Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0416%/8h= −45.5% APRpaid last 24h +0.023%

Price spread now: Phemex against Phoenix+0.258%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.258% dearer against Phoenix than usual: you sell high and buy low (spread +0.258% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 2.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.172%, 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 0.172% in total (about 9.0% 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	1.5480	0.0516	pay 0.0064% / 1h	28m 43s	$69K	$90K	15x
Short	Phemex XRPUSDT	1.5520	0.0100	get 0.0100% / 8h	1h 28m	$55.3M	$29.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.258%Rate

Funding earned: −$87.32
Price spread: +0.258% → 0.000%: $25.84
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.48
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	2.89 bp	12.5 bp −$12	15.0 bp −$150	23.5 bp −$2,348	doesn't fit

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	1.5461	−0.123%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5536	+0.362%	$1.1M	$114K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5505	+0.161%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.227%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5511	+0.202%	$15.4M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0124%	1h	1.5504	+0.157%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5510	+0.194%	$77K	$942K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0072%	1h	1.5514	+0.220%	$9.5M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5554	+0.478%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5556	+0.491%	$440K	$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
Nado XRP-PERP	+0.0100%	1h	1.5502	+0.144%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5554	+0.478%	$39.5M	$78.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5504	+0.155%	$638K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5550	+0.450%	$559.5M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5542	+0.401%	$347.4M	$891.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5552	+0.465%	$127.2M	$878.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5515	+0.226%	$577K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5506	+0.168%	$118K	$739K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5532	+0.336%	$374.2M	$139.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5537	+0.368%	$292.2M	$848.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5522	+0.271%	$113.3M	$158.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5553	+0.472%	$271.2M	$362.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5549	+0.446%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5485	+0.029%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5531	+0.331%	$674K	$101.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5464	−0.106%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5529	+0.317%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5494	+0.091%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5512	+0.207%	$45K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5506	+0.169%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5514	+0.217%	$835K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5518	+0.247%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5513	+0.213%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5499	+0.121%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5520	+0.258%	$55.3M	$29.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.022%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5492	+0.079%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5505	+0.161%	$11K	$255K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5527	+0.302%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5511	+0.200%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5510	+0.194%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5475	−0.030%	$18K	$81K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5502	+0.140%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5516	+0.233%	$5.9M	$47.0M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5510	+0.194%	$24.6M	$73.4M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0253%	1h	1.5530	+0.323%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5503	+0.149%	$1.9M	$32.7M	2.9x	as long as short
Phoenix XRPlong	+0.0516%	1h	1.5480	long leg	$69K	$90K	15x
RISEx XRP/USDC	+0.0527%	1h	1.5515	+0.224%	$508K	$629K	10x	as long as short
Hyperliquid XRP	+0.0600%	1h	1.5572	+0.594%	$291.6M	$202.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0731%	1h	1.5535	+0.353%	$1K	$11K	10x	as long as short