Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.028%

Price spread now: Deribit against Phemex0.000%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now 0.000%, 7d avg +0.021%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.021% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.116%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5490	0.0100	pay 0.0100% / 8h	38m 13s	$55.1M	$29.3M	50x
Short	Deribit XRP_USDC-PERPETUAL	1.5490	0.0008	get 0.0001% / 1h	38m 13s	$9.6M	$25.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$19.32
Price spread: 0.000% → +0.021%: −$2.14
Slippage, 4 orders: −$11.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$52.43
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Deribit: 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	1.93 bp	12.4 bp −$12	16.2 bp −$162	30.9 bp −$3,088	doesn't fit
Sell Deribit live order book, 1 min ago	0.65 bp	4.9 bp −$5	7.6 bp −$76	48.3 bp −$4,832	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	1.5494	+0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5485	−0.035%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5550	+0.387%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5488	−0.016%	$259K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0007% / S +0.0103%	1h	1.5486	−0.026%	$853K	—	200x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0008%	1h	1.5490	0.000%	$9.6M	$25.4M	50x
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5486	−0.023%	$15.5M	$68.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0057%	8h	1.5489	−0.006%	$76K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+0.452%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5489	−0.008%	$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	+0.006%	$441K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5494	+0.026%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5489	−0.006%	$39.4M	$80.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5490	+0.001%	$637K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5489	−0.007%	$553.9M	$2.02B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5492	+0.013%	$347.1M	$918.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5491	+0.006%	$126.9M	$885.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5473	−0.110%	$578K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5497	+0.045%	$116K	$754K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5506	+0.103%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5489	−0.006%	$373.2M	$144.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5493	+0.019%	$296.6M	$874.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5487	−0.019%	$112.8M	$163.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5491	+0.006%	$270.3M	$372.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5492	+0.013%	—	$121.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5522	+0.204%	$11.6M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5529	+0.250%	$674K	$103.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5516	+0.170%	$1.1M	$40.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5524	+0.219%	$1.0M	$899K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5491	+0.006%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5504	+0.090%	$47K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5491	+0.006%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5489	−0.007%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5496	+0.042%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5486	−0.026%	$33K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5484	−0.041%	$50.8M	$15.5M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5490	long leg	$55.1M	$29.3M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5494	+0.029%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5500	+0.065%	$12K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5483	−0.046%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5485	−0.033%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5502	+0.077%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5487	−0.021%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5488	−0.013%	$24.5M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5495	+0.032%	$5.9M	$47.4M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5494	+0.023%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0311%	8h	1.5493	+0.019%	$1.9M	$34.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0315%	1h	1.5500	+0.065%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0595%	1h	1.5509	+0.123%	$294.8M	$209.6M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5509	+0.121%	$504K	$633K	10x	as long as short
Aftermath Perps XRPUSD	+0.0789%	1h	1.5540	+0.320%	$1K	$11K	10x	as long as short