Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against GRVT+0.091%77s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$290.289% of the position

Long on GRVT Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)−0.429%−$43 · spread now +0.091%, 7d avg +0.017%

Together, before fees−0.501%+ Points / potential airdropGRVT: Active · farm board−$50 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.074% dearer against GRVT than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.017%. The two prices were read 77 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	1.5167	0.0100	pay 0.0100% / 8h	5h 31m	$1.1M	$35.5M	20x
Short	Phemex XRPUSDT	1.5181	0.0100	get 0.0100% / 8h	5h 31m	$54.0M	$30.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.091%Rate

Funding earned: $0
Price spread: +0.091% → +0.017%: $7.39
Slippage, 4 orders: −$7.9
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$21.52
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	0.33 bp	5.4 bp −$5	6.6 bp −$66	49.0 bp −$4,901	doesn't fit
Sell Phemex live order book, 2 min ago	1.32 bp	9.0 bp −$9	10.0 bp −$100	18.8 bp −$1,878	doesn't fit

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	1.5183	+0.104%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5191	+0.154%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5183	+0.102%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5184	+0.110%	$7.7M	$25.3M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.590%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0034% / S +0.0044%	1h	1.5183	+0.107%	$820K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5191	+0.157%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5180	+0.084%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5201	+0.220%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5199	+0.209%	$513K	$3.3M	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	1.5181	+0.091%	$10K	$308K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5194	+0.180%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5202	+0.229%	$281.7M	$221.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5196	+0.192%	$38.5M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5201	+0.223%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5203	+0.233%	$538.9M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5199	+0.209%	$344.5M	$927.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5203	+0.236%	$126.0M	$869.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5156	−0.074%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5192	+0.163%	$115K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.073%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5192	+0.163%	$370.3M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5201	+0.223%	$294.0M	$897.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5187	+0.132%	$106.9M	$171.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5194	+0.176%	$268.0M	$380.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5188	+0.137%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−0.110%	$5.7M	$36.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	−0.088%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perplong	+0.0100%	8h	1.5167	long leg	$1.1M	$35.5M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5161	−0.041%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5190	+0.152%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5194	+0.176%	$42K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5186	+0.125%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5183	+0.106%	$817K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5197	+0.199%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5182	+0.097%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5178	+0.072%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5181	+0.091%	$54.0M	$30.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5189	+0.141%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5188	+0.138%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5180	+0.085%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0208%	1h	1.5189	+0.143%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5190	+0.150%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5186	+0.124%	$5.6M	$46.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5175	+0.051%	$24.3M	$75.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5182	+0.100%	$17K	$82K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0273%	1h	1.5177	+0.064%	$14.5M	$73.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0353%	8h	1.5194	+0.176%	$2.2M	$34.9M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5193	+0.169%	$517K	$776K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	−0.246%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0678%	1h	1.5159	−0.055%	$2K	$14K	10x	as long as short