Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Polymarket Perps−0.039%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now −0.039%, 7d avg −0.007%

Together, before fees−0.185%−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.032% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XRP-USD	1.5232	0.0100	pay 0.0013% / 1h	51m 29s	$44K	$455K	20x
Short	Phemex XRPUSDT	1.5226	0.0100	get 0.0100% / 8h	3h 51m	$54.3M	$31.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → −0.007%: −$3.23
Slippage, 4 orders: −$24.83
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.05
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 66 min ago; Phemex: live order book, 3 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 Polymarket Perps live order book, 66 min ago	2.31 bp	6.9 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.63 bp	9.4 bp −$9	13.9 bp −$139	24.3 bp −$2,432	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	1.5244	+0.079%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5244	+0.082%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5226	−0.041%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5226	−0.039%	$7.8M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5219	−0.084%	$14.4M	$74.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.153%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0050% / S +0.0017%	1h	1.5224	−0.056%	$782K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5250	+0.118%	$2.9M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5249	+0.112%	$501K	$3.3M	20x	as long as short
Orderly PERP_XRP_USDC	+0.0097%	8h	1.5229	−0.020%	$62K	$934K	50x	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	+0.0098%	8h	1.5239	+0.046%	$15K	$341K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5246	+0.092%	$1.1M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5248	+0.103%	$38.6M	$84.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5245	+0.086%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5243	+0.069%	$535.7M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5244	+0.079%	$349.0M	$940.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5244	+0.079%	$127.8M	$888.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−0.381%	$566K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5246	+0.092%	$119K	$706K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.335%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5241	+0.059%	$373.0M	$153.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5245	+0.085%	$291.4M	$897.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5245	+0.087%	$108.9M	$176.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5243	+0.072%	$269.8M	$388.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5242	+0.066%	—	$127.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5139	−0.612%	$4.8M	$38.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5193	−0.258%	$660K	$109.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.074%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5206	−0.171%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5239	+0.049%	—	$11K	10x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5232	long leg	$44K	$455K	20x
Bullet XRP-USD	+0.0100%	1h	1.5227	−0.032%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5228	−0.029%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5231	−0.007%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5225	−0.046%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5233	+0.010%	$49.8M	$15.7M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5226	−0.039%	$54.3M	$31.1M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5245	+0.084%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5237	+0.034%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5224	−0.054%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5250	+0.118%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5225	−0.046%	$5.6M	$47.5M	50x	as long as short
Hyperliquid XRP	+0.0214%	1h	1.5260	+0.184%	$293.0M	$234.1M	20x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5232	+0.001%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5200	−0.210%	$24.2M	$76.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0232%	1h	1.5206	−0.168%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0309%	8h	1.5231	−0.007%	$2.0M	$35.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0315%	1h	1.5247	+0.098%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5248	+0.102%	$519K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5160	−0.473%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0646%	1h	1.5172	−0.395%	$2K	$15K	10x	as long as short