Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h −0.010%

Price spread now: Phoenix against Phemex+0.158%73s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$900.903% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 4 days (all we have)+0.367%+$37 · spread now +0.158%, 7d avg −0.012%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.170% dearer against Phemex than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.012%. Mind the row above: over the last 7 days funding on this pair cost −0.159%, so the current rate has only just turned in your favour. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5166	0.0100	pay 0.0100% / 8h	5h 25m	$54.0M	$30.0M	50x
Short	Phoenix XRP	1.5190	0.0528	get 0.0066% / 1h	25m 59s	$68K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.158%Rate

Funding earned: $89.96
Price spread: +0.158% → −0.012%: $17.03
Slippage, 4 orders: −$71.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $16.72
Costs to cover: 0.903%
Break-even: 5.7 days

Slippage from Phemex: live order book, 3 min ago; Phoenix: live order book, 17 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	2.64 bp	9.0 bp −$9	13.5 bp −$135	30.6 bp −$3,058	doesn't fit
Sell Phoenix live order book, 17 min ago	6.59 bp	35.9 bp −$36	83.7 bp −$837	doesn't fit	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	1.5153	−0.086%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5158	−0.054%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5161	−0.033%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5168	+0.013%	$7.7M	$25.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.598%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0035% / S +0.0042%	1h	1.5160	−0.037%	$819K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5168	+0.013%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0076%	8h	1.5165	−0.007%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5167	+0.007%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5171	+0.033%	$512K	$3.3M	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	1.5158	−0.053%	$10K	$309K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5160	−0.036%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5183	+0.112%	$281.5M	$221.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5165	−0.007%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	−0.031%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5176	+0.063%	$538.0M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5174	+0.053%	$344.3M	$926.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5175	+0.059%	$125.9M	$866.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5171	+0.033%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5165	−0.007%	$114K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.065%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5173	+0.046%	$369.8M	$152.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5172	+0.040%	$293.8M	$899.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5171	+0.034%	$108.8M	$171.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5172	+0.040%	$268.5M	$380.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5173	+0.046%	—	$126.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5159	−0.044%	$5.8M	$36.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5184	+0.118%	$659K	$107.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5175	+0.057%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5208	+0.277%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5163	−0.017%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5167	+0.007%	$42K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5162	−0.026%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5168	+0.013%	$816K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5164	−0.016%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5168	+0.013%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5157	−0.056%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5166	long leg	$54.0M	$30.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5160	−0.038%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5167	+0.010%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5163	−0.023%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0183%	1h	1.5177	+0.073%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5164	−0.014%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5168	+0.013%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5154	−0.079%	$24.2M	$74.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5149	−0.114%	$17K	$82K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0273%	1h	1.5168	+0.015%	$14.5M	$73.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0351%	8h	1.5165	−0.007%	$2.1M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5172	+0.042%	$517K	$776K	10x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5190	+0.158%	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0684%	1h	1.5173	+0.049%	$2K	$14K	10x	as long as short