Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.017%

Price spread now: Phoenix against Paradex+0.358%46s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.358% dearer against Paradex than usual: you sell high and buy low (spread +0.358% now, against zero (this spread has no 7-day history yet)): +$36 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 12 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XRP-USD-PERP	1.5494	0.0100	pay 0.0100% / 8h	38m 44s	$483K	$54K	50x
Short	Phoenix XRP	1.5550	0	get 0.0000% / 1h	38m 44s	$69K	$90K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.358%Rate

Funding earned: −$21.01
Price spread: +0.358% → 0.000%: $35.85
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.83
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: live order book, 40 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Paradex live order book, 40 min ago	4.50 bp	6.5 bp −$7	148.6 bp −$1,486	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5501	+0.042%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5485	−0.063%	$1.1M	$113K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5550	+0.358%	$69K	$90K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5489	−0.033%	$259K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0007% / S +0.0103%	1h	1.5487	−0.046%	$852K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0008%	1h	1.5490	−0.029%	$9.6M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5484	−0.067%	$15.5M	$68.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0057%	8h	1.5491	−0.022%	$76K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+0.423%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5487	−0.048%	$3.0M	$12.6M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5491	−0.022%	$441K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5507	+0.084%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5483	−0.074%	$39.4M	$80.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5490	−0.027%	$637K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5486	−0.052%	$554.6M	$2.02B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5494	−0.003%	$347.1M	$918.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5497	+0.016%	$126.8M	$885.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5473	−0.138%	$578K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5497	+0.016%	$116K	$754K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5506	+0.074%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5478	−0.106%	$372.6M	$144.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5496	+0.010%	$296.7M	$873.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5485	−0.060%	$112.8M	$163.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5489	−0.035%	$270.6M	$372.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5493	−0.009%	—	$121.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5522	+0.175%	$11.6M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5529	+0.221%	$674K	$103.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5516	+0.141%	$1.1M	$40.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5524	+0.191%	$1.0M	$899K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5499	+0.030%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5500	+0.036%	$48K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5490	−0.026%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5492	−0.013%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5495	+0.007%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5486	−0.055%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5490	−0.029%	$50.8M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5482	−0.080%	$55.1M	$29.3M	50x	as long as short
Paradex XRP-USD-PERPlong	+0.0100%	8h	1.5494	long leg	$483K	$54K	50x
Katana Perps XRP-USD	+0.0101%	8h	1.5501	+0.042%	$12K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5474	−0.133%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5490	−0.026%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5501	+0.042%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5494	−0.004%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5488	−0.042%	$24.5M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5493	−0.009%	$5.9M	$47.4M	50x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5527	+0.211%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0311%	8h	1.5508	+0.087%	$2.0M	$34.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0323%	1h	1.5492	−0.016%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0600%	1h	1.5503	+0.055%	$294.6M	$209.6M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5509	+0.092%	$504K	$633K	10x	as long as short
Aftermath Perps XRPUSD	+0.0794%	1h	1.5552	+0.371%	$1K	$11K	10x	as long as short