Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex−0.052%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.052%, 7d avg +0.011%

Together, before fees+0.073%+ Points / potential airdropLighter: Season 3 · farm board+$7 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: Lighter is 0.063% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5226	0.0100	pay 0.0100% / 8h	1h 25m	$54.5M	$32.5M	50x
Short	Lighter XRP	1.5218	0.0096	get 0.0012% / 1h	25m 49s	$2.8M	$15.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$0.84
Price spread: −0.052% → +0.011%: −$6.33
Slippage, 4 orders: −$10.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.83
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 13 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, 3 min ago	0.66 bp	10.1 bp −$10	13.1 bp −$131	21.9 bp −$2,192	doesn't fit
Sell Lighter live order book, 13 min ago	1.10 bp	2.6 bp −$3	7.2 bp −$72	15.6 bp −$1,562	38.0 bp −$19.0K

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	1.5214	−0.079%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5221	−0.035%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.368%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5226	0.000%	$246K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5232	+0.038%	$14.4M	$74.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.194%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0078%	1h	1.5233	+0.046%	$7.7M	$24.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0085% / S −0.0035%	1h	1.5204	−0.142%	$802K	—	200x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5218	−0.052%	$2.8M	$15.1M	20x
Lighter RH XRP	+0.0096%	1h	1.5227	+0.007%	$547K	$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	+0.0099%	8h	1.5219	−0.046%	$11K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5225	−0.003%	$991K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5220	−0.038%	$38.6M	$87.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5217	−0.057%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5220	−0.039%	$534.0M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5225	−0.007%	$347.1M	$962.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5229	+0.020%	$127.5M	$887.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5198	−0.184%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5234	+0.053%	$144K	$715K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5218	−0.053%	$377.7M	$160.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5229	+0.020%	$304.3M	$926.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5210	−0.107%	$107.8M	$182.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5208	−0.118%	$268.3M	$397.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5217	−0.059%	—	$105.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5222	−0.027%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5165	−0.403%	$659K	$113.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5162	−0.420%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	−0.374%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5226	0.000%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5233	+0.046%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5230	+0.025%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5226	0.000%	$65K	$773K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−0.510%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5234	+0.053%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5231	+0.033%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5229	+0.021%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5226	long leg	$54.5M	$32.5M	50x
Bulk XRP-USD	+0.0100%	1h	1.5157	−0.453%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5222	−0.023%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5222	−0.028%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5234	+0.053%	$9K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5227	+0.007%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0144%	1h	1.5172	−0.355%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5234	+0.053%	$5.7M	$48.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0187%	1h	1.5241	+0.099%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0198%	1h	1.5223	−0.020%	$289.5M	$265.1M	20x	as long as short
Kalshi KXXRPPERP	+0.0217%	8h	1.5228	+0.013%	$1.8M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5228	+0.014%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5205	−0.138%	$23.7M	$78.1M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5235	+0.058%	$532K	$800K	10x	as long as short
Aftermath Perps XRPUSD	+0.0606%	1h	1.5183	−0.282%	$2K	$16K	10x	as long as short