Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h −0.089%

Price spread now: GMX against Phemex+0.028%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 Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.248%−$25 on $10k

Price spread, last 4 days (all we have)+0.095%+$10 · spread now +0.028%, 7d avg +0.020%

Together, before fees−0.153%−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.4989	0.0100	pay 0.0100% / 8h	2h 24m	$53.5M	$32.3M	50x
Short	GMX XRP/USD [ETH-USDC]	1.4993	L +0.0069% / S −0.0013%	get 0.0002% / 1h	24m 51s	$788K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$18.25
Price spread: +0.028% → +0.020%: $0.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$41.52
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; GMX: 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 Phemex live order book, 4 min ago	4.34 bp	19.6 bp −$20	25.9 bp −$259	33.5 bp −$3,351	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	1.4943	−0.307%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.4994	+0.036%	$14.1M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.4984	−0.037%	$1.1M	$130K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.4980	−0.060%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.4994	+0.033%	$243K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.809%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]short	L +0.0069% / S −0.0013%	1h	1.4993	+0.028%	$788K	—	200x
01 Exchange XRPUSD	+0.0080%	1h	1.4996	+0.047%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0084%	1h	1.4997	+0.053%	$7.6M	$25.7M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.4996	+0.047%	$2.8M	$15.0M	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	1.4998	+0.060%	$543K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.4986	−0.020%	$10K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.4989	−0.003%	$952K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.4992	+0.020%	$285.3M	$261.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.4990	+0.004%	$38.2M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.4988	−0.004%	$599K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.4990	+0.004%	$524.6M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.4993	+0.027%	$340.9M	$964.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.4998	+0.060%	$124.3M	$877.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.4932	−0.380%	$556K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5003	+0.093%	$143K	$729K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5027	+0.253%	$1.6M	$4K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.4988	−0.007%	$367.9M	$159.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.4990	+0.007%	$277.6M	$919.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.4984	−0.031%	$104.6M	$181.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.4996	+0.047%	$263.4M	$397.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.4990	+0.007%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.4960	−0.193%	$4.7M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.4951	−0.252%	$649K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5001	+0.078%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.4945	−0.294%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5000	+0.073%	$51K	$491K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.4996	+0.047%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.4995	+0.040%	$61K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.4993	+0.030%	$807K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5002	+0.083%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.4996	+0.047%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.4990	+0.005%	$49.0M	$15.7M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.4989	long leg	$53.5M	$32.3M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.4997	+0.055%	$468K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.4991	+0.012%	—	$15K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.4982	−0.048%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.4995	+0.038%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0148%	8h	1.4991	+0.013%	$1.6M	$35.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0162%	1h	1.4991	+0.013%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5000	+0.073%	$5.5M	$48.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.4939	−0.336%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.4993	+0.029%	$1.3M	$6K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.4995	+0.040%	$23.3M	$76.3M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5001	+0.080%	$512K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0619%	1h	1.5001	+0.081%	$2K	$16K	10x	as long as short