XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.003%

Price spread now: Phoenix against Lighter+0.088%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$750.746% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 4 days (all we have)+0.351%+$35 · spread now +0.088%, 7d avg 0.000%

Together, before fees+0.236%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.088% dearer against Lighter than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of 0.000%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5137	0.0096	pay 0.0012% / 1h	14m 17s	$2.8M	$14.6M	20x
Short	Phoenix XRP	1.5150	0	get 0.0000% / 1h	14m 17s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$20.16
Price spread: +0.088% → 0.000%: $8.79
Slippage, 4 orders: −$67.57
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$85.94
Costs to cover: 0.746%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Phoenix: live order book, 24 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 Lighter live order book, 4 min ago	0.89 bp	0.9 bp −$1	3.9 bp −$39	14.4 bp −$1,438	34.9 bp −$17.4K
Sell Phoenix live order book, 24 min ago	6.59 bp	35.9 bp −$36	83.8 bp −$838	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	1.5142	+0.035%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5132	−0.028%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5134	−0.017%	$1.1M	$111K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5150	+0.088%	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5136	−0.005%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5128	−0.058%	$253K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.796%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0045% / S +0.0023%	1h	1.5125	−0.080%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0089%	8h	1.5133	−0.025%	$62K	$934K	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5137	long leg	$2.8M	$14.6M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5139	+0.015%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5131	−0.038%	$11K	$329K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5134	−0.015%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5144	+0.048%	$280.2M	$227.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5131	−0.040%	$38.3M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5136	−0.005%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5132	−0.033%	$533.7M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5133	−0.025%	$346.6M	$934.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5134	−0.018%	$126.1M	$873.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5132	−0.031%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5134	−0.018%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5130	−0.042%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5128	−0.058%	$368.8M	$154.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5130	−0.045%	$291.6M	$902.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5132	−0.029%	$107.9M	$174.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5134	−0.018%	$267.8M	$384.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5135	−0.011%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5137	+0.001%	$5.2M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5145	+0.058%	$659K	$108.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5149	+0.082%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5156	+0.127%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5134	−0.016%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5132	−0.031%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5130	−0.045%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5134	−0.020%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5137	+0.004%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5132	−0.031%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5140	+0.020%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5144	+0.048%	$54.0M	$30.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5133	−0.023%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5129	−0.049%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5134	−0.018%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5132	−0.031%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0182%	1h	1.5151	+0.094%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5141	+0.028%	$5.5M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5146	+0.062%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5129	−0.050%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5143	+0.041%	$24.2M	$76.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0315%	8h	1.5152	+0.101%	$2.1M	$34.6M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5136	−0.005%	$515K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0673%	1h	1.5151	+0.093%	$2K	$15K	10x	as long as short