Funding arb · Price arb /

XRP

all XRP markets

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: Phoenix against SunX+0.030%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

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

Long on SunX Short on Phoenix

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)+0.001%$0 · spread now +0.030%, 7d avg −0.025%

Together, before fees−0.221%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.055% dearer against SunX than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.025%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XRP-USDT	1.5115	0.0100	pay 0.0100% / 8h	2h 48m	$126K	$1.8M	30x
Short	Phoenix XRP	1.5120	0	get 0.0000% / 1h	48m 34s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$21
Price spread: +0.030% → −0.025%: $5.51
Slippage, 4 orders: −$104.8
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$135.28
Costs to cover: 1.198%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Phoenix: live order book, 44 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 SunX live order book, 7 min ago	16.61 bp	22.6 bp −$23	25.3 bp −$253	doesn't fit	doesn't fit
Sell Phoenix live order book, 44 min ago	6.56 bp	35.8 bp −$36	83.3 bp −$833	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	1.5108	−0.050%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5101	−0.096%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5104	−0.076%	$1.1M	$115K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5120	+0.030%	$67K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5109	−0.043%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5107	−0.054%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.941%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5127	+0.076%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5107	−0.059%	$792K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5112	−0.023%	$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	1.5113	−0.017%	$497K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5116	+0.003%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5109	−0.046%	$938K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5116	+0.003%	$290.7M	$258.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5123	+0.050%	$38.8M	$86.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5113	−0.016%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5123	+0.050%	$532.0M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5117	+0.010%	$342.4M	$950.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5119	+0.023%	$125.2M	$888.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5107	−0.056%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5128	+0.083%	$137K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	−0.011%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5115	−0.003%	$372.3M	$155.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5115	−0.003%	$295.4M	$904.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5107	−0.058%	$107.7M	$179.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5123	+0.050%	$268.3M	$393.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5114	−0.010%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5128	+0.082%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5106	−0.064%	$656K	$111.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.102%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	+0.056%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5111	−0.032%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5111	−0.030%	$50K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5105	−0.069%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5106	−0.063%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5105	−0.070%	$813K	$72K	10x	as long as short
SunX XRP-USDTlong	+0.0100%	8h	1.5115	long leg	$126K	$1.8M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5101	−0.096%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5113	−0.018%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5103	−0.083%	$53.8M	$31.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5111	−0.027%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5117	+0.013%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5104	−0.076%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0152%	8h	1.5114	−0.010%	$1.8M	$35.6M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5108	−0.050%	$5.7M	$48.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0187%	1h	1.5111	−0.030%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5105	−0.068%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5097	−0.122%	$24.1M	$75.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5124	+0.056%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5128	+0.083%	$516K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0625%	1h	1.5120	+0.029%	$2K	$15K	10x	as long as short