XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.04 per $10,000 · paid last 24h +0.021%

Price spread now: Phoenix against Injective−2.699%7-day average +0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$200as in the Funding arb table

Net, price: spread back to 7d avg − costs−$450as in the Price arb table

costs, in and out, $10k−$1711.708% of the position

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.289%−$29 on $10k

Price spread, last 4 days (all we have)+3.322%+$332 · spread now −2.699%, 7d avg +0.095%

Together, before fees+3.033%+$303 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 2.794% cheaper against Injective than usual: you would sell low and buy high (−$279 if the spread goes back to its 7-day average of +0.095%). Swap the legs.

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	50m 43s	$2K	$107K	30x
Short	Phoenix XRP	1.5140	0	get 0.0000% / 1h	50m 43s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −2.699%Rate

Funding earned: −$7
Price spread: −2.699% → +0.095%: −$279.39
Slippage, 4 orders: −$163.77
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$457.18
Costs to cover: 1.708%
Break-even: never at this rate

Slippage from Injective: live order book, 58 min ago; Phoenix: live order book, 37 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, 58 min ago	39.63 bp	39.6 bp −$40	48.4 bp −$484	doesn't fit	doesn't fit
Sell Phoenix live order book, 37 min ago	6.67 bp	36.3 bp −$36	84.8 bp −$848	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	1.5125	−2.796%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5141	−2.690%	$1.1M	$148K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5140	−2.699%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5132	−2.749%	$245K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5134	−2.741%	$14.4M	$75.3M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
01 Exchange XRPUSD	+0.0072%	1h	1.5154	−2.609%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0078% / S −0.0025%	1h	1.5133	−2.747%	$797K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5136	−2.725%	$7.7M	$25.1M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5146	−2.660%	$2.8M	$15.1M	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	1.5147	−2.654%	$546K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5146	−2.661%	$12K	$367K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5122	−2.816%	$994K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5143	−2.681%	$38.5M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5148	−2.646%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5146	−2.658%	$528.4M	$2.23B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5148	−2.648%	$344.5M	$967.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5151	−2.629%	$127.1M	$891.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5129	−2.770%	$563K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5156	−2.596%	$143K	$718K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5129	−2.771%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5150	−2.635%	$372.5M	$158.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5149	−2.641%	$298.8M	$918.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5145	−2.668%	$107.3M	$182.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5147	−2.654%	$266.6M	$399.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5140	−2.699%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5130	−2.763%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5141	−2.691%	$658K	$114.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5155	−2.603%	$1.1M	$36.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5146	−2.661%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5132	−2.752%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	−2.725%	$46K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5134	−2.738%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5131	−2.757%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5132	−2.754%	$814K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5134	−2.737%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5133	−2.744%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5151	−2.629%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5132	−2.751%	$54.0M	$32.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5156	−2.596%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5145	−2.664%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5131	−2.760%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0145%	1h	1.5147	−2.654%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0168%	1h	1.5125	−2.798%	$17K	$82K	7x	as long as short
Hyperliquid XRP	+0.0171%	1h	1.5157	−2.590%	$289.1M	$264.1M	20x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5137	−2.719%	$5.7M	$48.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5130	−2.762%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5137	−2.719%	$23.5M	$77.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0220%	8h	1.5132	−2.751%	$1.8M	$35.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5154	−2.606%	$522K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0562%	1h	1.5143	−2.680%	$2K	$16K	10x	as long as short