Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against Phemex−0.093%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now −0.093%, 7d avg −0.002%

Together, before fees−0.022%−$2 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 dYdX is 0.091% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5308	0.0100	pay 0.0100% / 8h	7h 48m	$54.4M	$29.8M	50x
Short	dYdX XRP-USD	1.5294	0	get 0.0000% / 1h	48m 19s	$1.1M	$113K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$21
Price spread: −0.093% → −0.002%: −$9.1
Slippage, 4 orders: −$41.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$94.01
Costs to cover: 0.639%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; dYdX: 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	0.65 bp	12.9 bp −$13	15.2 bp −$152	doesn't fit	doesn't fit
Sell dYdX live order book, 1 min ago	15.68 bp	20.7 bp −$21	20.7 bp −$207	29.5 bp −$2,949	144.2 bp −$72.1K

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	1.5298	−0.065%	$7K	$2K	20x	as long as short
dYdX XRP-USDshort	0.0000%	1h	1.5294	−0.093%	$1.1M	$113K	10x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5296	−0.078%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0010% / S +0.0086%	1h	1.5292	−0.103%	$838K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.646%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5297	−0.072%	$75K	$910K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5299	−0.059%	$9.3M	$25.5M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5307	−0.006%	$2.8M	$13.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5310	+0.013%	$511K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5301	−0.046%	$11K	$276K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5301	−0.044%	$477K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5305	−0.023%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5296	−0.078%	$38.7M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5304	−0.025%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5298	−0.068%	$537.9M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5298	−0.065%	$340.0M	$929.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5296	−0.078%	$124.7M	$877.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5292	−0.105%	$572K	$48K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5303	−0.033%	$116K	$710K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5306	−0.016%	$1.6M	$562K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5294	−0.091%	$372.3M	$148.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5297	−0.072%	$294.6M	$894.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5296	−0.078%	$108.6M	$167.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5294	−0.091%	$268.0M	$376.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5297	−0.072%	—	$123.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5329	+0.138%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5392	+0.547%	$668K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5387	+0.516%	$1.1M	$39.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5333	+0.163%	$1.0M	$906K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5298	−0.067%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5298	−0.065%	$48K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5293	−0.097%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5297	−0.072%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5300	−0.054%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5293	−0.098%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5305	−0.020%	$50.2M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5308	long leg	$54.4M	$29.8M	50x
Extended XRP-USD	+0.0104%	1h	1.5293	−0.096%	$2.1M	$7.2M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5299	−0.059%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5295	−0.085%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5293	−0.096%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5308	0.000%	$23.9M	$74.4M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5311	+0.020%	$5.8M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0240%	1h	1.5316	+0.052%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5290	−0.120%	$14.5M	$70.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5308	+0.001%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5317	+0.059%	$2.0M	$35.3M	2.9x	as long as short
Hyperliquid XRP	+0.0416%	1h	1.5310	+0.013%	$290.1M	$216.0M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5400	+0.601%	$69K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0795%	1h	1.5340	+0.207%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5303	−0.035%	$506K	$755K	10x	as long as short