Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0114%/8h= −12.4% APRpaid last 24h −0.031%

Price spread now: Phemex against Reya−0.100%7-day average +0.016% · you buy dearer than you sell

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now −0.100%, 7d avg +0.016%

Together, before fees−0.063%+ Points / potential airdropReya: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.116% cheaper against Reya than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XRPRUSDPERP	1.5211	0.0214	pay 0.0027% / 1h	58m 04s	$1.3M	$7K	15x
Short	Phemex XRPUSDT	1.5196	0.0100	get 0.0100% / 8h	6h 58m	$53.9M	$29.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$23.85
Price spread: −0.100% → +0.016%: −$11.6
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.45
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 6 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.33 bp	12.5 bp −$12	21.1 bp −$211	44.1 bp −$4,414	doesn't fit

Reya: 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
Hotstuff XRP-PERP	−0.0080%	1h	1.5181	−0.199%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5165	−0.301%	$1.1M	$116K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5188	−0.152%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0069%	1h	1.5194	−0.116%	$834K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.293%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5194	−0.115%	$14.2M	$70.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5198	−0.087%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5214	+0.018%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5200	−0.077%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5201	−0.067%	$507K	$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	1.5207	−0.028%	$11K	$288K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5186	−0.163%	$473K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5220	+0.058%	$923K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5196	−0.102%	$38.4M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5177	−0.226%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5199	−0.079%	$536.0M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5203	−0.054%	$339.1M	$925.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5202	−0.061%	$122.6M	$866.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5190	−0.140%	$567K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5206	−0.035%	$115K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.910%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5198	−0.087%	$367.6M	$147.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5199	−0.081%	$296.6M	$886.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5196	−0.098%	$109.1M	$168.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5202	−0.061%	$266.3M	$378.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5206	−0.035%	—	$125.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5216	+0.030%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5260	+0.319%	$663K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5199	−0.078%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.268%	$1.2M	$999K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5213	+0.010%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5215	+0.025%	$44K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5203	−0.052%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5195	−0.104%	$818K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5205	−0.044%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5196	−0.100%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	−0.060%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5196	−0.100%	$53.9M	$29.4M	50x
Extended XRP-USD	+0.0104%	1h	1.5198	−0.088%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	−0.089%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0145%	1h	1.5198	−0.087%	$9.2M	$24.6M	50x	as long as short
Hyperliquid XRP	+0.0194%	1h	1.5208	−0.021%	$283.1M	$220.1M	20x	as long as short
Reya XRPRUSDPERPlong	+0.0214%	1h	1.5211	long leg	$1.3M	$7K	15x
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5197	−0.094%	$5.7M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	+0.097%	$24.1M	$74.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5221	+0.065%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0324%	8h	1.5201	−0.067%	$2.0M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5206	−0.035%	$537K	$777K	10x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.189%	$68K	$110K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0522%	1h	1.5212	+0.005%	$1.9M	$1.3M	25x	as long as short
Aftermath Perps XRPUSD	+0.0827%	1h	1.5257	+0.303%	$2K	$13K	10x	as long as short