Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.065%

Price spread now: Bybit against GMX−0.055%51s7-day average −0.025% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.180%+$18 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.055%, 7d avg −0.025%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.030% cheaper against GMX than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of −0.025%). If the spread goes back, that is −$3 on $10k: about 4.0 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.180% in total) that is about 14 hours. The two prices were read 51 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	GMX XRP/USD [ETH-USDC]	1.5167	L +0.0075% / S −0.0020%	pay 0.0009% / 1h	1m 38s	$800K	—	200x
Short	Bybit XRPUSDT	1.5159	0.0100	get 0.0100% / 8h	2h 01m	$344.3M	$966.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: $5.23
Price spread: −0.055% → −0.025%: −$2.97
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.74
Costs to cover: 0.230%
Break-even: 34.8 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.33 bp	5.8 bp −$6	7.0 bp −$70	12.3 bp −$1,234	25.2 bp −$12.6K

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5166	−0.009%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5169	+0.010%	$14.4M	$74.9M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5158	−0.061%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	+0.018%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5166	−0.007%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.589%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0075% / S −0.0020%	1h	1.5167	long leg	$800K	—	200x
01 Exchange XRPUSD	+0.0080%	1h	1.5162	−0.035%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5164	−0.020%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5166	−0.009%	$548K	$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	+0.0099%	8h	1.5155	−0.081%	$11K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5164	−0.019%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5165	−0.018%	$38.5M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5162	−0.032%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5160	−0.048%	$527.4M	$2.22B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5159	−0.055%	$344.3M	$966.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5160	−0.048%	$126.6M	$891.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5166	−0.009%	$564K	$35K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5168	+0.004%	$143K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5166	−0.009%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5160	−0.048%	$374.6M	$162.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5159	−0.055%	$298.5M	$929.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5165	−0.016%	$107.3M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5159	−0.055%	$266.7M	$399.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5156	−0.075%	—	$106.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5166	−0.010%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5156	−0.074%	$658K	$114.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	+0.011%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5159	−0.055%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5164	−0.022%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5164	−0.022%	$51K	$487K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5167	−0.004%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5167	−0.002%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5168	+0.005%	$816K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5171	+0.025%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5168	+0.004%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5169	+0.008%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5169	+0.011%	$54.1M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5162	−0.037%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5153	−0.095%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5165	−0.013%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0146%	1h	1.5177	+0.064%	$289.6M	$264.3M	20x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0146%	1h	1.5173	+0.037%	$7.7M	$25.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5161	−0.039%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5173	+0.037%	$5.7M	$48.6M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0205%	1h	1.5179	+0.077%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0214%	8h	1.5170	+0.018%	$1.7M	$35.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5157	−0.067%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5160	−0.048%	$23.3M	$77.6M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5167	−0.003%	$517K	$792K	10x	as long as short
Aftermath Perps XRPUSD	+0.0564%	1h	1.5159	−0.057%	$2K	$16K	10x	as long as short