Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Phemex against Injective−2.211%7-day average +0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$346as in the Price arb table

costs, in and out, $10k−$1111.114% of the position

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 4 days (all we have)+2.726%+$273 · spread now −2.211%, 7d avg +0.140%

Together, before fees+2.583%+$258 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 2.350% cheaper against Injective than usual: you would sell low and buy high (spread −2.211% now, against its 7-day average of +0.140%). If the spread goes back, that is −$235 on $10k: about 4 months of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.143%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	25m 07s	$2K	$107K	30x
Short	Phemex XRPUSDT	1.5216	0.0100	get 0.0100% / 8h	1h 25m	$54.5M	$32.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −2.211%Rate

Funding earned: $14
Price spread: −2.211% → +0.140%: −$235.05
Slippage, 4 orders: −$99.35
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$332.41
Costs to cover: 1.114%
Break-even: 173.2 days

Slippage from Injective: live order book, 18 min ago; Phemex: live order book, 4 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 Injective live order book, 18 min ago	46.17 bp	46.2 bp −$46	59.3 bp −$593	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.66 bp	8.9 bp −$9	10.9 bp −$109	21.9 bp −$2,190	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	1.5214	−2.224%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5221	−2.181%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5210	−2.249%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5226	−2.147%	$246K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5220	−2.185%	$7.7M	$24.8M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5216	−2.211%	$14.4M	$75.0M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0085% / S −0.0035%	1h	1.5204	−2.286%	$802K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5217	−2.201%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5217	−2.204%	$547K	$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	+0.0099%	8h	1.5227	−2.140%	$11K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5232	−2.111%	$991K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5217	−2.204%	$38.6M	$87.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5217	−2.202%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5217	−2.206%	$533.9M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5212	−2.237%	$346.8M	$963.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5214	−2.224%	$127.5M	$886.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5198	−2.326%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5239	−2.063%	$144K	$715K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5227	−2.140%	$378.0M	$160.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5216	−2.211%	$304.4M	$927.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5225	−2.156%	$107.9M	$182.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5210	−2.249%	$268.4M	$397.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5218	−2.198%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5222	−2.173%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5198	−2.325%	$660K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5212	−2.237%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5207	−2.269%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5235	−2.091%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5240	−2.057%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5226	−2.147%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5221	−2.179%	$65K	$773K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−2.645%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5225	−2.152%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5218	−2.198%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5230	−2.120%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5216	−2.211%	$54.5M	$32.5M	50x
Bulk XRP-USD	+0.0100%	1h	1.5157	−2.590%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5222	−2.169%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5212	−2.237%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5217	−2.205%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5242	−2.044%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0144%	1h	1.5226	−2.146%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5222	−2.172%	$5.7M	$48.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0190%	1h	1.5220	−2.185%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0200%	1h	1.5224	−2.159%	$289.5M	$265.1M	20x	as long as short
Kalshi KXXRPPERP	+0.0217%	8h	1.5227	−2.140%	$1.8M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5228	−2.133%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5220	−2.185%	$23.7M	$78.1M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5235	−2.090%	$532K	$800K	10x	as long as short
Aftermath Perps XRPUSD	+0.0616%	1h	1.5192	−2.363%	$2K	$16K	10x	as long as short