Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.003%

Price spread now: HTX against Phoenix+0.392%7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$920.917% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 4 days (all we have)−0.478%−$48 · spread now +0.392%, 7d avg −0.038%

Together, before fees−0.256%−$26 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 HTX is 0.431% dearer against Phoenix than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XRP	1.5090	0	get 0.0000% / 1h	10m 59s	$67K	$110K	15x
Short	HTX XRP-USDT	1.5149	0.0100	get 0.0100% / 8h	2h 10m	$49.5M	$15.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.392%Rate

Funding earned: $21
Price spread: +0.392% → −0.038%: $43.08
Slippage, 4 orders: −$72.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$27.59
Costs to cover: 0.917%
Break-even: 16.2 days

Slippage from Phoenix: live order book, 17 min ago; HTX: 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, 17 min ago	6.67 bp	36.3 bp −$36	96.3 bp −$963	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.53 bp	7.5 bp −$7	9.3 bp −$93	26.0 bp −$2,599	96.6 bp −$48.3K

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	1.5099	+0.060%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5149	+0.394%	$14.2M	$74.6M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5133	+0.285%	$1.1M	$148K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5090	long leg	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5143	+0.350%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.115%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0072% / S −0.0017%	1h	1.5141	+0.335%	$799K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5152	+0.411%	$7.8M	$25.4M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5145	+0.364%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5148	+0.386%	$2.8M	$15.1M	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	1.5150	+0.398%	$547K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5136	+0.305%	$10K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5138	+0.321%	$983K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5146	+0.371%	$38.4M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5143	+0.350%	$602K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5147	+0.378%	$527.1M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5147	+0.378%	$344.1M	$966.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5143	+0.351%	$126.5M	$886.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5137	+0.311%	$563K	$35K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5148	+0.384%	$143K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5132	+0.277%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5145	+0.364%	$372.2M	$161.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5148	+0.384%	$296.8M	$926.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5146	+0.369%	$106.9M	$181.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5145	+0.364%	$266.0M	$398.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5150	+0.398%	—	$106.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5072	−0.119%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5116	+0.175%	$656K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5088	−0.013%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5129	+0.258%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5146	+0.372%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5151	+0.404%	$51K	$488K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5142	+0.345%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5143	+0.351%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5147	+0.374%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5154	+0.427%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5148	+0.384%	$28K	$1.6M	10x	as long as short
HTX XRP-USDTshort	+0.0100%	8h	1.5149	+0.392%	$49.5M	$15.6M	75x
Phemex XRPUSDT	+0.0100%	8h	1.5141	+0.338%	$53.9M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5152	+0.411%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5141	+0.339%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5145	+0.362%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0135%	1h	1.5161	+0.471%	$289.6M	$262.7M	20x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5130	+0.265%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5151	+0.404%	$5.7M	$48.5M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0204%	1h	1.5155	+0.431%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0213%	8h	1.5148	+0.384%	$1.7M	$35.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5145	+0.366%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5145	+0.364%	$23.2M	$77.4M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5148	+0.386%	$520K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0591%	1h	1.5103	+0.084%	$2K	$16K	10x	as long as short