Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Phemex−0.033%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$295as in the Price arb table

costs, in and out, $10k−$2922.922% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.088%−$9 on $10k

Price spread, last 3 days (all we have)+0.222%+$22 · spread now −0.033%, 7d avg −0.005%

Together, before fees+0.134%+$13 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 gTrade (Gains Network) is 0.028% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5522	0.0100	pay 0.0100% / 8h	1h 13m	$55.2M	$29.0M	50x
Short	gTrade (Gains Network) XRP/USD	1.5517	L +0.0003% / S −0.0004%	get 0.0001% / 1h	13m 13s	$260K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Phemex. 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 PhemexbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.033%Rate

Funding earned: −$20.13
Price spread: −0.033% → −0.005%: −$2.83
Slippage, 4 orders: −$270.22
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$315.19
Costs to cover: 2.922%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 6 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 Phemex live order book, 6 min ago	0.32 bp	11.1 bp −$11	16.0 bp −$160	23.7 bp −$2,370	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 6 min ago	130.01 bp	135.0 bp −$135	193.2 bp −$1,932	1958.2 bp −$195.8K	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	1.5538	+0.103%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L −0.0002% / S +0.0116%	1h	1.5516	−0.040%	$849K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5532	+0.065%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USDshort	L +0.0003% / S −0.0004%	1h	1.5517	−0.033%	$260K	—	150x
Deribit XRP_USDC-PERPETUAL	+0.0008%	1h	1.5524	+0.013%	$9.5M	$25.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.245%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5521	−0.007%	$15.5M	$68.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5520	−0.013%	$78K	$910K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5524	+0.011%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5525	+0.019%	$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	1.5530	+0.055%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5521	−0.006%	$39.4M	$78.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5533	+0.072%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5522	0.000%	$558.5M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5525	+0.019%	$345.4M	$901.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5522	0.000%	$127.3M	$880.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	+0.219%	$579K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5526	+0.026%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	+0.288%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5519	−0.019%	$373.1M	$140.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5524	+0.013%	$298.3M	$863.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5522	+0.001%	$113.7M	$160.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5521	−0.006%	$271.2M	$364.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5519	−0.019%	—	$119.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5575	+0.339%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5570	+0.311%	$676K	$102.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5572	+0.320%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5581	+0.380%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5524	+0.014%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5521	−0.006%	$47K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5519	−0.019%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5519	−0.018%	$835K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5528	+0.039%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5522	0.000%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5520	−0.010%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5522	long leg	$55.2M	$29.0M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5541	+0.123%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5526	+0.026%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5518	−0.027%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5519	−0.016%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5530	+0.052%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5515	−0.048%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5529	+0.045%	$5.9M	$47.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5524	+0.013%	$24.4M	$73.5M	125x	as long as short
Hibachi XRP/USDT-P	+0.0224%	1h	1.5552	+0.196%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0290%	1h	1.5527	+0.032%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0323%	8h	1.5541	+0.122%	$1.9M	$33.1M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5560	+0.245%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5535	+0.084%	$509K	$630K	10x	as long as short
Hyperliquid XRP	+0.0588%	1h	1.5539	+0.110%	$290.3M	$204.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0754%	1h	1.5552	+0.192%	$1K	$11K	10x	as long as short