Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.003%

Price spread now: Phoenix against Bybit+0.079%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$850.846% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now +0.079%, 7d avg +0.018%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.061% dearer against Bybit than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.018%): +$6 on $10k if it goes back. Holding the pair costs −$3 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	Bybit XRPUSDT	1.5158	0.0100	pay 0.0100% / 8h	1h 28m	$345.8M	$961.3M	100x
Short	Phoenix XRP	1.5170	0	get 0.0000% / 1h	28m 59s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.079%Rate

Funding earned: −$21
Price spread: +0.079% → +0.018%: $6.12
Slippage, 4 orders: −$66.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.49
Costs to cover: 0.846%
Break-even: never at this rate

Slippage from Bybit: live order book, 10 min ago; Phoenix: live order book, 59 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 Bybit live order book, 10 min ago	0.33 bp	5.8 bp −$6	6.9 bp −$69	12.0 bp −$1,200	26.8 bp −$13.4K
Sell Phoenix live order book, 59 min ago	6.67 bp	36.3 bp −$36	84.8 bp −$848	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	1.5171	+0.086%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	+0.008%	$1.1M	$148K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5170	+0.079%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5158	+0.003%	$245K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5162	+0.026%	$7.7M	$24.8M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5161	+0.019%	$14.4M	$74.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.652%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0084% / S −0.0033%	1h	1.5161	+0.017%	$800K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5163	+0.031%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5164	+0.040%	$545K	$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	1.5164	+0.040%	$10K	$371K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5171	+0.089%	$979K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5164	+0.039%	$38.5M	$87.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5171	+0.086%	$617K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5166	+0.053%	$531.6M	$2.22B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5158	long leg	$345.8M	$961.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5163	+0.033%	$127.2M	$882.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5147	−0.073%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5180	+0.145%	$143K	$714K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5165	+0.046%	$376.3M	$160.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5165	+0.046%	$302.5M	$924.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5165	+0.046%	$107.5M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5162	+0.026%	$267.5M	$396.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5164	+0.040%	—	$105.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5158	−0.001%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5157	−0.008%	$658K	$113.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5162	+0.026%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5164	+0.040%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5167	+0.062%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5167	+0.059%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5162	+0.026%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5164	+0.040%	$65K	$774K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−0.063%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5176	+0.119%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5162	+0.026%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5164	+0.042%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5163	+0.033%	$54.3M	$32.4M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5157	−0.007%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5178	+0.133%	$473K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5161	+0.019%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5174	+0.106%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5160	+0.015%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5161	+0.022%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0175%	1h	1.5169	+0.073%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5163	+0.033%	$5.7M	$48.1M	50x	as long as short
Hyperliquid XRP	+0.0187%	1h	1.5172	+0.092%	$288.5M	$264.8M	20x	as long as short
Kalshi KXXRPPERP	+0.0208%	8h	1.5175	+0.112%	$1.8M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5156	−0.011%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5164	+0.040%	$23.6M	$77.8M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5164	+0.041%	$526K	$799K	10x	as long as short
Aftermath Perps XRPUSD	+0.0603%	1h	1.5166	+0.054%	$2K	$16K	10x	as long as short