Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: Deribit against GRVT+0.115%45s7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.208% of the position

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.440%−$44 · spread now +0.115%, 7d avg +0.032%

Together, before fees−0.399%+ Points / potential airdropGRVT: Active · farm board−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.083% dearer against GRVT than usual: you sell high and buy low (spread +0.115% now, against its 7-day average of +0.032%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.8 days. The two prices were read 45 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	GRVT XRP_USDT_Perp	1.5356	0.0100	pay 0.0100% / 8h	7h 11m	$1.1M	$32.7M	20x
Short	Deribit XRP_USDC-PERPETUAL	1.5374	0	get 0.0000% / 1h	11m 25s	$7.9M	$22.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$21
Price spread: +0.115% → +0.032%: $8.27
Slippage, 4 orders: −$4.83
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$33.56
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 min ago; Deribit: live order book, 3 min ago.

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 GRVT live order book, 3 min ago	0.65 bp	5.2 bp −$5	9.4 bp −$94	52.8 bp −$5,279	doesn't fit
Sell Deribit live order book, 3 min ago	1.63 bp	5.1 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit

XRP on 50 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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5371	+0.093%	$14.1M	$74.7M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5351	−0.035%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5350	−0.041%	$69K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5374	+0.115%	$7.9M	$22.6M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5389	+0.211%	$250K	—	150x	as long as short
dYdX XRP-USD	+0.0006%	1h	1.5377	+0.134%	$1.1M	$123K	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.326%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5370	+0.088%	$17K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5380	+0.154%	$9K	$2K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5382	+0.165%	$2.8M	$14.7M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5385	+0.187%	$625K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5372	+0.102%	$20K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5385	+0.189%	$480K	$52K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5379	+0.151%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5378	+0.139%	$39.0M	$82.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5382	+0.168%	$619K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5380	+0.154%	$537.4M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5380	+0.154%	$357.2M	$909.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5379	+0.148%	$126.6M	$841.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5373	+0.108%	$564K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5385	+0.187%	$161K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5316	−0.264%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5381	+0.161%	$379.2M	$157.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5381	+0.161%	$319.1M	$931.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5382	+0.166%	$108.7M	$180.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5381	+0.161%	$273.1M	$361.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5388	+0.206%	—	$106.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5344	−0.079%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5339	−0.113%	$666K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perplong	+0.0100%	8h	1.5356	long leg	$1.1M	$32.7M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5347	−0.061%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5382	+0.166%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5383	+0.174%	$53K	$502K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5384	+0.181%	$41K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5372	+0.102%	$78K	$646K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5371	+0.096%	$129K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5369	+0.082%	$31K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5358	+0.012%	$50.1M	$14.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5371	+0.095%	$54.5M	$33.3M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5377	+0.133%	$2.1M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5366	+0.060%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0134% / S −0.0096%	1h	1.5370	+0.086%	$789K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5371	+0.095%	$5.3M	$46.5M	50x	as long as short
Kalshi KXXRPPERP	+0.0172%	8h	1.5360	+0.024%	$1.7M	$32.7M	2.9x	as long as short
Hyperliquid XRP	+0.0180%	1h	1.5396	+0.258%	$295.0M	$265.9M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5334	−0.146%	$23.8M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5331	−0.164%	$1.4M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0227%	1h	1.5387	+0.200%	$2.0M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5383	+0.171%	$526K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0515%	1h	1.5335	−0.139%	$3K	$15K	10x	as long as short