Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.023%

Price spread now: Phoenix against Paradex−0.119%106s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.119% cheaper against Paradex than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	Paradex XRP-USD-PERP	1.5188	0.0100	pay 0.0100% / 8h	3h 31m	$474K	$54K	50x
Short	Phoenix XRP	1.5170	0	get 0.0000% / 1h	31m 43s	$68K	$89K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$21
Price spread: −0.119% → 0.000%: −$11.85
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.85
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 18 min ago; Phoenix: no order-book sample. 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 Paradex live order book, 18 min ago	4.30 bp	6.3 bp −$6	138.2 bp −$1,382	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
GMX XRP/USD [ETH-USDC]	L −0.0207% / S +0.0293%	1h	1.5184	−0.024%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5197	+0.059%	$7K	$2K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0013%	1h	1.5195	+0.045%	$15.9M	$59.2M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5188	−0.002%	$1.1M	$101K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5170	−0.119%	$68K	$89K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	+0.072%	$9.0M	$22.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	−0.013%	$257K	—	150x	as long as short
Orderly PERP_XRP_USDC	+0.0045%	8h	1.5186	−0.013%	$180K	$781K	50x	as long as short
Injective XRP/USDC PERP	+0.0050%	1h	1.5090	−0.645%	$2K	$51K	30x	as long as short
Vest XRP-PERP	+0.0071%	1h	1.5187	−0.005%	—	$9K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5186	−0.013%	$2.9M	$10.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5191	+0.020%	$567K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5198	+0.066%	$12K	$241K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5184	−0.023%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5185	−0.021%	$38.6M	$69.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5188	0.000%	$671K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5182	−0.040%	$539.2M	$1.79B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5188	0.000%	$343.4M	$798.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5188	0.000%	$124.2M	$807.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5182	−0.040%	$564K	$45K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5195	+0.046%	$114K	$622K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5189	+0.007%	$354.6M	$127.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5182	−0.040%	$310.3M	$771.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5187	−0.006%	$110.4M	$140.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5187	−0.007%	$263.5M	$327.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5191	+0.020%	—	$103.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5188	−0.002%	$7.4M	$22.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5167	−0.140%	$659K	$91.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	−0.126%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5196	+0.053%	$1.0M	$757K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5192	+0.026%	$49K	$460K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5187	−0.005%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.027%	$818K	$67K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5190	+0.016%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5192	+0.026%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5178	−0.066%	$50.0M	$13.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5189	+0.007%	$54.5M	$27.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5194	+0.039%	$1.6M	$202K	20x	as long as short
Paradex XRP-USD-PERPlong	+0.0100%	8h	1.5188	long leg	$474K	$54K	50x
Extended XRP-USD	+0.0104%	1h	1.5184	−0.028%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5194	+0.041%	$73K	$37K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5195	+0.046%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5205	+0.112%	$5.3M	$41.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0193%	1h	1.5198	+0.066%	$1.7M	$895K	25x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5203	+0.099%	$1.7M	$31.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5186	−0.012%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5210	+0.145%	$23.4M	$61.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5189	+0.005%	$19K	$43K	7x	as long as short
RISEx XRP/USDC	+0.0330%	1h	1.5197	+0.056%	$402K	$502K	10x	as long as short
Hyperliquid XRP	+0.0440%	1h	1.5210	+0.145%	$283.4M	$165.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0458%	1h	1.5183	−0.031%	$1K	$10K	10x	as long as short