Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.010%

Price spread now: Phoenix against Katana Perps+0.279%50s7-day average +0.026% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+1.186%+$119 · spread now +0.279%, 7d avg +0.026%

Together, before fees+1.117%+$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.253% dearer against Katana Perps than usual: you sell high and buy low (spread +0.279% now, against its 7-day average of +0.026%): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.4 days. The two prices were read 50 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	Katana Perps XRP-USD	1.5068	0.0100	pay 0.0100% / 8h	6h 38m	$10K	$306K	20x
Short	Phoenix XRP	1.5110	0	get 0.0000% / 1h	38m 22s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Katana Perps. 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 Katana PerpsbpFee PhoenixbpOrdersPrice spread, now +0.279%Rate

Funding earned: −$20.96
Price spread: +0.279% → +0.026%: $25.29
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.46
Costs to cover: 0.108%
Break-even: from the start

Slippage unknown: Katana Perps: no order-book sample; Phoenix: live order book, 10 min ago. Net counts fees only.

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 Katana Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 10 min ago	6.57 bp	35.9 bp −$36	83.5 bp −$835	doesn't fit	doesn't fit

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5082	+0.093%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5080	+0.076%	$1.1M	$120K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5110	+0.279%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5057	−0.073%	$251K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0024% / S +0.0063%	1h	1.5057	−0.072%	$826K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.265%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5080	+0.077%	$14.4M	$72.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0070%	8h	1.5082	+0.093%	$57K	$945K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0082%	1h	1.5083	+0.100%	$7.6M	$25.4M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5079	+0.071%	$2.8M	$14.1M	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	1.5083	+0.100%	$515K	$3.3M	20x	as long as short
Katana Perps XRP-USDlong	+0.0100%	8h	1.5068	long leg	$10K	$306K	20x
Nado XRP-PERP	+0.0100%	1h	1.5082	+0.090%	$792K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5078	+0.067%	$38.4M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5085	+0.110%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5062	−0.038%	$534.9M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5060	−0.053%	$338.3M	$944.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5085	+0.113%	$123.4M	$870.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5090	+0.146%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5083	+0.100%	$115K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.762%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5082	+0.093%	$366.0M	$151.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5077	+0.060%	$286.5M	$904.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5077	+0.063%	$106.4M	$172.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5079	+0.073%	$264.7M	$386.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5063	−0.033%	—	$127.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5098	+0.200%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5152	+0.560%	$658K	$108.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5080	+0.081%	$1.1M	$38.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5163	+0.630%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5084	+0.107%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5080	+0.080%	$45K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5067	−0.007%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5083	+0.098%	$812K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5086	+0.117%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5083	+0.100%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5092	+0.159%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5088	+0.133%	$53.6M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5083	+0.099%	$470K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5077	+0.060%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5082	+0.090%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5074	+0.040%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0186%	1h	1.5090	+0.146%	$278.9M	$220.6M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5078	+0.064%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5088	+0.133%	$5.7M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.830%	$24.0M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5089	+0.137%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0330%	1h	1.5097	+0.192%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0339%	8h	1.5099	+0.206%	$2.1M	$36.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5078	+0.068%	$534K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0812%	1h	1.5117	+0.323%	$2K	$14K	10x	as long as short