Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.023%

Price spread now: Coinbase International against Phemex+0.083%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.083%, 7d avg +0.024%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.060% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5574	0.0100	pay 0.0100% / 8h	1h 23m	$55.4M	$29.2M	50x
Short	Coinbase International XRP-PERP-INTX	1.5587	0.0216	get 0.0027% / 1h	23m 34s	$5.8M	$47.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.083%Rate

Funding earned: $24.36
Price spread: +0.083% → +0.024%: $5.96
Slippage, 4 orders: −$18.09
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$9.77
Costs to cover: 0.401%
Break-even: 9.8 days

Slippage from Phemex: live order book, 6 min ago; Coinbase International: live order book, 6 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	2.57 bp	12.6 bp −$13	14.8 bp −$148	22.9 bp −$2,287	doesn't fit
Sell Coinbase International live order book, 6 min ago	0.64 bp	7.6 bp −$8	12.2 bp −$122	28.4 bp −$2,845	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	1.5573	−0.006%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5577	+0.018%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5565	−0.057%	$260K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0007%	1h	1.5587	+0.083%	$9.6M	$25.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.824%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5583	+0.056%	$15.5M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0053% / S +0.0121%	1h	1.5583	+0.061%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5581	+0.045%	$79K	$946K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5580	+0.040%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5570	−0.026%	$441K	$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
Nado XRP-PERP	+0.0100%	1h	1.5572	−0.013%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5580	+0.037%	$39.5M	$78.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5575	+0.006%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5590	+0.105%	$560.8M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5579	+0.032%	$348.4M	$896.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5579	+0.032%	$127.9M	$881.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	−0.116%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5591	+0.109%	$119K	$740K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5586	+0.077%	$374.7M	$140.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5572	−0.013%	$297.7M	$854.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5589	+0.096%	$114.0M	$159.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5573	−0.006%	$271.8M	$363.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5586	+0.077%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5537	−0.240%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5544	−0.190%	$676K	$101.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	−0.019%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5557	−0.109%	$1.0M	$883K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5582	+0.051%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5571	−0.019%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5585	+0.069%	$839K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5582	+0.049%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5584	+0.064%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5577	+0.021%	$51.2M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5574	long leg	$55.4M	$29.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.625%	$1.7M	$578K	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5572	−0.015%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5565	−0.057%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5586	+0.077%	$12K	$259K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5584	+0.067%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5580	+0.037%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5595	+0.135%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0200%	1h	1.5585	+0.071%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5569	−0.034%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTXshort	+0.0216%	1h	1.5587	+0.083%	$5.8M	$47.4M	50x
BloFin XRP-USDT	+0.0220%	8h	1.5554	−0.128%	$24.6M	$73.7M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0287%	1h	1.5580	+0.039%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5586	+0.077%	$1.9M	$32.8M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5570	−0.026%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5601	+0.173%	$511K	$630K	10x	as long as short
Hyperliquid XRP	+0.0600%	1h	1.5588	+0.090%	$291.8M	$202.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0732%	1h	1.5555	−0.121%	$1K	$11K	10x	as long as short