Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h −0.017%

Price spread now: Phoenix against Bybit+0.013%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$830.835% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 3 days (all we have)+0.195%+$20 · spread now +0.013%, 7d avg +0.012%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.166%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.166% in total (about -8.7% 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	Bybit XRPUSDT	1.5338	0.0100	pay 0.0100% / 8h	7h 27m	$342.0M	$919.7M	100x
Short	Phoenix XRP	1.5340	0.0520	get 0.0065% / 1h	27m 13s	$68K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.013%Rate

Funding earned: $88.3
Price spread: +0.013% → +0.012%: $0.09
Slippage, 4 orders: −$65.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.93
Costs to cover: 0.835%
Break-even: 6.6 days

Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 26 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 Bybit live order book, 2 min ago	0.33 bp	6.0 bp −$6	8.1 bp −$81	13.6 bp −$1,356	24.5 bp −$12.2K
Sell Phoenix live order book, 26 min ago	6.49 bp	35.5 bp −$35	86.6 bp −$866	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	1.5340	+0.013%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5333	−0.032%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5334	−0.026%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0014% / S +0.0079%	1h	1.5333	−0.032%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.447%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5339	+0.007%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5340	+0.013%	$9.3M	$25.1M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5342	+0.026%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5340	+0.011%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5340	+0.013%	$514K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5342	+0.026%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5332	−0.038%	$478K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5340	+0.016%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5345	+0.047%	$38.8M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5337	−0.007%	$620K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5337	−0.004%	$541.0M	$2.05B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5338	long leg	$342.0M	$919.7M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5341	+0.020%	$124.9M	$867.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5345	+0.046%	$570K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5339	+0.007%	$118K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.024%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5340	+0.013%	$374.3M	$149.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5342	+0.026%	$312.6M	$904.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5344	+0.039%	$108.9M	$165.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5339	+0.007%	$268.4M	$374.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5337	−0.007%	—	$123.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5328	−0.064%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5322	−0.105%	$665K	$107.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.026%	$1.1M	$38.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5331	−0.046%	$1.2M	$996K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5347	+0.059%	$49K	$441K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5340	+0.013%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5341	+0.019%	$826K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5349	+0.071%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5338	0.000%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5346	+0.052%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5338	0.000%	$54.6M	$29.5M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5338	−0.002%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5336	−0.012%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5338	0.000%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5340	+0.015%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5341	+0.020%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5344	+0.039%	$5.8M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5338	−0.001%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5345	+0.046%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0309%	8h	1.5343	+0.033%	$2.1M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5337	−0.005%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0396%	1h	1.5357	+0.124%	$290.1M	$214.7M	20x	as long as short
Phoenix XRPshort	+0.0520%	1h	1.5340	+0.013%	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0805%	1h	1.5335	−0.019%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5345	+0.044%	$507K	$754K	10x	as long as short