Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.049%

Price spread now: Orderly against GMX+0.012%7-day average −0.029% · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.181%+$18 on $10k

Price spread, last 4 days (all we have)−0.584%−$58 · spread now +0.012%, 7d avg −0.029%

Together, before fees−0.404%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.041% dearer against GMX than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.029%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.3 days. Mind the row above: over the last 4 days funding on this pair paid +0.181%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5323	L +0.0132% / S −0.0094%	pay 0.0017% / 1h	17m 03s	$784K	—	200x
Short	Orderly PERP_XRP_USDC	1.5325	0.0100	get 0.0100% / 8h	7h 17m	$78K	$646K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.012%Rate

Funding earned: −$6.72
Price spread: +0.012% → −0.029%: $4.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.61
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5320	−0.019%	$14.0M	$75.1M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5314	−0.060%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5310	−0.086%	$69K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5327	+0.025%	$7.8M	$22.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5323	+0.002%	$249K	—	150x	as long as short
dYdX XRP-USD	+0.0007%	1h	1.5308	−0.100%	$1.1M	$123K	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.546%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5320	−0.020%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5325	+0.010%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5327	+0.026%	$2.8M	$14.7M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5331	+0.051%	$623K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5313	−0.066%	$20K	$379K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5324	+0.002%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5329	+0.037%	$38.8M	$83.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5317	−0.039%	$616K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5328	+0.031%	$534.3M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5326	+0.019%	$357.2M	$917.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5326	+0.019%	$127.5M	$841.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5302	−0.138%	$561K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5327	+0.025%	$145K	$697K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5316	−0.047%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5324	+0.006%	$376.2M	$155.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5325	+0.012%	$318.5M	$926.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5328	+0.032%	$107.9M	$180.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5325	+0.012%	$271.4M	$367.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5325	+0.012%	—	$106.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5309	−0.090%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5290	−0.216%	$664K	$113.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5305	−0.115%	$1.1M	$33.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5296	−0.177%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5318	−0.032%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5313	−0.066%	$52K	$504K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5320	−0.023%	$41K	$66K	20x	as long as short
Orderly PERP_XRP_USDCshort	+0.0100%	8h	1.5325	+0.012%	$78K	$646K	50x
Derive XRP-PERP	+0.0100%	1h	1.5150	−1.132%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5323	+0.002%	$129K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5323	−0.001%	$30K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5329	+0.037%	$50.0M	$14.0M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5327	+0.025%	$54.4M	$33.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5325	+0.015%	$478K	$53K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5318	−0.036%	$2.1M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5322	−0.009%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0132% / S −0.0094%	1h	1.5323	long leg	$784K	—	200x
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5327	+0.025%	$5.3M	$47.0M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5325	+0.012%	$1.7M	$32.9M	2.9x	as long as short
Hyperliquid XRP	+0.0179%	1h	1.5339	+0.104%	$293.2M	$265.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0216%	1h	1.5336	+0.084%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5327	+0.025%	$23.8M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5308	−0.096%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5325	+0.012%	$525K	$784K	10x	as long as short
Aftermath Perps XRPUSD	+0.0521%	1h	1.5274	−0.322%	$3K	$16K	10x	as long as short