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: Paradex against Phoenix+0.187%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.496%−$50 · spread now +0.187%, 7d avg +0.003%

Together, before fees−0.406%+ Points / potential airdropParadex: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.184% dearer against Phoenix than usual: you sell high and buy low (spread +0.187% now, against its 7-day average of +0.003%): +$18 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 34 hours. Mind the row above: over the last 4 days funding on this pair paid +0.090%, 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 4 days it paid 0.090% in total (about 8.5% 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	1.5110	0.0528	pay 0.0066% / 1h	7m 28s	$67K	$110K	15x
Short	Paradex XRP-USD-PERP	1.5138	0.0100	get 0.0100% / 8h	3h 07m	$472K	$55K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.187%Rate

Funding earned: −$89.89
Price spread: +0.187% → +0.003%: $18.38
Slippage, 4 orders: −$73.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$156.22
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from Phoenix: live order book, 25 min ago; Paradex: live order book, 47 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, 25 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell Paradex live order book, 47 min ago	4.61 bp	6.6 bp −$7	155.8 bp −$1,558	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	1.5133	+0.152%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5131	+0.137%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5132	+0.149%	$258K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5128	+0.119%	$7.7M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5121	+0.070%	$14.3M	$74.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.978%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5131	+0.138%	$794K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5135	+0.165%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5135	+0.165%	$495K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5128	+0.119%	$10K	$355K	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	1.5135	+0.169%	$982K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5134	+0.159%	$38.9M	$86.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5136	+0.169%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5133	+0.152%	$533.1M	$2.17B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5134	+0.159%	$343.4M	$947.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5134	+0.159%	$125.2M	$885.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5121	+0.073%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5144	+0.225%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5138	+0.188%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5136	+0.172%	$374.6M	$158.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5131	+0.139%	$293.8M	$910.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5137	+0.177%	$109.1M	$178.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5133	+0.152%	$268.7M	$391.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5128	+0.119%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5130	+0.130%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5113	+0.023%	$656K	$111.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5106	−0.027%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5119	+0.060%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5130	+0.135%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	+0.172%	$49K	$480K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5129	+0.128%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5122	+0.079%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5124	+0.091%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5125	+0.096%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5120	+0.066%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5121	+0.071%	$49.4M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5125	+0.099%	$53.8M	$31.4M	50x	as long as short
Paradex XRP-USD-PERPshort	+0.0100%	8h	1.5138	+0.187%	$472K	$55K	50x
Extended XRP-USD	+0.0104%	1h	1.5131	+0.142%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5122	+0.076%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5140	+0.199%	$8K	$8K	10x	as long as short
Kalshi KXXRPPERP	+0.0182%	8h	1.5116	+0.040%	$1.8M	$35.3M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5129	+0.126%	$5.7M	$48.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5129	+0.126%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5095	−0.099%	$24.2M	$75.5M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0235%	1h	1.5136	+0.172%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5122	+0.079%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5143	+0.217%	$516K	$777K	10x	as long as short
Hyperliquid XRP	+0.0380%	1h	1.5145	+0.232%	$290.6M	$255.8M	20x	as long as short
Phoenix XRPlong	+0.0528%	1h	1.5110	long leg	$67K	$110K	15x
Aftermath Perps XRPUSD	+0.0637%	1h	1.5136	+0.172%	$2K	$15K	10x	as long as short