Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.003%

Price spread now: Aster against Phoenix−0.432%65s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as 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−$810.811% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)+0.215%+$22 · spread now −0.432%, 7d avg −0.003%

Together, before fees+0.337%+ Points / potential airdropAster: Stage 5 · farm board+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.429% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.432% now, against its 7-day average of −0.003%). If the spread goes back, that is −$43 on $10k: about 14 days of funding at the current rate (+$3 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5030	0	get 0.0000% / 1h	28m 21s	$67K	$110K	15x
Short	Aster XRPUSDT	1.4965	0.0100	get 0.0100% / 8h	2h 28m	$38.2M	$87.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.432%Rate

Funding earned: $21
Price spread: −0.432% → −0.003%: −$42.94
Slippage, 4 orders: −$66.15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$103.09
Costs to cover: 0.811%
Break-even: 41.4 days

Slippage from Phoenix: live order book, 65 min ago; Aster: live order book, 6 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 Phoenix live order book, 65 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell Aster live order book, 6 min ago	0.67 bp	4.7 bp −$5	4.7 bp −$47	15.1 bp −$1,506	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	1.5009	−0.140%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.4968	−0.410%	$14.1M	$75.3M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.4978	−0.347%	$1.1M	$130K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5030	long leg	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.4969	−0.406%	$7.6M	$25.7M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.4962	−0.453%	$244K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.526%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0070% / S −0.0013%	1h	1.4961	−0.460%	$784K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.4981	−0.326%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.4978	−0.346%	$2.8M	$15.0M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.4981	−0.326%	$543K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.4976	−0.359%	$11K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.4970	−0.403%	$941K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.4983	−0.313%	$286.0M	$260.3M	20x	as long as short
Aster XRPUSDTshort	+0.0100%	8h	1.4965	−0.432%	$38.2M	$87.4M	100x
Pacifica XRP	+0.0100%	1h	1.4981	−0.326%	$599K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.4964	−0.438%	$523.7M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.4964	−0.439%	$339.2M	$965.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.4968	−0.413%	$123.7M	$889.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5006	−0.160%	$559K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.4988	−0.279%	$143K	$727K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5027	−0.021%	$1.6M	$4K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.4969	−0.406%	$367.4M	$158.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.4969	−0.406%	$282.0M	$916.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.4978	−0.343%	$104.4M	$180.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.4964	−0.439%	$262.9M	$398.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.4963	−0.446%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5004	−0.172%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5013	−0.112%	$652K	$112.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5011	−0.125%	$1.1M	$37.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5014	−0.106%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.4984	−0.303%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.4972	−0.386%	$51K	$493K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.4968	−0.415%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.4966	−0.426%	$61K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.4965	−0.435%	$805K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.4974	−0.370%	$125K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.4969	−0.406%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.4971	−0.393%	$48.9M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.4975	−0.366%	$53.4M	$32.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.4979	−0.337%	$467K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.4964	−0.438%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.4967	−0.419%	$57K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0133%	8h	1.5018	−0.080%	$1.7M	$35.7M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0165%	1h	1.5014	−0.106%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.4974	−0.373%	$5.5M	$48.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5014	−0.107%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.4965	−0.435%	$1.3M	$6K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5011	−0.126%	$23.3M	$76.0M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.4987	−0.287%	$511K	$780K	10x	as long as short
Aftermath Perps XRPUSD	+0.0616%	1h	1.5023	−0.049%	$2K	$16K	10x	as long as short