XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0495%/8h= −54.2% APRnext payment −$0.62 per $10,000 · paid last 24h −0.008%

Price spread now: Injective against Phoenix+2.436%112s7-day average −0.200% · you sell dearer than you buy

Net, funding: paid 7d − costs−$134as 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−$1641.642% of the position

Long on Phoenix Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.302%+$30 on $10k

Price spread, last 4 days (all we have)−3.571%−$357 · spread now +2.436%, 7d avg −0.200%

Together, before fees−3.269%−$327 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.636% dearer against Phoenix than usual: you sell high and buy low (spread +2.436% now, against its 7-day average of −0.200%): +$264 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 18 days. Mind the row above: over the last 7 days funding on this pair paid +0.302%, so the current rate has only just turned against you. The two prices were read 112 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.302% in total (about 15.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.62 per $10,000. 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	1.5190	0.0528	pay 0.0066% / 1h	29m 23s	$68K	$110K	15x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	29m 23s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.436%Rate

Funding earned: −$103.96
Price spread: +2.436% → −0.200%: $263.6
Slippage, 4 orders: −$157.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$4.58
Costs to cover: 1.642%
Break-even: from the start

Slippage from Phoenix: live order book, 13 min ago; Injective: live order book, 34 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, 13 min ago	6.59 bp	35.9 bp −$36	94.9 bp −$949	doesn't fit	doesn't fit
Sell Injective live order book, 34 min ago	46.21 bp	46.2 bp −$46	59.5 bp −$595	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	1.5187	−0.020%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5188	−0.010%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5183	−0.048%	$254K	—	150x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.436%	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0034% / S +0.0043%	1h	1.5183	−0.048%	$820K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5181	−0.059%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5179	−0.072%	$62K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5204	+0.092%	$7.7M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5186	−0.024%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5189	−0.007%	$513K	$3.3M	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	1.5172	−0.118%	$10K	$309K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5183	−0.049%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5197	+0.046%	$281.6M	$221.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5187	−0.017%	$38.5M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5187	−0.020%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5185	−0.035%	$538.3M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5184	−0.039%	$344.8M	$927.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5181	−0.059%	$126.0M	$868.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5171	−0.125%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5187	−0.020%	$115K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.223%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5183	−0.046%	$370.1M	$152.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5187	−0.020%	$292.1M	$898.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5181	−0.059%	$108.5M	$171.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5185	−0.033%	$268.1M	$380.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5186	−0.026%	—	$126.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5198	+0.055%	$5.8M	$36.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5177	−0.088%	$659K	$109.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5214	+0.156%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5208	+0.118%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5190	+0.002%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5188	−0.013%	$42K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5185	−0.033%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5197	+0.046%	$818K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5207	+0.109%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5201	+0.072%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	+0.076%	$49.8M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5202	+0.079%	$54.1M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5188	−0.014%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5181	−0.058%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	+0.053%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5208	+0.118%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5184	−0.040%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5202	+0.079%	$5.6M	$46.6M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5209	+0.125%	$24.2M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5198	+0.053%	$17K	$82K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0272%	1h	1.5199	+0.058%	$14.5M	$73.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0354%	8h	1.5217	+0.178%	$2.2M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5187	−0.021%	$517K	$776K	10x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5190	long leg	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0680%	1h	1.5182	−0.051%	$2K	$14K	10x	as long as short