Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.026%

Price spread now: Phemex against Deribit−0.013%57s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as 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−$290.293% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.013%, 7d avg −0.022%

Together, before fees−0.142%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.117%, so the current rate has only just turned in your favour. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XRP_USDC-PERPETUAL	1.5146	0.0080	pay 0.0010% / 1h	18m 24s	$7.6M	$25.3M	50x
Short	Phemex XRPUSDT	1.5144	0.0100	get 0.0100% / 8h	6h 18m	$53.8M	$29.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.013%Rate

Funding earned: $4.2
Price spread: −0.013% → −0.022%: $0.86
Slippage, 4 orders: −$10.31
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.25
Costs to cover: 0.293%
Break-even: 47.4 days

Slippage from Deribit: live order book, 1 min ago; Phemex: live order book, 6 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 Deribit live order book, 1 min ago	0.66 bp	4.7 bp −$5	7.4 bp −$74	38.4 bp −$3,839	doesn't fit
Sell Phemex live order book, 6 min ago	0.33 bp	11.9 bp −$12	15.4 bp −$154	26.8 bp −$2,677	doesn't fit

XRP on 50 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	1.5146	0.000%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5152	+0.037%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.158%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5143	−0.022%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0057%	1h	1.5141	−0.035%	$800K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.733%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5143	−0.018%	$14.5M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5139	−0.046%	$62K	$953K	50x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0080%	1h	1.5146	long leg	$7.6M	$25.3M	50x
Lighter XRP	+0.0096%	1h	1.5158	+0.078%	$2.8M	$14.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5157	+0.073%	$511K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5124	−0.145%	$10K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5137	−0.056%	$934K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5141	−0.034%	$38.5M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5156	+0.065%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5146	−0.003%	$537.2M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5143	−0.020%	$340.9M	$940.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5143	−0.020%	$124.2M	$871.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5130	−0.106%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5139	−0.046%	$114K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.287%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5143	−0.020%	$368.4M	$152.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5143	−0.020%	$289.6M	$915.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5135	−0.069%	$106.9M	$171.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5141	−0.033%	$266.7M	$384.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5133	−0.086%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	+0.031%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	+0.051%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	+0.264%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	+0.059%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5141	−0.036%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	−0.066%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5144	−0.012%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	−0.024%	$815K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5151	+0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5143	−0.020%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5139	−0.048%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5144	−0.013%	$53.8M	$29.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5156	+0.067%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5130	−0.109%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5139	−0.047%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5131	−0.099%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0192%	1h	1.5145	−0.007%	$280.3M	$222.0M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5133	−0.088%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5149	+0.020%	$5.7M	$46.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5132	−0.092%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0342%	1h	1.5156	+0.066%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0361%	8h	1.5140	−0.040%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5134	−0.082%	$529K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0756%	1h	1.5153	+0.048%	$2K	$14K	10x	as long as short