Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.023%

Price spread now: Phemex against Phoenix+0.125%73s7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.125% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 73 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	32m 19s	$68K	$89K	15x
Short	Phemex XRPUSDT	1.5189	0.0100	get 0.0100% / 8h	3h 32m	$54.5M	$27.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.125%Rate

Funding earned: $21
Price spread: +0.125% → 0.000%: $12.52
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $14.52
Costs to cover: 0.190%
Break-even: 2.2 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	2.31 bp	8.9 bp −$9	12.9 bp −$129	21.6 bp −$2,156	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 −0.0207% / S +0.0293%	1h	1.5184	+0.095%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5197	+0.178%	$7K	$2K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0013%	1h	1.5195	+0.164%	$15.9M	$59.2M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5198	+0.187%	$1.1M	$101K	10x	as long as short
Phoenix XRPlong	0.0000%	1h	1.5170	long leg	$68K	$89K	15x
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	+0.191%	$9.0M	$22.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	+0.106%	$257K	—	150x	as long as short
Orderly PERP_XRP_USDC	+0.0045%	8h	1.5186	+0.105%	$180K	$781K	50x	as long as short
Injective XRP/USDC PERP	+0.0050%	1h	1.5090	−0.527%	$2K	$51K	30x	as long as short
Vest XRP-PERP	+0.0071%	1h	1.5187	+0.113%	—	$9K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5194	+0.158%	$2.9M	$10.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5194	+0.158%	$570K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5198	+0.185%	$12K	$241K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5184	+0.096%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5188	+0.117%	$38.6M	$69.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5200	+0.196%	$672K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5190	+0.132%	$539.4M	$1.79B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5187	+0.112%	$343.6M	$797.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5184	+0.092%	$124.1M	$807.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5182	+0.079%	$564K	$45K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5195	+0.165%	$114K	$622K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5185	+0.099%	$354.4M	$127.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5186	+0.105%	$309.6M	$771.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5188	+0.116%	$110.5M	$140.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5197	+0.178%	$263.6M	$327.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5187	+0.112%	—	$3.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5188	+0.117%	$7.4M	$22.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5167	−0.022%	$659K	$91.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	−0.008%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5196	+0.171%	$1.0M	$757K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5192	+0.145%	$49K	$460K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5187	+0.113%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.145%	$818K	$67K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5190	+0.134%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5192	+0.145%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5178	+0.053%	$50.0M	$13.9M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5189	+0.125%	$54.5M	$27.2M	50x
Bulk XRP-USD	+0.0100%	1h	1.5194	+0.158%	$1.6M	$202K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5191	+0.141%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5194	+0.161%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5194	+0.159%	$73K	$37K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5195	+0.165%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5205	+0.231%	$5.3M	$41.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0186%	1h	1.5220	+0.330%	$1.7M	$891K	25x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5203	+0.218%	$1.7M	$31.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5186	+0.107%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5210	+0.264%	$23.4M	$61.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5189	+0.124%	$19K	$43K	7x	as long as short
RISEx XRP/USDC	+0.0330%	1h	1.5197	+0.175%	$402K	$502K	10x	as long as short
Hyperliquid XRP	+0.0436%	1h	1.5207	+0.244%	$283.4M	$165.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0458%	1h	1.5183	+0.088%	$1K	$10K	10x	as long as short