Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0483%/8h= −52.9% APRpaid last 24h −0.130%

Price spread now: Phemex against Aftermath Perps+0.212%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.212% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.212% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps XRPUSD	1.5565	0.0583	pay 0.0073% / 1h	48m 39s	$1K	$11K	10x
Short	Phemex XRPUSDT	1.5598	0.0100	get 0.0100% / 8h	1h 48m	$55.5M	$28.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now +0.212%Rate

Funding earned: −$101.36
Price spread: +0.212% → 0.000%: $21.25
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.12
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Aftermath Perps: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	2.89 bp	11.0 bp −$11	13.0 bp −$130	27.2 bp −$2,721	doesn't fit

Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5591	+0.167%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5618	+0.344%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5587	+0.142%	$261K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.766%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5596	+0.202%	$15.7M	$67.3M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5598	+0.212%	$82K	$935K	50x	as long as short
Hibachi XRP/USDT-P	+0.0064%	1h	1.5577	+0.075%	$19K	$73K	7x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0071%	1h	1.5600	+0.225%	$9.6M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0079% / S +0.0147%	1h	1.5582	+0.109%	$922K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5624	+0.380%	$3.0M	$11.7M	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	1.5625	+0.386%	$461K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5631	+0.427%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5622	+0.364%	$39.8M	$74.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5624	+0.380%	$675K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5632	+0.431%	$566.7M	$1.91B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5624	+0.380%	$354.9M	$870.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5622	+0.367%	$128.7M	$868.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5541	−0.154%	$579K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5632	+0.431%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−0.244%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5621	+0.360%	$372.6M	$134.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5620	+0.354%	$290.7M	$822.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5613	+0.306%	$112.9M	$153.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5621	+0.360%	$271.3M	$352.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5626	+0.392%	—	$115.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5524	−0.262%	$11.8M	$29.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5540	−0.160%	$675K	$98.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	+0.036%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5590	+0.161%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5579	+0.090%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5586	+0.135%	$53K	$436K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5584	+0.123%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5594	+0.190%	$839K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5588	+0.148%	$130K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5597	+0.206%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5596	+0.202%	$51.3M	$15.1M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5598	+0.212%	$55.5M	$28.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5618	+0.343%	$487K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5619	+0.347%	$12K	$248K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5618	+0.342%	$2.1M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5595	+0.192%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5634	+0.444%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5582	+0.112%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5605	+0.257%	$5.7M	$46.1M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5596	+0.200%	$24.6M	$71.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0336%	8h	1.5597	+0.206%	$1.9M	$32.0M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0365%	1h	1.5613	+0.309%	$1.8M	$977K	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5590	+0.161%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5637	+0.464%	$409K	$530K	10x	as long as short
Aftermath Perps XRPUSDlong	+0.0583%	1h	1.5565	long leg	$1K	$11K	10x
Hyperliquid XRP	+0.0656%	1h	1.5626	+0.395%	$289.4M	$195.3M	20x	as long as short