Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex−0.099%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.205%+$21 · spread now −0.099%, 7d avg −0.007%

Together, before fees+0.206%+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.091% cheaper against Phemex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5180	0.0100	pay 0.0100% / 8h	3h 19m	$54.0M	$31.2M	50x
Short	Bybit XRPUSDT	1.5165	0.0100	get 0.0100% / 8h	3h 19m	$344.9M	$945.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.099%Rate

Funding earned: $0
Price spread: −0.099% → −0.007%: −$9.13
Slippage, 4 orders: −$6.57
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$38.71
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bybit: live order book, 5 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 Phemex live order book, 5 min ago	0.66 bp	9.9 bp −$10	12.8 bp −$128	21.0 bp −$2,098	doesn't fit
Sell Bybit live order book, 5 min ago	0.33 bp	6.3 bp −$6	7.5 bp −$75	12.9 bp −$1,287	24.5 bp −$12.2K

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	1.5188	+0.053%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	−0.141%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5184	+0.026%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5186	+0.040%	$7.8M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5181	+0.006%	$14.5M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.503%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5184	+0.023%	$779K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5168	−0.079%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5170	−0.066%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5165	−0.099%	$9K	$350K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5161	−0.124%	$984K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5162	−0.119%	$38.9M	$85.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5157	−0.151%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5162	−0.119%	$535.4M	$2.16B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5165	−0.099%	$344.9M	$945.2M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5167	−0.086%	$126.3M	$883.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5187	+0.046%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5171	−0.059%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	−0.102%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5159	−0.138%	$372.3M	$156.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5155	−0.165%	$295.2M	$906.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5162	−0.122%	$109.3M	$177.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5163	−0.112%	$269.3M	$390.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5153	−0.178%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	+0.045%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5180	+0.003%	$659K	$110.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5170	−0.067%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5199	+0.125%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5166	−0.092%	$46K	$478K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5183	+0.020%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5185	+0.033%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5186	+0.038%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5184	+0.027%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5184	+0.026%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	+0.036%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5180	long leg	$54.0M	$31.2M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5158	−0.144%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5165	−0.102%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5159	−0.136%	$2.0M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5183	+0.019%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5172	−0.053%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5188	+0.053%	$5.8M	$48.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5160	−0.130%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5181	+0.007%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0256%	1h	1.5184	+0.026%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5191	+0.070%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5186	+0.040%	$1.9M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5168	−0.077%	$516K	$776K	10x	as long as short
Hyperliquid XRP	+0.0411%	1h	1.5184	+0.026%	$298.6M	$251.1M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5190	+0.066%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0644%	1h	1.5187	+0.043%	$2K	$15K	10x	as long as short