Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0143%/8h= +15.7% APRpaid last 24h +0.016%

Price spread now: Kraken Futures against Phemex+0.014%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.014%, 7d avg +0.003%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5355	0.0100	pay 0.0100% / 8h	7h 22m	$54.6M	$29.6M	50x
Short	Kraken Futures PF_XRPUSD	1.5357	0.0243	get 0.0030% / 1h	22m 21s	$14.5M	$70.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.014%Rate

Funding earned: $30.08
Price spread: +0.014% → +0.003%: $1.14
Slippage, 4 orders: −$10.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$1.69
Costs to cover: 0.329%
Break-even: 7.4 days

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 2 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, 2 min ago	0.33 bp	8.2 bp −$8	12.1 bp −$121	19.2 bp −$1,916	doesn't fit
Sell Kraken Futures live order book, 2 min ago	1.95 bp	7.0 bp −$7	8.6 bp −$86	19.7 bp −$1,972	47.6 bp −$23.8K

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	1.5347	−0.052%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5358	+0.017%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5341	−0.093%	$257K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5359	+0.026%	$9.3M	$25.1M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0077%	1h	1.5354	−0.009%	$842K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.335%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5340	−0.098%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5334	−0.137%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5359	+0.028%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5349	−0.039%	$516K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5340	−0.098%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5346	−0.060%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5346	−0.055%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5347	−0.052%	$38.8M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5354	−0.009%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5344	−0.073%	$541.7M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5340	−0.098%	$342.4M	$919.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5337	−0.117%	$124.8M	$867.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.254%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5349	−0.039%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.134%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5342	−0.085%	$375.6M	$150.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5345	−0.065%	$311.3M	$906.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5341	−0.090%	$108.8M	$165.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5340	−0.098%	$268.6M	$375.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5345	−0.065%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	−0.020%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5361	+0.041%	$667K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5372	+0.111%	$1.1M	$38.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5350	−0.033%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5344	−0.075%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5344	−0.072%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5345	−0.063%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5358	+0.020%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5368	+0.084%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5357	+0.013%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5356	+0.008%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5355	long leg	$54.6M	$29.6M	50x
Extended XRP-USD	+0.0104%	1h	1.5341	−0.091%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5355	+0.002%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5338	−0.109%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5354	−0.007%	$24.1M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5363	+0.052%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSDshort	+0.0243%	1h	1.5357	+0.014%	$14.5M	$70.0M	50x
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5361	+0.039%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0311%	8h	1.5362	+0.046%	$2.0M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5363	+0.049%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0387%	1h	1.5355	0.000%	$289.7M	$214.5M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5350	−0.033%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0791%	1h	1.5348	−0.047%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5346	−0.061%	$543K	$773K	10x	as long as short