Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.033%

Price spread now: dYdX against Phoenix−0.088%106s7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as 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−$1141.140% of the position

Long on Phoenix Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now −0.088%, 7d avg −0.012%

Together, before fees−0.188%−$19 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: dYdX is 0.076% cheaper against Phoenix than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.012%. The two prices were read 106 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	1.5120	0	get 0.0000% / 1h	47m 34s	$67K	$110K	15x
Short	dYdX XRP-USD	1.5107	0	get 0.0000% / 1h	47m 34s	$1.1M	$115K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.012%: −$7.62
Slippage, 4 orders: −$96.96
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$121.58
Costs to cover: 1.140%
Break-even: never at this rate

Slippage from Phoenix: live order book, 45 min ago; dYdX: 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 Phoenix live order book, 45 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell dYdX live order book, 2 min ago	16.24 bp	21.2 bp −$21	21.2 bp −$212	38.5 bp −$3,845	87.8 bp −$43.9K

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
Hotstuff XRP-PERP	−0.0080%	1h	1.5113	−0.046%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5121	+0.006%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USDshort	0.0000%	1h	1.5107	−0.088%	$1.1M	$115K	10x
Phoenix XRPlong	0.0000%	1h	1.5120	long leg	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5125	+0.033%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5123	+0.022%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.910%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5104	−0.106%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5123	+0.020%	$793K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5116	−0.026%	$2.8M	$14.8M	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	1.5117	−0.020%	$497K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5097	−0.152%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5103	−0.109%	$938K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5125	+0.033%	$290.9M	$258.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5104	−0.103%	$38.7M	$86.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5110	−0.068%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5099	−0.140%	$531.2M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5099	−0.139%	$341.8M	$950.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5100	−0.132%	$125.2M	$887.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5111	−0.060%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5108	−0.079%	$137K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.040%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5104	−0.106%	$372.0M	$155.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5103	−0.112%	$295.1M	$904.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5115	−0.030%	$107.8M	$179.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5100	−0.132%	$267.9M	$393.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5108	−0.079%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5128	+0.052%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5105	−0.097%	$656K	$111.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.072%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	+0.026%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5103	−0.114%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5128	+0.053%	$50K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5120	0.000%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5123	+0.020%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5122	+0.015%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5110	−0.069%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5121	+0.007%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5106	−0.091%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5118	−0.013%	$53.9M	$31.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5104	−0.109%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5099	−0.136%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5120	+0.001%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0146%	8h	1.5120	0.000%	$1.8M	$35.6M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5125	+0.033%	$5.7M	$48.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5127	+0.046%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5119	−0.005%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5097	−0.152%	$24.1M	$75.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5124	+0.026%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5107	−0.089%	$515K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0617%	1h	1.5124	+0.029%	$2K	$15K	10x	as long as short