Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.003%

Price spread now: Phoenix against Phemex+0.132%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$920.916% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.132%, 7d avg −0.004%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.136% dearer against Phemex than usual: you sell high and buy low (spread +0.132% now, against its 7-day average of −0.004%): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5190	0.0100	pay 0.0100% / 8h	1h 23m	$54.4M	$32.5M	50x
Short	Phoenix XRP	1.5210	0	get 0.0000% / 1h	23m 11s	$68K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.132%Rate

Funding earned: −$21
Price spread: +0.132% → −0.004%: $13.6
Slippage, 4 orders: −$72.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$99.03
Costs to cover: 0.916%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 65 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, 6 min ago	0.66 bp	10.1 bp −$10	13.1 bp −$131	21.9 bp −$2,192	doesn't fit
Sell Phoenix live order book, 65 min ago	6.67 bp	36.3 bp −$36	84.8 bp −$848	doesn't fit	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	1.5219	+0.191%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5202	+0.081%	$1.1M	$148K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5210	+0.132%	$68K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5194	+0.030%	$246K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5198	+0.053%	$7.7M	$24.8M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5194	+0.025%	$14.4M	$75.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.436%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0086% / S −0.0038%	1h	1.5195	+0.030%	$784K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5193	+0.019%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5193	+0.020%	$546K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0099%	8h	1.5185	−0.033%	$10K	$372K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5187	−0.019%	$987K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5191	+0.005%	$38.5M	$87.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5199	+0.057%	$618K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5188	−0.014%	$532.9M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5185	−0.033%	$346.2M	$963.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5188	−0.013%	$127.4M	$885.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5198	+0.053%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5196	+0.039%	$144K	$716K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5192	+0.013%	$377.0M	$160.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5189	−0.007%	$305.4M	$928.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5195	+0.034%	$107.6M	$182.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5185	−0.033%	$267.9M	$397.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5186	−0.026%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5222	+0.210%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5198	+0.054%	$660K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5212	+0.144%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5207	+0.112%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5201	+0.074%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5191	+0.007%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5197	+0.044%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5195	+0.033%	$65K	$747K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−0.274%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5199	+0.061%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5196	+0.039%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5194	+0.026%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5190	long leg	$54.4M	$32.5M	50x
Bulk XRP-USD	+0.0100%	1h	1.5157	−0.217%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5205	+0.098%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5189	−0.009%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5193	+0.020%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5191	+0.007%	$8K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5209	+0.126%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5199	+0.059%	$5.7M	$48.4M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0185%	1h	1.5197	+0.046%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0203%	1h	1.5202	+0.079%	$289.1M	$264.7M	20x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5186	−0.024%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5194	+0.026%	$23.6M	$78.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0223%	8h	1.5209	+0.125%	$1.7M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5194	+0.029%	$532K	$801K	10x	as long as short
Aftermath Perps XRPUSD	+0.0628%	1h	1.5202	+0.079%	$2K	$16K	10x	as long as short