Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Phemex against Lighter0.000%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.072%−$7 · spread now 0.000%, 7d avg −0.012%

Together, before fees−0.035%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5092	0.0096	pay 0.0012% / 1h	46m 56s	$2.8M	$14.8M	20x
Short	Phemex XRPUSDT	1.5092	0.0100	get 0.0100% / 8h	2h 46m	$53.8M	$31.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.84
Price spread: 0.000% → −0.012%: $1.17
Slippage, 4 orders: −$15.28
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$25.26
Costs to cover: 0.273%
Break-even: 217.5 days

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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 Lighter live order book, 7 min ago	1.98 bp	3.5 bp −$3	7.6 bp −$76	19.4 bp −$1,942	40.5 bp −$20.3K
Sell Phemex live order book, 2 min ago	0.66 bp	12.6 bp −$13	15.7 bp −$157	24.6 bp −$2,456	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	1.5113	+0.139%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5096	+0.025%	$14.3M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5107	+0.097%	$1.1M	$115K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5130	+0.252%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5096	+0.027%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5093	+0.007%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.101%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5104	+0.080%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0069% / S −0.0013%	1h	1.5092	+0.001%	$792K	—	200x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5092	long leg	$2.8M	$14.8M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5098	+0.040%	$496K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5097	+0.033%	$10K	$356K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5103	+0.076%	$938K	$6.2M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5100	+0.053%	$290.3M	$258.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5092	0.000%	$38.7M	$86.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5110	+0.118%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5087	−0.033%	$530.8M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5089	−0.020%	$341.5M	$950.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5092	0.000%	$125.3M	$887.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5111	+0.126%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5108	+0.106%	$137K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	+0.145%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5088	−0.027%	$371.6M	$155.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5087	−0.033%	$294.6M	$905.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5088	−0.026%	$107.6M	$179.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5088	−0.027%	$267.6M	$393.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5085	−0.046%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5128	+0.238%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5105	+0.088%	$656K	$111.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.258%	$1.1M	$37.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	+0.212%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5103	+0.071%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5099	+0.046%	$50K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5094	+0.011%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5094	+0.013%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5093	+0.004%	$812K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5111	+0.129%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5092	0.000%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5093	+0.010%	$49.4M	$15.8M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5092	0.000%	$53.8M	$31.6M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5104	+0.076%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5084	−0.052%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5091	−0.003%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0146%	8h	1.5100	+0.053%	$1.8M	$35.6M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5098	+0.040%	$5.6M	$48.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0188%	1h	1.5098	+0.040%	$2.0M	$1.4M	25x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5095	+0.021%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5097	+0.033%	$24.1M	$75.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5123	+0.202%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5107	+0.097%	$515K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0621%	1h	1.5116	+0.162%	$2K	$15K	10x	as long as short