Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0046%/8h= +5.1% APRpaid last 24h +0.090%

Price spread now: Phemex against GMX−0.004%7-day average −0.025% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.179%+$18 on $10k

Price spread, last 3 days (all we have)−0.184%−$18 · spread now −0.004%, 7d avg −0.025%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.021% dearer against GMX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5544	L +0.0054% / S +0.0119%	pay 0.0007% / 1h	20m 11s	$1.1M	—	200x
Short	Phemex XRPUSDT	1.5543	0.0100	get 0.0100% / 8h	1h 20m	$55.3M	$29.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.004%Rate

Funding earned: $9.72
Price spread: −0.004% → −0.025%: $2.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.17
Costs to cover: 0.240%
Break-even: 15.8 days

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 4 min ago	2.25 bp	11.0 bp −$11	15.6 bp −$156	30.9 bp −$3,085	doesn't fit

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	1.5577	+0.215%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5569	+0.161%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5535	−0.055%	$9.5M	$25.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5545	+0.009%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.105%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5538	−0.038%	$15.4M	$68.7M	50x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0054% / S +0.0119%	1h	1.5544	long leg	$1.1M	—	200x
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5534	−0.062%	$78K	$949K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5546	+0.014%	$3.0M	$12.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5545	+0.009%	$440K	$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
Nado XRP-PERP	+0.0100%	1h	1.5554	+0.064%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5546	+0.015%	$39.4M	$78.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5573	+0.189%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5545	+0.009%	$559.1M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5546	+0.015%	$347.5M	$900.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5546	+0.015%	$127.4M	$880.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	+0.080%	$580K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5572	+0.183%	$119K	$742K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	+0.148%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5544	+0.003%	$373.8M	$140.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5549	+0.035%	$296.6M	$857.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5553	+0.058%	$113.9M	$159.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5534	−0.062%	$271.3M	$363.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5545	+0.009%	—	$118.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5549	+0.032%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5544	+0.005%	$676K	$101.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	+0.176%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5557	+0.086%	$1.0M	$883K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5556	+0.082%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5557	+0.086%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5544	+0.003%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5535	−0.057%	$836K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5544	+0.002%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5537	−0.043%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5543	−0.002%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5543	−0.004%	$55.3M	$29.1M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5571	+0.173%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5561	+0.112%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5534	−0.059%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5534	−0.062%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5573	+0.189%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5566	+0.142%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5549	+0.032%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5544	+0.003%	$5.8M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5570	+0.170%	$24.5M	$74.0M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5572	+0.183%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5569	+0.163%	$1.9M	$33.0M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5560	+0.105%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5574	+0.196%	$510K	$630K	10x	as long as short
Hyperliquid XRP	+0.0596%	1h	1.5569	+0.165%	$291.7M	$202.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0745%	1h	1.5559	+0.097%	$1K	$11K	10x	as long as short