Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0427%/8h= −46.8% APRpaid last 24h −0.101%

Price spread now: Phemex against RISEx+0.005%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.294%−$29 on $10k

Price spread, last 3 days (all we have)−0.242%−$24 · spread now +0.005%, 7d avg −0.047%

Together, before fees−0.536%−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.052% dearer against RISEx than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.047%): +$5 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XRP/USDC	1.5501	0.0527	pay 0.0066% / 1h	6m 59s	$508K	$631K	10x
Short	Phemex XRPUSDT	1.5502	0.0100	get 0.0100% / 8h	1h 06m	$55.1M	$29.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$89.69
Price spread: +0.005% → −0.047%: $5.17
Slippage, 4 orders: −$18.77
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$121.29
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from RISEx: live order book, 12 min ago; Phemex: live order book, 2 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 RISEx live order book, 12 min ago	1.00 bp	4.8 bp −$5	8.5 bp −$85	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	4.51 bp	11.9 bp −$12	13.6 bp −$136	27.3 bp −$2,729	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	1.5481	−0.131%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L 0.0000% / S +0.0113%	1h	1.5494	−0.050%	$849K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5475	−0.169%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5504	+0.018%	$9.5M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5495	−0.041%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.379%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5505	+0.025%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5496	−0.034%	$76K	$909K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5506	+0.028%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5508	+0.044%	$443K	$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	1.5493	−0.050%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5505	+0.024%	$39.4M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5476	−0.163%	$637K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5509	+0.053%	$558.3M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5508	+0.044%	$345.4M	$903.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5506	+0.031%	$127.6M	$881.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5467	−0.221%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5487	−0.092%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	+0.001%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5504	+0.018%	$363.4M	$142.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5504	+0.018%	$298.5M	$868.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5507	+0.036%	$113.3M	$160.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5508	+0.044%	$270.7M	$366.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5501	−0.002%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5501	+0.001%	$11.8M	$30.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5508	+0.044%	$673K	$101.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	+0.076%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5507	+0.037%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5488	−0.083%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5504	+0.018%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5496	−0.037%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5498	−0.022%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5503	+0.015%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5501	−0.002%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5488	−0.088%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5502	+0.005%	$55.1M	$29.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5476	−0.165%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5491	−0.066%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5492	−0.058%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5496	−0.033%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5492	−0.060%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5495	−0.043%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5507	+0.037%	$6.0M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5499	−0.015%	$24.6M	$73.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5472	−0.186%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0290%	1h	1.5515	+0.089%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5485	−0.105%	$1.9M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5500	−0.008%	$69K	$90K	15x	as long as short
RISEx XRP/USDClong	+0.0527%	1h	1.5501	long leg	$508K	$631K	10x
Hyperliquid XRP	+0.0583%	1h	1.5524	+0.147%	$290.2M	$204.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0774%	1h	1.5510	+0.060%	$1K	$11K	10x	as long as short