Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h 0.000%

Price spread now: Bulk against Phemex−0.357%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.345%+$34 · spread now −0.357%, 7d avg +0.016%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.373% cheaper against Phemex than usual: you would sell low and buy high, −$37 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5392	0.0095	pay 0.0095% / 8h	7h 52m	$54.7M	$29.8M	50x
Short	Bulk XRP-USD	1.5337	0.0100	get 0.0013% / 1h	52m 51s	$1.7M	$565K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Phemex. 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 PhemexbpFee BulkbpOrdersPrice spread, now −0.357%Rate

Funding earned: $0.99
Price spread: −0.357% → +0.016%: −$37.32
Slippage, 4 orders: −$13.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$68.34
Costs to cover: 0.320%
Break-even: 491.7 days

Slippage from Phemex: live order book, 6 min ago; Bulk: live order book, 1 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 Phemex live order book, 6 min ago	5.86 bp	11.9 bp −$12	14.1 bp −$141	27.5 bp −$2,748	doesn't fit
Sell Bulk live order book, 1 min ago	0.32 bp	3.8 bp −$4	4.7 bp −$47	12.3 bp −$1,227	31.0 bp −$15.5K

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	1.5395	+0.019%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5399	+0.047%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5389	−0.019%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0009% / S +0.0087%	1h	1.5388	−0.028%	$844K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.091%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5392	0.000%	$76K	$910K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0075%	1h	1.5389	−0.019%	$9.3M	$25.6M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5393	+0.006%	$8K	$8K	10x	as long as short
Phemex XRPUSDTlong	+0.0095%	8h	1.5392	long leg	$54.7M	$29.8M	50x
Lighter XRP	+0.0096%	1h	1.5390	−0.013%	$2.9M	$13.7M	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	1.5398	+0.039%	$514K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5399	+0.045%	$12K	$271K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5394	+0.016%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5386	−0.038%	$38.9M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5398	+0.039%	$636K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5382	−0.066%	$540.9M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5378	−0.091%	$340.9M	$929.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5377	−0.097%	$125.6M	$884.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5377	−0.097%	$572K	$48K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5393	+0.006%	$116K	$707K	20x	as long as short
Bulk XRP-USDshort	+0.0100%	1h	1.5337	−0.357%	$1.7M	$565K	20x
Gate XRP_USDT	+0.0100%	8h	1.5385	−0.045%	$376.2M	$147.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5386	−0.039%	$300.7M	$891.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5384	−0.049%	$109.4M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5377	−0.097%	$269.7M	$377.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5380	−0.078%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5388	−0.023%	$6.5M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5360	−0.205%	$669K	$106.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5389	−0.019%	$1.1M	$40.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5367	−0.162%	$1.0M	$906K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5391	−0.004%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5399	+0.045%	$48K	$459K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5391	−0.010%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5393	+0.009%	$829K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5399	+0.044%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5387	−0.032%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5392	−0.003%	$50.5M	$15.6M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5395	+0.017%	$480K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5381	−0.071%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5372	−0.131%	$59K	$22K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5392	+0.002%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5387	−0.032%	$23.9M	$74.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5395	+0.019%	$5.8M	$47.0M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5391	−0.007%	$14.7M	$70.5M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5392	+0.002%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0309%	1h	1.5400	+0.052%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5409	+0.110%	$2.1M	$35.3M	2.9x	as long as short
Hyperliquid XRP	+0.0507%	1h	1.5392	0.000%	$292.1M	$215.1M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5400	+0.052%	$69K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0760%	1h	1.5374	−0.115%	$1K	$11K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5395	+0.020%	$510K	$754K	10x	as long as short