Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.061%

Price spread now: Phemex against GMX+0.039%7-day average −0.020% · you sell dearer than you buy

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.187%+$19 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.039%, 7d avg −0.020%

Together, before fees+0.025%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.059% dearer against GMX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5122	L +0.0078% / S −0.0025%	pay 0.0010% / 1h	51m 53s	$797K	—	200x
Short	Phemex XRPUSDT	1.5128	0.0100	get 0.0100% / 8h	1h 51m	$54.0M	$32.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.039%Rate

Funding earned: $4.63
Price spread: +0.039% → −0.020%: $5.92
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.45
Costs to cover: 0.240%
Break-even: 27.3 days

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.98 bp	9.1 bp −$9	10.7 bp −$107	23.9 bp −$2,389	doesn't fit

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	1.5138	+0.105%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5149	+0.176%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5140	+0.118%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5123	+0.006%	$245K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5125	+0.021%	$14.4M	$75.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.896%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5131	+0.059%	$8K	$8K	10x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0078% / S −0.0025%	1h	1.5122	long leg	$797K	—	200x
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5129	+0.046%	$7.7M	$25.1M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5127	+0.030%	$2.8M	$15.1M	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	1.5128	+0.039%	$545K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5123	+0.006%	$12K	$367K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5127	+0.033%	$994K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5123	+0.006%	$38.4M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5148	+0.174%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5121	−0.005%	$527.5M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5121	−0.007%	$343.7M	$966.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5122	−0.001%	$126.8M	$889.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5129	+0.046%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5154	+0.211%	$143K	$718K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5129	+0.045%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5121	−0.007%	$371.9M	$158.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5123	+0.006%	$297.8M	$917.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5124	+0.010%	$107.2M	$182.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5120	−0.014%	$266.2M	$399.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5124	+0.013%	—	$106.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5135	+0.084%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5144	+0.144%	$658K	$114.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5131	+0.061%	$1.1M	$36.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5156	+0.224%	$1.2M	$1.2M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5126	+0.026%	$46K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5123	+0.008%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5124	+0.013%	$62K	$932K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5125	+0.021%	$814K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5129	+0.046%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5125	+0.019%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5151	+0.191%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5128	+0.039%	$54.0M	$32.2M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5155	+0.218%	$472K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5134	+0.076%	—	$15K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5118	−0.024%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5124	+0.009%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0155%	1h	1.5131	+0.059%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0162%	1h	1.5136	+0.092%	$288.7M	$264.1M	20x	as long as short
Hibachi XRP/USDT-P	+0.0168%	1h	1.5145	+0.151%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5130	+0.052%	$5.7M	$48.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5120	−0.012%	$1.3M	$5K	15x	as long as short
Kalshi KXXRPPERP	+0.0219%	8h	1.5148	+0.171%	$1.8M	$35.4M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5145	+0.151%	$23.5M	$77.7M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5132	+0.068%	$522K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0558%	1h	1.5147	+0.167%	$2K	$16K	10x	as long as short