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: Phoenix against Aster+0.325%95s7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as 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−$820.822% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.325%, 7d avg +0.002%

Together, before fees−0.150%+ Points / potential airdropAster: Stage 5 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phoenix is 0.323% dearer against Aster than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.002%. Mind the row above: over the last 7 days funding on this pair cost −0.128%, so the current rate has only just turned in your favour. The two prices were read 95 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 -0.128% in total (about -6.7% 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	Aster XRPUSDT	1.5191	0.0100	pay 0.0100% / 8h	3h 27m	$38.5M	$85.3M	100x
Short	Phoenix XRP	1.5240	0.0528	get 0.0066% / 1h	27m 43s	$68K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.325%Rate

Funding earned: $89.89
Price spread: +0.325% → +0.002%: $32.28
Slippage, 4 orders: −$67.2
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $39.97
Costs to cover: 0.822%
Break-even: 3.9 days

Slippage from Aster: live order book, 1 min ago; Phoenix: live order book, 5 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 Aster live order book, 1 min ago	1.31 bp	5.4 bp −$5	6.2 bp −$62	13.9 bp −$1,388	doesn't fit
Sell Phoenix live order book, 5 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	1.5218	+0.180%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5187	−0.021%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	+0.055%	$7.8M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5196	+0.033%	$254K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5195	+0.027%	$14.4M	$74.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.431%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5196	+0.034%	$793K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5198	+0.051%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5200	+0.061%	$497K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5208	+0.114%	$10K	$347K	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	1.5205	+0.095%	$990K	$6.1M	20x	as long as short
Aster XRPUSDTlong	+0.0100%	8h	1.5191	long leg	$38.5M	$85.3M	100x
Pacifica XRP	+0.0100%	1h	1.5221	+0.198%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5194	+0.022%	$535.3M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5193	+0.015%	$347.2M	$943.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5197	+0.042%	$126.8M	$888.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5212	+0.140%	$566K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5222	+0.206%	$134K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5212	+0.140%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5190	−0.004%	$369.6M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5189	−0.011%	$294.5M	$903.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5194	+0.023%	$109.2M	$177.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5194	+0.022%	$269.6M	$389.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5194	+0.022%	—	$127.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5245	+0.357%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5233	+0.278%	$662K	$110.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5244	+0.351%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.404%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5208	+0.115%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5205	+0.094%	$45K	$477K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5196	+0.034%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5196	+0.035%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5198	+0.046%	$818K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5210	+0.128%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5198	+0.048%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	+0.075%	$49.7M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5197	+0.042%	$54.1M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5210	+0.124%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5190	−0.004%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5193	+0.017%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5222	+0.206%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5204	+0.088%	$5.7M	$47.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5196	+0.034%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	+0.233%	$24.2M	$76.3M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0278%	1h	1.5200	+0.061%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5231	+0.268%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5213	+0.147%	$518K	$776K	10x	as long as short
Kalshi KXXRPPERP	+0.0359%	8h	1.5226	+0.233%	$1.9M	$35.2M	2.9x	as long as short
Hyperliquid XRP	+0.0393%	1h	1.5210	+0.127%	$301.1M	$245.9M	20x	as long as short
Phoenix XRPshort	+0.0528%	1h	1.5240	+0.325%	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0679%	1h	1.5217	+0.174%	$2K	$15K	10x	as long as short