Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.003%

Price spread now: SunX against Phoenix−0.122%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1201.198% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.122%, 7d avg +0.025%

Together, before fees+0.314%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.148% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of +0.025%). If the spread goes back, that is −$15 on $10k: about 4.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5130	0	get 0.0000% / 1h	46m 40s	$67K	$110K	15x
Short	SunX XRP-USDT	1.5111	0.0100	get 0.0100% / 8h	2h 46m	$126K	$1.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.122%Rate

Funding earned: $21
Price spread: −0.122% → +0.025%: −$14.76
Slippage, 4 orders: −$104.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$113.56
Costs to cover: 1.198%
Break-even: 44.9 days

Slippage from Phoenix: live order book, 46 min ago; SunX: live order book, 9 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, 46 min ago	6.56 bp	35.7 bp −$36	94.5 bp −$945	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	16.61 bp	25.7 bp −$26	32.6 bp −$326	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	1.5113	−0.112%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5096	−0.226%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5091	−0.259%	$1.1M	$115K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5130	long leg	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5096	−0.225%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5093	−0.245%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.842%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5104	−0.172%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5092	−0.251%	$792K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5095	−0.229%	$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	1.5095	−0.231%	$496K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5085	−0.297%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5103	−0.175%	$938K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5100	−0.198%	$290.3M	$258.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5094	−0.238%	$38.7M	$86.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5096	−0.225%	$605K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5093	−0.245%	$531.0M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5091	−0.258%	$341.6M	$950.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5091	−0.258%	$125.4M	$887.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5111	−0.126%	$562K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5093	−0.245%	$137K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.106%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5093	−0.245%	$371.7M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5094	−0.238%	$295.3M	$905.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5092	−0.249%	$107.6M	$179.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5087	−0.284%	$267.6M	$393.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5083	−0.311%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5128	−0.014%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5105	−0.163%	$656K	$111.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.006%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	−0.040%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5103	−0.180%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5099	−0.205%	$50K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5094	−0.240%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5094	−0.238%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5093	−0.247%	$812K	$72K	10x	as long as short
SunX XRP-USDTshort	+0.0100%	8h	1.5111	−0.122%	$126K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5092	−0.251%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5093	−0.241%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5092	−0.251%	$53.8M	$31.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5091	−0.259%	$470K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5082	−0.314%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5091	−0.254%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0146%	8h	1.5100	−0.198%	$1.8M	$35.6M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5098	−0.212%	$5.6M	$48.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5098	−0.212%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5095	−0.230%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5097	−0.218%	$24.1M	$75.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5123	−0.049%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5092	−0.251%	$515K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0621%	1h	1.5116	−0.090%	$2K	$15K	10x	as long as short