Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bulk against Polymarket Perps−0.038%7-day average −0.003% · 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−$26as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Polymarket Perps Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.450%−$45 · spread now −0.038%, 7d avg −0.003%

Together, before fees−0.450%−$45 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: Bulk is 0.036% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XRP-USD	1.5207	0.0100	pay 0.0013% / 1h	31m 14s	$50K	$474K	20x
Short	Bulk XRP-USD	1.5201	0.0100	get 0.0013% / 1h	31m 14s	$1.6M	$350K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Polymarket Perps. 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 Polymarket PerpsbpFee BulkbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0
Price spread: −0.038% → −0.003%: −$3.58
Slippage, 4 orders: −$7.56
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$26.14
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 56 min ago; Bulk: 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 Polymarket Perps live order book, 56 min ago	2.31 bp	6.9 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell Bulk live order book, 3 min ago	0.33 bp	4.4 bp −$4	6.5 bp −$65	13.5 bp −$1,353	28.2 bp −$14.1K

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
GMX XRP/USD [ETH-USDC]	L −0.0210% / S +0.0297%	1h	1.5205	−0.012%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5203	−0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5203	−0.028%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	+0.085%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5213	+0.039%	$9.1M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5205	−0.014%	$254K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.546%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5199	−0.053%	$177K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5213	+0.038%	$2.9M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5212	+0.033%	$442K	$3.1M	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	1.5202	−0.030%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5202	−0.036%	$38.6M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5201	−0.038%	$661K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5210	+0.020%	$544.0M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5210	+0.020%	$340.6M	$833.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5209	+0.013%	$122.6M	$825.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5192	−0.099%	$566K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5205	−0.013%	$114K	$646K	20x	as long as short
Bulk XRP-USDshort	+0.0100%	1h	1.5201	−0.038%	$1.6M	$350K	20x
Gate XRP_USDT	+0.0100%	8h	1.5209	+0.013%	$355.2M	$129.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5210	+0.020%	$291.0M	$802.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5210	+0.020%	$112.2M	$146.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5210	+0.020%	$264.7M	$338.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5209	+0.013%	—	$113.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5254	+0.309%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5218	+0.070%	$661K	$95.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5252	+0.296%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5206	−0.007%	$1.0M	$848K	50x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5207	long leg	$50K	$474K	20x
Bullet XRP-USD	+0.0100%	1h	1.5205	−0.014%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5203	−0.027%	$819K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5210	+0.021%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5210	+0.020%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5193	−0.089%	$50.0M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5210	+0.020%	$54.4M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5200	−0.045%	$474K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5204	−0.022%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5211	+0.026%	$11K	$245K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5203	−0.028%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5207	0.000%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0118%	1h	1.5219	+0.079%	$1.7M	$915K	25x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5209	+0.013%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5211	+0.025%	$15.2M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5216	+0.059%	$5.4M	$43.2M	50x	as long as short
Kalshi KXXRPPERP	+0.0210%	8h	1.5213	+0.039%	$1.7M	$31.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5203	−0.026%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5207	0.000%	$23.8M	$66.3M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5209	+0.011%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5209	+0.012%	$403K	$496K	10x	as long as short
Hyperliquid XRP	+0.0445%	1h	1.5228	+0.138%	$278.9M	$180.7M	20x	as long as short
Aftermath Perps XRPUSD	+0.0555%	1h	1.5229	+0.144%	$1K	$10K	10x	as long as short