Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h +0.004%

Price spread now: SunX against Phoenix−0.168%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1201.198% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.168%, 7d avg +0.027%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and SunX is 0.195% cheaper against Phoenix than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.229%, 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 0.229% in total (about 12.0% 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	1.5140	0.0528	pay 0.0066% / 1h	54m 45s	$67K	$110K	15x
Short	SunX XRP-USDT	1.5115	0.0100	get 0.0100% / 8h	2h 54m	$126K	$1.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.168%Rate

Funding earned: −$89.89
Price spread: −0.168% → +0.027%: −$19.51
Slippage, 4 orders: −$104.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$229.24
Costs to cover: 1.198%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; SunX: live order book, 11 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, 38 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	17.29 bp	26.4 bp −$26	33.3 bp −$333	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	1.5126	−0.092%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5126	−0.090%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5119	−0.136%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5125	−0.099%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5112	−0.182%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.774%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5111	−0.193%	$793K	—	200x	as long as short
01 Exchange XRPUSD	+0.0056%	1h	1.5113	−0.178%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5117	−0.149%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5121	−0.125%	$497K	$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	+0.0099%	8h	1.5104	−0.238%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5109	−0.206%	$941K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5128	−0.079%	$290.0M	$257.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5112	−0.185%	$38.8M	$86.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5116	−0.157%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5113	−0.178%	$531.3M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5117	−0.152%	$342.0M	$950.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5117	−0.152%	$125.2M	$887.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5124	−0.106%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5115	−0.165%	$137K	$717K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5115	−0.165%	$372.5M	$155.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5116	−0.159%	$293.9M	$903.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5118	−0.145%	$107.9M	$179.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5117	−0.152%	$268.2M	$392.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5118	−0.145%	—	$128.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5139	−0.008%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5127	−0.083%	$657K	$111.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5138	−0.016%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5147	+0.046%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5114	−0.169%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5112	−0.185%	$49K	$490K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5109	−0.205%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5120	−0.132%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5120	−0.130%	$814K	$72K	10x	as long as short
SunX XRP-USDTshort	+0.0100%	8h	1.5115	−0.168%	$126K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5124	−0.106%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5126	−0.092%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5125	−0.099%	$53.9M	$31.7M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5107	−0.215%	$1.6M	$29K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5117	−0.153%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5113	−0.176%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5117	−0.152%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0167%	8h	1.5133	−0.046%	$1.8M	$35.5M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5128	−0.079%	$5.7M	$48.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0217%	1h	1.5130	−0.066%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5106	−0.222%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5121	−0.125%	$24.2M	$75.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5137	−0.018%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5115	−0.168%	$515K	$777K	10x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5140	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0630%	1h	1.5123	−0.115%	$2K	$15K	10x	as long as short