Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.016%

Price spread now: Phoenix against HTX−0.059%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)+0.237%+$24 · spread now −0.059%, 7d avg +0.045%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.105% cheaper against HTX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XRP-USDT	1.5299	0.0100	pay 0.0100% / 8h	5h 06m	$49.9M	$13.2M	75x
Short	Phoenix XRP	1.5290	0	get 0.0000% / 1h	6m 53s	$68K	$108K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$21
Price spread: −0.059% → +0.045%: −$10.48
Slippage, 4 orders: −$70.81
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$121.28
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Phoenix: live order book, 31 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 HTX live order book, 5 min ago	0.03 bp	10.6 bp −$11	12.8 bp −$128	33.5 bp −$3,352	98.9 bp −$49.5K
Sell Phoenix live order book, 31 min ago	6.52 bp	35.6 bp −$36	84.4 bp −$844	doesn't fit	doesn't fit

XRP on 51 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	1.5395	+0.627%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0062%	1h	1.5322	+0.147%	$13.8M	$69.3M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5299	−0.002%	$1.1M	$154K	10x	as long as short
01 Exchange XRPUSD	0.0000%	1h	1.5312	+0.084%	$9K	$987	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5290	−0.059%	$68K	$108K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5318	+0.124%	$7.7M	$20.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5296	−0.019%	$242K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.705%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5283	−0.105%	$17K	$70K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5320	+0.138%	$2.7M	$14.2M	20x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5324	+0.163%	$598K	$3.2M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5310	+0.072%	$477K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5303	+0.025%	$10K	$410K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5305	+0.035%	$837K	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5329	+0.195%	$297.0M	$263.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5321	+0.143%	$38.9M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5309	+0.065%	$589K	$987K	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5321	+0.143%	$532.8M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5321	+0.143%	$361.2M	$860.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5321	+0.143%	$124.1M	$824.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5267	−0.210%	$561K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5311	+0.078%	$163K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5282	−0.111%	$1.6M	$66K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5321	+0.143%	$377.6M	$161.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5321	+0.143%	$315.9M	$908.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5320	+0.137%	$104.9M	$180.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5320	+0.137%	$271.2M	$350.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5321	+0.143%	—	$98.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5273	−0.173%	$4.9M	$38.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5277	−0.142%	$664K	$106.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5299	−0.001%	$1.1M	$32.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5287	−0.079%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5310	+0.069%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5312	+0.084%	$52K	$470K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5312	+0.084%	$41K	$64K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5315	+0.104%	$83K	$601K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5303	+0.025%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5321	+0.141%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5316	+0.110%	$32K	$1.4M	10x	as long as short
HTX XRP-USDTlong	+0.0100%	8h	1.5299	long leg	$49.9M	$13.2M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5316	+0.110%	$54.6M	$33.1M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5314	+0.095%	$2.2M	$6.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5311	+0.077%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5320	+0.137%	$5.5M	$42.6M	50x	as long as short
Kalshi KXXRPPERP	+0.0117%	8h	1.5317	+0.117%	$1.9M	$35.4M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0152%	1h	1.5329	+0.195%	$2.0M	$1.2M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5313	+0.091%	$23.7M	$77.5M	125x	as long as short
Reya XRPRUSDPERP	+0.0224%	1h	1.5295	−0.029%	$1.4M	$1K	15x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5313	+0.092%	$506K	$723K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0244% / S −0.0469%	1h	1.5316	+0.111%	$885K	—	200x	as long as short
Aftermath Perps XRPUSD	+0.0364%	1h	1.5292	−0.045%	$3K	$13K	10x	as long as short