Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.027%

Price spread now: Coinbase International against Phemex+0.040%7-day average +0.025% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.040%, 7d avg +0.025%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5127	0.0100	pay 0.0100% / 8h	6h 16m	$53.8M	$29.8M	50x
Short	Coinbase International XRP-PERP-INTX	1.5133	0.0216	get 0.0027% / 1h	16m 45s	$5.7M	$46.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.040%Rate

Funding earned: $24.36
Price spread: +0.040% → +0.025%: $1.45
Slippage, 4 orders: −$12.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$8.93
Costs to cover: 0.347%
Break-even: 9.6 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: 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 Phemex live order book, 2 min ago	0.33 bp	7.5 bp −$8	11.2 bp −$112	17.8 bp −$1,779	doesn't fit
Sell Coinbase International live order book, 2 min ago	0.33 bp	7.5 bp −$7	10.3 bp −$103	23.5 bp −$2,350	doesn't fit

XRP on 50 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	1.5131	+0.026%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5130	+0.021%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	+0.218%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5123	−0.027%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0057%	1h	1.5123	−0.027%	$799K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.862%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5127	+0.001%	$14.5M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5127	0.000%	$62K	$953K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5130	+0.020%	$7.6M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5126	−0.007%	$2.8M	$14.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5139	+0.079%	$511K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5113	−0.093%	$10K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5120	−0.043%	$933K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5127	+0.003%	$38.5M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5130	+0.020%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5124	−0.022%	$536.7M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5119	−0.053%	$340.4M	$940.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5122	−0.033%	$124.1M	$871.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5130	+0.020%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5123	−0.026%	$114K	$700K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.413%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5127	0.000%	$367.9M	$152.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5130	+0.020%	$290.4M	$915.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5120	−0.048%	$106.8M	$171.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5135	+0.053%	$266.6M	$384.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5129	+0.013%	—	$126.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	+0.157%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5134	+0.045%	$657K	$109.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5152	+0.168%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5134	+0.046%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5127	0.000%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5127	0.000%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5127	0.000%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5130	+0.017%	$814K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5134	+0.047%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5129	+0.013%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5133	+0.042%	$49.6M	$15.3M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5127	long leg	$53.8M	$29.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5130	+0.023%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5126	−0.007%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5125	−0.012%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5120	−0.046%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0185%	1h	1.5143	+0.106%	$280.2M	$222.2M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5119	−0.053%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTXshort	+0.0216%	1h	1.5133	+0.040%	$5.7M	$46.6M	50x
Hibachi XRP/USDT-P	+0.0320%	1h	1.5132	+0.034%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0339%	1h	1.5132	+0.033%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0362%	8h	1.5132	+0.033%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5123	−0.023%	$529K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0767%	1h	1.5148	+0.138%	$2K	$14K	10x	as long as short