−0.247%	$113.6M	$163.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5611	−0.249%	$273.0M	$369.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5596	−0.345%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5634	−0.105%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5593	−0.365%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	−0.287%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5640	−0.064%	$1.0M	$887K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5569	−0.519%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5570	−0.511%	$48K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5571	−0.505%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5573	−0.490%	$838K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5578	−0.461%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5579	−0.454%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5567	−0.534%	$51.1M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5580	−0.447%	$55.4M	$29.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5570	−0.513%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5574	−0.486%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5607	−0.277%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5575	−0.482%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5571	−0.505%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5562	−0.565%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5585	−0.415%	$24.5M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5588	−0.396%	$5.9M	$47.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5580	−0.444%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5568	−0.524%	$1.9M	$33.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0378%	1h	1.5597	−0.339%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0620%	1h	1.5632	−0.115%	$297.8M	$208.7M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5579	−0.457%	$508K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0831%	1h	1.5606	−0.281%	$1K	$11K	10x	as long as short