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: OKX against Phoenix−0.178%66s7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as 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−$830.834% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 4 days (all we have)−1.236%−$124 · spread now −0.178%, 7d avg −0.015%

Together, before fees−1.071%−$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.163% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.178% now, against its 7-day average of −0.015%). If the spread goes back, that is −$16 on $10k: about 5.4 days of funding at the current rate (+$3 a day). The two prices were read 66 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	1.5170	0	get 0.0000% / 1h	18m 22s	$67K	$110K	15x
Short	OKX XRP-USDT-SWAP	1.5143	0.0100	get 0.0100% / 8h	6h 18m	$124.2M	$871.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.178%Rate

Funding earned: $21
Price spread: −0.178% → −0.015%: −$16.35
Slippage, 4 orders: −$66.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$78.72
Costs to cover: 0.834%
Break-even: 33.2 days

Slippage from Phoenix: live order book, 29 min ago; OKX: 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, 29 min ago	6.57 bp	35.8 bp −$36	94.8 bp −$948	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	0.33 bp	5.3 bp −$5	6.1 bp −$61	13.9 bp −$1,393	31.1 bp −$15.6K

XRP on 50 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	1.5146	−0.158%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5152	−0.121%	$1.1M	$110K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5170	long leg	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5143	−0.180%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0057%	1h	1.5141	−0.193%	$800K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.571%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5143	−0.176%	$14.5M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5139	−0.204%	$62K	$953K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5146	−0.158%	$7.6M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5158	−0.081%	$2.8M	$14.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5157	−0.086%	$511K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5124	−0.303%	$10K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5137	−0.214%	$934K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5141	−0.192%	$38.5M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5156	−0.094%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5146	−0.161%	$537.2M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5143	−0.178%	$340.9M	$940.5M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5143	−0.178%	$124.2M	$871.8M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5130	−0.264%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5139	−0.204%	$114K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	+0.129%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5143	−0.178%	$368.4M	$152.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5143	−0.178%	$289.6M	$915.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5135	−0.227%	$106.9M	$171.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5141	−0.191%	$266.7M	$384.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5133	−0.244%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−0.127%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	−0.108%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	+0.105%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	−0.099%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5141	−0.194%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	−0.224%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5144	−0.170%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	−0.182%	$815K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5151	−0.125%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5143	−0.178%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5139	−0.206%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5144	−0.171%	$53.8M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5156	−0.091%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5130	−0.267%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5139	−0.205%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5131	−0.257%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0192%	1h	1.5145	−0.165%	$280.3M	$222.0M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5133	−0.247%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5149	−0.138%	$5.7M	$46.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5132	−0.250%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0342%	1h	1.5156	−0.092%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0361%	8h	1.5140	−0.198%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5134	−0.240%	$529K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0756%	1h	1.5153	−0.110%	$2K	$14K	10x	as long as short