Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SoDEX against Phemex0.000%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now 0.000%, 7d avg −0.009%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5337	0.0100	pay 0.0100% / 8h	7h 21m	$54.5M	$29.6M	50x
Short	SoDEX XRP-USD	1.5337	0.0100	get 0.0013% / 1h	21m 57s	$29K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.009%: $0.94
Slippage, 4 orders: −$3.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$22.77
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; SoDEX: 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 SoDEX live order book, 2 min ago	0.33 bp	4.3 bp −$4	6.5 bp −$65	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	1.5347	+0.065%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5358	+0.134%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5341	+0.024%	$257K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5341	+0.026%	$9.3M	$25.1M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0077%	1h	1.5340	+0.022%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.454%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5340	+0.020%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5334	−0.020%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5340	+0.019%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5343	+0.039%	$515K	$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	+0.020%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5346	+0.057%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5346	+0.062%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5330	−0.043%	$38.7M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5354	+0.108%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5321	−0.104%	$540.9M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5319	−0.117%	$341.9M	$920.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5320	−0.111%	$124.7M	$867.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.137%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5349	+0.078%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.017%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5319	−0.117%	$374.9M	$150.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5321	−0.104%	$309.3M	$907.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5320	−0.110%	$108.7M	$165.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5310	−0.176%	$268.1M	$375.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5320	−0.111%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	+0.098%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5361	+0.158%	$667K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5372	+0.228%	$1.1M	$38.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5350	+0.085%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5344	+0.043%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5344	+0.046%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5345	+0.055%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5341	+0.028%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5348	+0.071%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USDshort	+0.0100%	1h	1.5337	0.000%	$29K	$1.8M	10x
HTX XRP-USDT	+0.0100%	8h	1.5351	+0.089%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5337	long leg	$54.5M	$29.6M	50x
Extended XRP-USD	+0.0104%	1h	1.5316	−0.137%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5338	+0.007%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5338	+0.009%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5354	+0.111%	$24.1M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5344	+0.046%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5336	−0.007%	$14.6M	$70.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5340	+0.020%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5359	+0.143%	$2.1M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5363	+0.167%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0385%	1h	1.5346	+0.059%	$289.5M	$214.5M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5350	+0.085%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0791%	1h	1.5348	+0.070%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5346	+0.056%	$543K	$773K	10x	as long as short