XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0444%/8h= −48.7% APRnext payment −$0.56 per $10,000 · paid last 24h −0.010%

Price spread now: Deribit against Phoenix+0.163%70s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as 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−$810.808% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 3 days (all we have)−0.164%−$16 · spread now +0.163%, 7d avg +0.037%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.126% dearer against Phoenix than usual: you sell high and buy low (spread +0.163% now, against its 7-day average of +0.037%): +$13 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 23 hours. Mind the row above: over the last 7 days funding on this pair paid +0.282%, so the current rate has only just turned against you. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.282% in total (about 14.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5340	0.0520	pay 0.0065% / 1h	25m 55s	$68K	$110K	15x
Short	Deribit XRP_USDC-PERPETUAL	1.5365	0.0076	get 0.0010% / 1h	25m 55s	$9.3M	$25.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.163%Rate

Funding earned: −$93.34
Price spread: +0.163% → +0.037%: $12.55
Slippage, 4 orders: −$66.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$161.56
Costs to cover: 0.808%
Break-even: never at this rate

Slippage from Phoenix: live order book, 27 min ago; Deribit: live order book, 3 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, 27 min ago	6.49 bp	35.4 bp −$35	94.1 bp −$941	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.98 bp	4.9 bp −$5	6.9 bp −$69	44.9 bp −$4,492	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	1.5335	−0.033%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5347	+0.046%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5352	+0.078%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0078%	1h	1.5351	+0.074%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.434%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5360	+0.130%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0076%	1h	1.5365	+0.163%	$9.3M	$25.1M	50x
01 Exchange XRPUSD	+0.0088%	1h	1.5351	+0.072%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5365	+0.166%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5364	+0.156%	$515K	$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	+0.0100%	8h	1.5348	+0.052%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5360	+0.130%	$479K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5354	+0.089%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5359	+0.124%	$38.8M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5350	+0.063%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5366	+0.170%	$542.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5371	+0.202%	$342.6M	$919.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5370	+0.196%	$124.9M	$869.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.156%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5352	+0.078%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.037%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5362	+0.143%	$374.9M	$149.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5365	+0.163%	$313.9M	$905.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5358	+0.118%	$109.1M	$165.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5370	+0.196%	$268.9M	$375.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5361	+0.137%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	+0.078%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5322	−0.118%	$665K	$107.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.039%	$1.1M	$38.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5331	−0.059%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5343	+0.022%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5352	+0.078%	$49K	$441K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5354	+0.091%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5363	+0.149%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5354	+0.091%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5363	+0.150%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5368	+0.182%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5360	+0.130%	$54.6M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5353	+0.086%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5360	+0.133%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5348	+0.054%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5341	+0.007%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5371	+0.202%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5364	+0.153%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5369	+0.189%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0310%	8h	1.5359	+0.124%	$2.0M	$34.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5337	−0.018%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0394%	1h	1.5383	+0.280%	$290.0M	$215.3M	20x	as long as short
Phoenix XRPlong	+0.0520%	1h	1.5340	long leg	$68K	$110K	15x
Aftermath Perps XRPUSD	+0.0804%	1h	1.5338	−0.013%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5354	+0.093%	$507K	$754K	10x	as long as short