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: Binance against Phoenix−0.338%95s7-day average −0.006% · you buy dearer than you sell

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−$820.823% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 4 days (all we have)−1.066%−$107 · spread now −0.338%, 7d avg −0.006%

Together, before fees−0.942%−$94 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.331% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.338% now, against its 7-day average of −0.006%). If the spread goes back, that is −$33 on $10k: about 11 days of funding at the current rate (+$3 a day). The two prices were read 95 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	1.5160	0	get 0.0000% / 1h	41m 46s	$67K	$110K	15x
Short	Binance XRPUSDT	1.5109	0.0100	get 0.0100% / 8h	6h 41m	$534.9M	$2.10B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.338%Rate

Funding earned: $21
Price spread: −0.338% → −0.006%: −$33.15
Slippage, 4 orders: −$65.32
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$94.47
Costs to cover: 0.823%
Break-even: 38.5 days

Slippage from Phoenix: live order book, 6 min ago; Binance: 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 Phoenix live order book, 6 min ago	6.57 bp	35.8 bp −$36	94.8 bp −$948	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.33 bp	5.3 bp −$5	7.1 bp −$71	15.3 bp −$1,534	31.8 bp −$15.9K

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	1.5114	−0.303%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5109	−0.336%	$1.1M	$120K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5160	long leg	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5101	−0.387%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0023% / S +0.0064%	1h	1.5100	−0.398%	$828K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.639%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5101	−0.392%	$14.5M	$72.4M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0069%	8h	1.5109	−0.336%	$57K	$945K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5110	−0.330%	$9.0M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5103	−0.376%	$2.8M	$14.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5109	−0.336%	$517K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5105	−0.363%	$10K	$306K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5117	−0.280%	$880K	$5.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5116	−0.291%	$38.5M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5116	−0.293%	$609K	$1.1M	20x	as long as short
Binance XRPUSDTshort	+0.0100%	8h	1.5109	−0.338%	$534.9M	$2.10B	100x
Bybit XRPUSDT	+0.0100%	8h	1.5102	−0.383%	$336.7M	$940.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5104	−0.369%	$123.8M	$869.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5084	−0.501%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5115	−0.297%	$115K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.151%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5113	−0.310%	$367.5M	$150.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5112	−0.317%	$291.4M	$901.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5111	−0.321%	$108.0M	$171.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5097	−0.416%	$264.1M	$384.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5105	−0.363%	—	$127.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−0.032%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5178	+0.120%	$660K	$108.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5150	−0.067%	$1.1M	$38.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5185	+0.165%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5117	−0.282%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5111	−0.323%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5105	−0.365%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5109	−0.334%	$813K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5115	−0.297%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5105	−0.363%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5102	−0.381%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5102	−0.383%	$53.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5113	−0.311%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5108	−0.344%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5105	−0.360%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5110	−0.330%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0173%	1h	1.5121	−0.257%	$279.9M	$223.9M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5108	−0.341%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5110	−0.330%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.218%	$24.0M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5150	−0.069%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0339%	8h	1.5117	−0.284%	$2.1M	$36.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0342%	1h	1.5123	−0.244%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5110	−0.328%	$535K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0803%	1h	1.5154	−0.039%	$2K	$14K	10x	as long as short