Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.033%

Price spread now: Phemex against Reya+0.092%7-day average +0.017% · you sell dearer than you buy

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.116%−$12 on $10k

Price spread, last 4 days (all we have)−0.305%−$30 · spread now +0.092%, 7d avg +0.017%

Together, before fees−0.420%+ Points / potential airdropReya: Active · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.074% dearer against Reya than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of +0.017%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XRPRUSDPERP	1.5332	0.0223	pay 0.0028% / 1h	52m 15s	$1.4M	$1K	15x
Short	Phemex XRPUSDT	1.5346	0.0100	get 0.0100% / 8h	5h 52m	$54.7M	$33.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.092%Rate

Funding earned: −$25.79
Price spread: +0.092% → +0.017%: $7.41
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.38
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	3.90 bp	10.9 bp −$11	14.0 bp −$140	24.0 bp −$2,401	doesn't fit

Reya: 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 50 exchanges

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	1.5403	+0.463%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0062%	1h	1.5345	+0.083%	$14.1M	$71.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5343	+0.074%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5360	+0.183%	$69K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5340	+0.052%	$7.8M	$21.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5357	+0.161%	$246K	—	150x	as long as short
01 Exchange XRPUSD	+0.0008%	1h	1.5335	+0.020%	$9K	$987	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.487%	$2K	$107K	30x	as long as short
SoDEX XRP-USD	+0.0060%	1h	1.5359	+0.176%	$30K	$1.5M	10x	as long as short
Ondo Perps XRP-USD.P	+0.0087%	1h	1.5365	+0.215%	$565K	$37K	5x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5346	+0.089%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5347	+0.098%	$599K	$3.1M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5343	+0.072%	$478K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5335	+0.020%	$10K	$402K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5332	−0.003%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5348	+0.105%	$299.2M	$266.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5344	+0.078%	$39.4M	$81.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5342	+0.065%	$593K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5344	+0.078%	$535.3M	$2.08B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5346	+0.092%	$362.3M	$889.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5345	+0.085%	$124.8M	$838.3M	100x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5346	+0.092%	$165K	$681K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5379	+0.307%	$1.6M	$25K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5337	+0.033%	$382.8M	$155.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5334	+0.013%	$312.5M	$887.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5336	+0.028%	$106.6M	$181.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5337	+0.033%	$272.1M	$357.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5337	+0.033%	—	$101.0M	—	as long as short
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5365	+0.215%	$2.0M	$1.2M	25x	as long as short
Variational Omni XRP	+0.0100%	8h	1.5375	+0.278%	$5.0M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5375	+0.282%	$668K	$109.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5368	+0.235%	$1.1M	$30.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5372	+0.261%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5342	+0.069%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5335	+0.020%	$52K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5336	+0.024%	$42K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5335	+0.020%	$83K	$613K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5339	+0.048%	$129K	$1.5M	30x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5341	+0.060%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5346	+0.092%	$54.7M	$33.3M	50x
Extended XRP-USD	+0.0104%	1h	1.5332	+0.003%	$2.2M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5332	+0.003%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5343	+0.072%	$5.5M	$44.4M	50x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5359	+0.176%	$17K	$76K	7x	as long as short
Kalshi KXXRPPERP	+0.0139%	8h	1.5341	+0.059%	$1.9M	$35.0M	2.9x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0203% / S −0.0551%	1h	1.5345	+0.083%	$805K	—	200x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5358	+0.170%	$23.9M	$78.5M	125x	as long as short
Reya XRPRUSDPERPlong	+0.0223%	1h	1.5332	long leg	$1.4M	$1K	15x
RISEx XRP/USDC	+0.0239%	1h	1.5344	+0.081%	$515K	$736K	10x	as long as short
Aftermath Perps XRPUSD	+0.0430%	1h	1.5375	+0.278%	$3K	$13K	10x	as long as short