Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.072%

Price spread now: Bitget against GMX−0.066%7-day average −0.027% · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.188%+$19 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now −0.066%, 7d avg −0.027%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.039% cheaper against GMX than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.027%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.188% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5123	L +0.0037% / S +0.0033%	pay 0.0005% / 1h	50m 04s	$787K	—	200x
Short	Bitget XRPUSDT	1.5113	0.0100	get 0.0100% / 8h	4h 50m	$267.1M	$383.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.066%Rate

Funding earned: $13.19
Price spread: −0.066% → −0.027%: −$3.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$14.67
Costs to cover: 0.240%
Break-even: 14.8 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	0.33 bp	6.4 bp −$6	8.8 bp −$88	13.4 bp −$1,336	28.7 bp −$14.3K

GMX: 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	1.5154	+0.206%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5118	−0.033%	$14.2M	$73.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5121	−0.010%	$1.1M	$114K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.311%	$67K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5122	−0.006%	$7.7M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5123	+0.001%	$253K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.890%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0037% / S +0.0033%	1h	1.5123	long leg	$787K	—	200x
01 Exchange XRPUSD	+0.0040%	1h	1.5124	+0.007%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0079%	8h	1.5120	−0.019%	$62K	$935K	50x	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	1.5122	−0.007%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5123	+0.001%	$509K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5113	−0.066%	$10K	$318K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5134	+0.077%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5123	0.000%	$280.9M	$224.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5117	−0.038%	$38.2M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5128	+0.035%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5112	−0.072%	$532.3M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5106	−0.112%	$344.1M	$931.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5109	−0.092%	$125.6M	$870.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5144	+0.139%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5126	+0.020%	$113K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	+0.274%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5116	−0.046%	$368.4M	$152.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5114	−0.059%	$295.5M	$894.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5119	−0.025%	$108.0M	$173.0M	75x	as long as short
Bitget XRPUSDTshort	+0.0100%	8h	1.5113	−0.066%	$267.1M	$383.0M	125x
BingX XRP-USDT	+0.0100%	8h	1.5114	−0.059%	—	$126.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5129	+0.039%	$5.4M	$37.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5155	+0.215%	$658K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5162	+0.258%	$1.1M	$35.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5157	+0.225%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5124	+0.007%	$42K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5124	+0.004%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5120	−0.017%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5129	+0.038%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5121	−0.013%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5119	−0.027%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5120	−0.019%	$54.0M	$30.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5133	+0.065%	$472K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5131	+0.052%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5116	−0.049%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5117	−0.036%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0155%	1h	1.5121	−0.013%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0160%	1h	1.5136	+0.084%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5129	+0.040%	$5.6M	$47.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5122	−0.006%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5138	+0.100%	$24.2M	$75.8M	125x	as long as short
Kalshi KXXRPPERP	+0.0324%	8h	1.5139	+0.106%	$2.0M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5128	+0.034%	$515K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0676%	1h	1.5152	+0.193%	$2K	$14K	10x	as long as short