Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Arcus+0.066%7-day average +0.005% · 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−$24as in the Price arb table

costs, in and out, $10k−$300.305% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.116%−$12 · spread now +0.066%, 7d avg +0.005%

Together, before fees−0.112%−$11 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 0.062% dearer against Arcus than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus XRP-USD	1.5123	0.0100	pay 0.0013% / 1h	17m 41s	$114K	$700K	20x
Short	Phemex XRPUSDT	1.5133	0.0100	get 0.0100% / 8h	6h 17m	$53.8M	$29.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0
Price spread: +0.066% → +0.005%: $6.16
Slippage, 4 orders: −$14
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.34
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Arcus: live order book, 51 min ago; Phemex: live order book, 6 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 Arcus live order book, 51 min ago	1.30 bp	5.0 bp −$5	11.0 bp −$110	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.33 bp	11.9 bp −$12	15.4 bp −$154	26.8 bp −$2,677	doesn't fit

XRP on 50 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	1.5131	+0.053%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5129	+0.040%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.311%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5143	+0.130%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0057%	1h	1.5141	+0.117%	$800K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.890%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5141	+0.116%	$14.5M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5139	+0.106%	$62K	$953K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5146	+0.152%	$7.6M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5131	+0.053%	$2.8M	$14.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5133	+0.066%	$511K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5113	−0.066%	$10K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5137	+0.096%	$934K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5127	+0.024%	$38.5M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5130	+0.046%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5129	+0.042%	$536.6M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5122	−0.007%	$340.5M	$940.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5124	+0.007%	$124.1M	$871.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5130	+0.046%	$564K	$28K	5x	as long as short
Arcus XRP-USDlong	+0.0100%	1h	1.5123	long leg	$114K	$700K	20x
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.440%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5124	+0.007%	$367.9M	$152.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5124	+0.007%	$289.6M	$915.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5130	+0.048%	$106.9M	$171.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5118	−0.033%	$266.3M	$384.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5121	−0.013%	—	$126.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	+0.183%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	+0.203%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	+0.416%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	+0.212%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5141	+0.116%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	+0.086%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5144	+0.140%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	+0.128%	$815K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5142	+0.126%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5143	+0.132%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5145	+0.143%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5133	+0.066%	$53.8M	$29.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5130	+0.050%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5114	−0.056%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5139	+0.105%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5120	−0.020%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0189%	1h	1.5141	+0.119%	$280.3M	$222.0M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5133	+0.063%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5149	+0.172%	$5.7M	$46.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5132	+0.060%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0343%	1h	1.5138	+0.099%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0361%	8h	1.5146	+0.152%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5123	+0.003%	$529K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0756%	1h	1.5153	+0.200%	$2K	$14K	10x	as long as short