Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.010%

Price spread now: Aster against Phoenix+0.057%65s7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$840.836% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 4 days (all we have)−1.441%−$144 · spread now +0.057%, 7d avg +0.002%

Together, before fees−1.306%+ Points / potential airdropAster: Stage 5 · farm board−$131 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aster is 0.055% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.002%. The two prices were read 65 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	Phoenix XRP	1.5190	0	get 0.0000% / 1h	48m 15s	$68K	$110K	15x
Short	Aster XRPUSDT	1.5199	0.0100	get 0.0100% / 8h	6h 48m	$38.5M	$84.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.057%Rate

Funding earned: $21
Price spread: +0.057% → +0.002%: $5.46
Slippage, 4 orders: −$68.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$57.17
Costs to cover: 0.836%
Break-even: 26.1 days

Slippage from Phoenix: live order book, 65 min ago; Aster: live order book, 6 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 Phoenix live order book, 65 min ago	6.49 bp	35.4 bp −$35	94.1 bp −$941	doesn't fit	doesn't fit
Sell Aster live order book, 6 min ago	1.98 bp	6.1 bp −$6	7.3 bp −$73	15.4 bp −$1,539	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	1.5210	+0.132%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5199	+0.061%	$1.1M	$120K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5190	long leg	$68K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5176	−0.092%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0066%	1h	1.5175	−0.100%	$832K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.436%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5183	−0.047%	$14.7M	$72.2M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0067%	8h	1.5189	−0.007%	$57K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5204	+0.092%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5206	+0.105%	$520K	$3.3M	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	+0.0100%	8h	1.5190	0.000%	$12K	$302K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5182	−0.052%	$881K	$5.7M	20x	as long as short
Aster XRPUSDTshort	+0.0100%	8h	1.5199	+0.057%	$38.5M	$84.4M	100x
Pacifica XRP	+0.0100%	1h	1.5206	+0.102%	$613K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5180	−0.064%	$536.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5187	−0.020%	$337.6M	$937.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5188	−0.013%	$123.2M	$871.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	−0.118%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5199	+0.059%	$115K	$722K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5203	+0.086%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5178	−0.079%	$368.1M	$149.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5179	−0.072%	$293.9M	$897.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5187	−0.021%	$109.4M	$170.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5190	0.000%	$265.2M	$383.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5182	−0.053%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.150%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5148	−0.274%	$658K	$107.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5185	−0.035%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5168	−0.145%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5186	−0.026%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5196	+0.039%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5181	−0.059%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.015%	$818K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5183	−0.047%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5187	−0.020%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5192	+0.011%	$49.8M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5194	+0.026%	$53.9M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	+0.049%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5188	−0.016%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5191	+0.007%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5201	+0.072%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0184%	1h	1.5192	+0.013%	$281.1M	$222.8M	20x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0211%	1h	1.5194	+0.026%	$9.1M	$25.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5175	−0.097%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5193	+0.020%	$5.7M	$46.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.020%	$24.0M	$75.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0328%	8h	1.5206	+0.105%	$2.1M	$36.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0336%	1h	1.5184	−0.037%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0400%	1h	1.5208	+0.118%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5203	+0.084%	$538K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0792%	1h	1.5190	+0.002%	$2K	$14K	10x	as long as short