Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Phemex+0.046%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 4 days (all we have)+0.248%+$25 · spread now +0.046%, 7d avg +0.004%

Together, before fees+0.210%+ Points / potential airdropLighter RH: Points live · farm board+$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: Lighter RH is 0.042% dearer against Phemex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5149	0.0100	pay 0.0100% / 8h	4h 37m	$54.0M	$30.6M	50x
Short	Lighter RH XRP	1.5156	0.0096	get 0.0012% / 1h	37m 03s	$510K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$0.84
Price spread: +0.046% → +0.004%: $4.19
Slippage, 4 orders: −$7.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$16.1
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Lighter RH: live order book, 1 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	1.65 bp	8.3 bp −$8	11.9 bp −$119	20.6 bp −$2,056	doesn't fit
Sell Lighter RH live order book, 1 min ago	1.32 bp	1.3 bp −$1	5.2 bp −$52	39.0 bp −$3,903	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	1.5162	+0.086%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5151	+0.016%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5161	+0.080%	$1.1M	$114K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5150	+0.007%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5148	−0.005%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5151	+0.013%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.713%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0040% / S +0.0029%	1h	1.5148	−0.006%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5156	+0.046%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0081%	8h	1.5145	−0.026%	$62K	$935K	50x	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	1.5155	+0.042%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRPshort	+0.0096%	1h	1.5156	+0.046%	$510K	$3.3M	20x
Katana Perps XRP-USD	+0.0097%	8h	1.5148	−0.007%	$9K	$324K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5146	−0.017%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5157	+0.053%	$281.4M	$225.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5147	−0.015%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5162	+0.085%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5151	+0.013%	$533.8M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5150	+0.007%	$344.6M	$931.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5153	+0.026%	$125.7M	$874.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	+0.172%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5148	−0.007%	$110K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5146	−0.021%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5151	+0.013%	$369.9M	$153.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5153	+0.026%	$289.4M	$897.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5149	−0.001%	$107.9M	$173.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5145	−0.026%	$267.7M	$384.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5146	−0.020%	—	$126.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5148	−0.009%	$5.4M	$37.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5152	+0.021%	$658K	$108.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5180	+0.205%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5153	+0.026%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5149	0.000%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5155	+0.040%	$44K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5150	+0.007%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5146	−0.021%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5158	+0.061%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5151	+0.013%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5149	−0.003%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5149	long leg	$54.0M	$30.6M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5163	+0.096%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5145	−0.028%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5146	−0.019%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0160%	1h	1.5162	+0.083%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0165%	1h	1.5155	+0.040%	$1.9M	$1.3M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5152	+0.020%	$5.6M	$47.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5146	−0.019%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5152	+0.020%	$24.1M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0315%	8h	1.5156	+0.046%	$2.1M	$34.5M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5158	+0.060%	$516K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0652%	1h	1.5157	+0.053%	$2K	$15K	10x	as long as short