Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0428%/8h= −46.9% APRpaid last 24h +0.004%

Price spread now: HTX against Phoenix−0.013%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$910.909% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)−0.164%−$16 · spread now −0.013%, 7d avg −0.036%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.023% dearer against Phoenix than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.036%): +$2 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 4 hours. Mind the row above: over the last 7 days funding on this pair paid +0.229%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.229% in total (about 12.0% 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	Phoenix XRP	1.5160	0.0528	pay 0.0066% / 1h	14m 45s	$67K	$110K	15x
Short	HTX XRP-USDT	1.5158	0.0100	get 0.0100% / 8h	3h 14m	$49.5M	$15.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$89.89
Price spread: −0.013% → −0.036%: $2.32
Slippage, 4 orders: −$71.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$178.51
Costs to cover: 0.909%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; HTX: 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, 18 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.03 bp	8.3 bp −$8	11.1 bp −$111	31.3 bp −$3,126	110.1 bp −$55.0K

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	1.5160	0.000%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5149	−0.071%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5158	−0.014%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5155	−0.033%	$7.8M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5154	−0.042%	$14.4M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.639%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5157	−0.018%	$795K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5151	−0.062%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5158	−0.013%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5163	+0.020%	$9K	$351K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5166	+0.043%	$976K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5151	−0.061%	$38.9M	$85.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5151	−0.061%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5147	−0.086%	$533.9M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5148	−0.079%	$344.5M	$945.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5150	−0.066%	$125.8M	$883.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5163	+0.020%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5172	+0.079%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	+0.030%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5152	−0.053%	$372.1M	$156.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5149	−0.073%	$297.2M	$907.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5151	−0.061%	$109.1M	$178.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5152	−0.053%	$269.1M	$390.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5154	−0.040%	—	$127.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−0.060%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5166	+0.043%	$659K	$110.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5154	−0.037%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	+0.059%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5167	+0.046%	$45K	$479K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5159	−0.005%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5153	−0.046%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5154	−0.041%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5165	+0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5152	−0.053%	$30K	$1.7M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5158	−0.013%	$49.5M	$15.8M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5155	−0.033%	$53.9M	$31.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5147	−0.088%	$472K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5162	+0.013%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5150	−0.064%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5151	−0.058%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5173	+0.086%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5160	0.000%	$5.7M	$48.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5163	+0.021%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5156	−0.026%	$24.2M	$75.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0233%	8h	1.5170	+0.066%	$1.9M	$35.3M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0251%	1h	1.5164	+0.026%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5174	+0.093%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5171	+0.073%	$517K	$776K	10x	as long as short
Hyperliquid XRP	+0.0406%	1h	1.5168	+0.053%	$298.1M	$251.5M	20x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5160	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0645%	1h	1.5172	+0.078%	$2K	$15K	10x	as long as short