Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.004%

Price spread now: Bybit against Phoenix−0.165%75s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as 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−$830.835% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 4 days (all we have)−0.366%−$37 · spread now −0.165%, 7d avg −0.017%

Together, before fees−0.213%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.148% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.165% now, against its 7-day average of −0.017%). If the spread goes back, that is −$15 on $10k: about 4.9 days of funding at the current rate (+$3 a day). The two prices were read 75 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	20m 17s	$68K	$110K	15x
Short	Bybit XRPUSDT	1.5165	0.0100	get 0.0100% / 8h	4h 20m	$347.5M	$934.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.165%Rate

Funding earned: $21
Price spread: −0.165% → −0.017%: −$14.78
Slippage, 4 orders: −$65.47
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$77.25
Costs to cover: 0.835%
Break-even: 32.8 days

Slippage from Phoenix: live order book, 18 min ago; Bybit: live order book, 4 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, 18 min ago	6.59 bp	35.9 bp −$36	95.2 bp −$952	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.33 bp	5.8 bp −$6	7.4 bp −$74	12.8 bp −$1,278	22.6 bp −$11.3K

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	1.5172	−0.118%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5165	−0.163%	$14.3M	$73.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5177	−0.085%	$1.1M	$111K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5190	long leg	$68K	$110K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5170	−0.132%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5165	−0.165%	$253K	—	150x	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 +0.0044% / S +0.0024%	1h	1.5164	−0.170%	$791K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0087%	8h	1.5167	−0.151%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5171	−0.126%	$2.8M	$14.6M	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	1.5171	−0.125%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5163	−0.178%	$11K	$326K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5164	−0.174%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5179	−0.072%	$280.8M	$227.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5166	−0.158%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5181	−0.060%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5166	−0.157%	$535.2M	$2.11B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5165	−0.165%	$347.5M	$934.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5165	−0.165%	$126.2M	$874.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5176	−0.092%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5180	−0.066%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5174	−0.105%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5166	−0.158%	$369.9M	$154.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5163	−0.178%	$291.2M	$901.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5171	−0.126%	$108.3M	$174.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5161	−0.191%	$268.3M	$384.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5168	−0.145%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.153%	$5.1M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5172	−0.119%	$659K	$108.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5174	−0.105%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5192	+0.013%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5168	−0.145%	$44K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5167	−0.151%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5168	−0.146%	$816K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5181	−0.058%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5170	−0.132%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5176	−0.090%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5166	−0.158%	$54.1M	$30.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5181	−0.062%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5168	−0.146%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5165	−0.161%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5172	−0.118%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5166	−0.160%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0179%	1h	1.5180	−0.066%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5173	−0.112%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0200%	1h	1.5185	−0.032%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5165	−0.165%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5169	−0.138%	$24.1M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5180	−0.066%	$2.1M	$34.5M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5180	−0.063%	$517K	$776K	10x	as long as short
Aftermath Perps XRPUSD	+0.0650%	1h	1.5173	−0.109%	$2K	$15K	10x	as long as short