Funding arb · Price arb /

XRP

all XRP markets

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 −0.020%

Price spread now: GRVT against Phemex+0.039%77s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as 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−$410.406% of the position

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.039%, 7d avg −0.016%

Together, before fees+0.005%+ Points / potential airdropGRVT: Active · farm board$0 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: GRVT is 0.055% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.016%. 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	Phemex XRPUSDT	1.5356	0.0100	pay 0.0100% / 8h	7h 07m	$54.6M	$29.6M	50x
Short	GRVT XRP_USDT_Perp	1.5362	0.0100	get 0.0100% / 8h	7h 07m	$1.1M	$37.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.039%Rate

Funding earned: $0
Price spread: +0.039% → −0.016%: $5.49
Slippage, 4 orders: −$19.62
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$35.13
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; GRVT: live order book, 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	3.25 bp	11.5 bp −$11	14.7 bp −$147	23.9 bp −$2,392	doesn't fit
Sell GRVT live order book, 6 min ago	0.32 bp	5.5 bp −$5	13.9 bp −$139	68.7 bp −$6,873	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	1.5366	+0.065%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5342	−0.094%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5348	−0.054%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0073%	1h	1.5347	−0.060%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.328%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	−0.033%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5339	−0.111%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5355	−0.006%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5357	+0.007%	$515K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5338	−0.117%	$9K	$281K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5333	−0.152%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5332	−0.160%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5351	−0.035%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5342	−0.094%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5357	+0.009%	$542.6M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5358	+0.013%	$342.1M	$919.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5360	+0.026%	$124.6M	$868.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	−0.221%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5338	−0.117%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.531%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5355	−0.007%	$375.0M	$151.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5351	−0.033%	$304.8M	$915.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5356	+0.001%	$111.1M	$166.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5357	+0.007%	$269.5M	$375.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5343	−0.085%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	−0.013%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5360	+0.025%	$667K	$106.6M	30x	as long as short
GRVT XRP_USDT_Perpshort	+0.0100%	8h	1.5362	+0.039%	$1.1M	$37.8M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5376	+0.130%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5348	−0.055%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5347	−0.059%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5349	−0.044%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5353	−0.021%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5356	+0.003%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5352	−0.026%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5357	+0.009%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5356	long leg	$54.6M	$29.6M	50x
Extended XRP-USD	+0.0104%	1h	1.5348	−0.050%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	−0.045%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5353	−0.020%	$9.3M	$24.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5344	−0.076%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5359	+0.020%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5358	+0.013%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5355	−0.008%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0311%	1h	1.5356	0.000%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5374	+0.118%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5352	−0.026%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0377%	1h	1.5371	+0.098%	$290.6M	$214.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5360	+0.026%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5341	−0.098%	$543K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0838%	1h	1.5354	−0.013%	$2K	$13K	10x	as long as short