Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0144%/8h= −15.7% APRpaid last 24h −0.016%

Price spread now: Phemex against Kraken Futures+0.007%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

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

costs, in and out, $10k−$330.329% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.007%, 7d avg −0.003%

Together, before fees−0.078%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XRPUSD	1.5336	0.0244	pay 0.0030% / 1h	22m 04s	$14.6M	$70.2M	50x
Short	Phemex XRPUSDT	1.5337	0.0100	get 0.0100% / 8h	7h 22m	$54.5M	$29.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$30.15
Price spread: +0.007% → −0.003%: $0.99
Slippage, 4 orders: −$10.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.07
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	1.95 bp	10.9 bp −$11	13.1 bp −$131	24.2 bp −$2,418	40.7 bp −$20.4K
Sell Phemex live order book, 2 min ago	0.33 bp	6.8 bp −$7	10.7 bp −$107	20.5 bp −$2,050	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	1.5347	+0.072%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5358	+0.141%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5341	+0.031%	$257K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5341	+0.033%	$9.3M	$25.1M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0077%	1h	1.5340	+0.029%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.461%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5340	+0.027%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5334	−0.012%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5340	+0.026%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5343	+0.046%	$515K	$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	+0.0100%	8h	1.5340	+0.027%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5346	+0.064%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5346	+0.069%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5340	+0.025%	$38.8M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5354	+0.115%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5328	−0.054%	$541.1M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5318	−0.117%	$341.8M	$920.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5317	−0.123%	$124.8M	$867.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.130%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5349	+0.085%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.010%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5332	−0.026%	$375.2M	$150.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5330	−0.039%	$310.0M	$907.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5340	+0.028%	$108.8M	$165.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5329	−0.045%	$268.4M	$375.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5330	−0.039%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	+0.105%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5361	+0.166%	$667K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5372	+0.235%	$1.1M	$38.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5350	+0.092%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5344	+0.050%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5344	+0.053%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5345	+0.062%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5341	+0.035%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5348	+0.078%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5337	+0.007%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5351	+0.096%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5337	+0.007%	$54.5M	$29.6M	50x
Extended XRP-USD	+0.0104%	1h	1.5335	−0.006%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5338	+0.014%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5338	+0.016%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5354	+0.118%	$24.1M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5344	+0.053%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSDlong	+0.0244%	1h	1.5336	long leg	$14.6M	$70.2M	50x
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5340	+0.027%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5359	+0.151%	$2.1M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5363	+0.174%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0385%	1h	1.5346	+0.066%	$289.5M	$214.5M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5350	+0.092%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0791%	1h	1.5348	+0.078%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5346	+0.063%	$543K	$773K	10x	as long as short