Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.009%

Price spread now: Bitget against Phoenix−0.171%49s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$860.856% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 4 days (all we have)−0.635%−$64 · spread now −0.171%, 7d avg −0.017%

Together, before fees−0.484%−$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.155% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.171% now, against its 7-day average of −0.017%). If the spread goes back, that is −$15 on $10k: about 5.2 days of funding at the current rate (+$3 a day). The two prices were read 49 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	1.5170	0	get 0.0000% / 1h	30m 37s	$67K	$110K	15x
Short	Bitget XRPUSDT	1.5144	0.0100	get 0.0100% / 8h	7h 30m	$267.8M	$380.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.171%Rate

Funding earned: $21
Price spread: −0.171% → −0.017%: −$15.48
Slippage, 4 orders: −$66.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$80.1
Costs to cover: 0.856%
Break-even: 33.7 days

Slippage from Phoenix: live order book, 47 min ago; Bitget: live order book, 4 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, 47 min ago	6.58 bp	35.9 bp −$36	95.0 bp −$950	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.33 bp	7.4 bp −$7	11.8 bp −$118	18.8 bp −$1,882	25.7 bp −$12.9K

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
Kraken Futures PF_XRPUSD	−0.0172%	1h	1.5146	−0.157%	$14.7M	$74.5M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5145	−0.165%	$5K	$3K	20x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5170	long leg	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5142	−0.183%	$246K	—	150x	as long as short
dYdX XRP-USD	+0.0010%	1h	1.5149	−0.138%	$1.1M	$157K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5148	−0.145%	$7.7M	$23.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.571%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5149	−0.137%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5146	−0.159%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5150	−0.132%	$617K	$3.1M	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	1.5141	−0.191%	$20K	$381K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5147	−0.155%	$990K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5145	−0.168%	$38.4M	$84.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5146	−0.160%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5147	−0.152%	$528.0M	$2.17B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5143	−0.178%	$352.6M	$939.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5147	−0.152%	$125.8M	$848.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5150	−0.132%	$556K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5152	−0.119%	$143K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	+0.204%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5144	−0.171%	$377.0M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5146	−0.158%	$311.0M	$917.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5142	−0.186%	$105.8M	$183.3M	75x	as long as short
Bitget XRPUSDTshort	+0.0100%	8h	1.5144	−0.171%	$267.8M	$380.4M	125x
BingX XRP-USDC	+0.0100%	8h	1.5142	−0.185%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5142	−0.185%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5161	−0.058%	$659K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5198	+0.185%	$1.1M	$33.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	−0.099%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5154	−0.108%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5149	−0.138%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5146	−0.157%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5145	−0.165%	$77K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5145	−0.168%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5152	−0.119%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5144	−0.171%	$30K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5146	−0.160%	$49.4M	$14.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5151	−0.125%	$54.0M	$32.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5149	−0.138%	$472K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5139	−0.202%	$2.1M	$6.7M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5146	−0.158%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5144	−0.173%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0119% / S −0.0085%	1h	1.5145	−0.168%	$785K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5150	−0.132%	$5.3M	$47.7M	50x	as long as short
Kalshi KXXRPPERP	+0.0169%	8h	1.5155	−0.099%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRP	+0.0177%	1h	1.5154	−0.105%	$289.6M	$267.9M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0204%	1h	1.5156	−0.092%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5144	−0.171%	$23.7M	$77.4M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5141	−0.189%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5150	−0.132%	$519K	$788K	10x	as long as short
Aftermath Perps XRPUSD	+0.0560%	1h	1.5183	+0.086%	$2K	$16K	10x	as long as short