Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0430%/8hnext payment −$0.54 per $10,000 · paid last 24h +0.023%

Price spread now: Pacifica against Phoenix+0.132%167s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.219%+$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

The price spread pays, funding is against you. Pacifica is 0.132% dearer against Phoenix than usual: you sell high and buy low (spread +0.132% now, against zero (this spread has no 7-day history yet)): +$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 24 hours. Mind the row above: over the last 7 days funding on this pair paid +0.219%, so the current rate has only just turned against you. The two prices were read 167 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 0.219% in total (about 11.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.54 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	1.5040	0.0530	pay 0.0066% / 1h	40m 32s	$67K	$89K	15x
Short	Pacifica XRP	1.5060	0.0100	get 0.0013% / 1h	40m 32s	$665K	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.132%Rate

Funding earned: −$90.26
Price spread: +0.132% → 0.000%: $13.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$92.1
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Pacifica: live order book, 3 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Pacifica live order book, 3 min ago	0.33 bp	4.9 bp −$5	doesn't fit	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
GMX XRP/USD [ETH-USDC]	L −0.0208% / S +0.0294%	1h	1.5054	+0.093%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5054	+0.093%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5056	+0.105%	$1.1M	$101K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5058	+0.120%	$8.7M	$22.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0005%	1h	1.5054	+0.094%	$267K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.4090	−6.316%	$2K	$33K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5051	+0.073%	$179K	$777K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5063	+0.151%	$3.0M	$10.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5060	+0.133%	$579K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5057	+0.113%	$12K	$244K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5052	+0.080%	$1.1M	$5.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5056	+0.105%	$38.2M	$67.8M	100x	as long as short
Pacifica XRPshort	+0.0100%	1h	1.5060	+0.132%	$665K	$1.0M	20x
Binance XRPUSDT	+0.0100%	8h	1.5053	+0.085%	$535.1M	$1.72B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5060	+0.133%	$342.5M	$776.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5057	+0.113%	$126.2M	$791.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5043	+0.020%	$560K	$45K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5064	+0.160%	$122K	$594K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5039	−0.008%	$1.6M	$138K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5052	+0.080%	$350.5M	$125.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5058	+0.120%	$321.1M	$746.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5059	+0.125%	$112.3M	$136.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5057	+0.113%	$259.8M	$318.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5053	+0.086%	—	$104.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5055	+0.100%	$6.4M	$20.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5057	+0.110%	$655K	$88.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5055	+0.100%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5056	+0.106%	$1.0M	$787K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5061	+0.140%	$49K	$418K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5055	+0.100%	$41K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5055	+0.101%	$811K	$68K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5053	+0.090%	$126K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5054	+0.093%	$36K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5054	+0.096%	$49.6M	$13.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5056	+0.106%	$54.3M	$26.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5060	+0.133%	$470K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5057	+0.110%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5053	+0.084%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5055	+0.097%	$72K	$39K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5063	+0.153%	$8K	$8K	10x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5058	+0.120%	$1.7M	$31.9M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0187%	1h	1.5065	+0.166%	$1.7M	$896K	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0208%	1h	1.5064	+0.160%	$5.2M	$39.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0209%	1h	1.5057	+0.116%	$1.3M	$11K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5040	0.000%	$23.8M	$58.9M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0264%	1h	1.5059	+0.127%	$15.3M	$55.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5057	+0.114%	$19K	$37K	7x	as long as short
Hyperliquid XRP	+0.0440%	1h	1.5075	+0.233%	$275.4M	$156.7M	20x	as long as short
RISEx XRP/USDC	+0.0441%	1h	1.5065	+0.166%	$392K	$465K	10x	as long as short
Phoenix XRPlong	+0.0530%	1h	1.5040	long leg	$67K	$89K	15x
Aftermath Perps XRPUSD	+0.0557%	1h	1.5052	+0.081%	$1K	$9K	10x	as long as short