Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0393%/8h= −43.0% APRpaid last 24h −0.108%

Price spread now: GMX against Bybit−0.017%7-day average +0.034% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.221%−$22 on $10k

Price spread, last 3 days (all we have)+0.235%+$23 · spread now −0.017%, 7d avg +0.034%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and GMX is 0.051% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5187	0.0100	pay 0.0100% / 8h	3h 32m	$343.6M	$797.8M	100x
Short	GMX XRP/USD [ETH-USDC]	1.5184	L −0.0207% / S +0.0293%	pay 0.0037% / 1h	32m 20s	$1.6M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$82.5
Price spread: −0.017% → +0.034%: −$5.07
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$110.57
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.33 bp	5.8 bp −$6	7.1 bp −$71	13.7 bp −$1,370	27.3 bp −$13.6K
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
GMX XRP/USD [ETH-USDC]short	L −0.0207% / S +0.0293%	1h	1.5184	−0.017%	$1.6M	—	200x
Hotstuff XRP-PERP	−0.0080%	1h	1.5197	+0.066%	$7K	$2K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0013%	1h	1.5195	+0.052%	$15.9M	$59.2M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5198	+0.075%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.112%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	+0.079%	$9.0M	$22.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5186	−0.006%	$257K	—	150x	as long as short
Orderly PERP_XRP_USDC	+0.0045%	8h	1.5186	−0.007%	$180K	$781K	50x	as long as short
Injective XRP/USDC PERP	+0.0050%	1h	1.5090	−0.639%	$2K	$51K	30x	as long as short
Vest XRP-PERP	+0.0071%	1h	1.5187	+0.001%	—	$9K	10x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5194	+0.046%	$2.9M	$10.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5194	+0.046%	$570K	$2.4M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5198	+0.072%	$12K	$241K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5184	−0.016%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5188	+0.005%	$38.6M	$69.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5200	+0.083%	$672K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5190	+0.020%	$539.4M	$1.79B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5187	long leg	$343.6M	$797.8M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5184	−0.020%	$124.1M	$807.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5182	−0.033%	$564K	$45K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5195	+0.053%	$114K	$622K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5185	−0.013%	$354.4M	$127.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5186	−0.007%	$309.6M	$771.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5188	+0.004%	$110.5M	$140.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5197	+0.066%	$263.6M	$327.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5187	0.000%	—	$3.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5188	+0.005%	$7.4M	$22.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5167	−0.134%	$659K	$91.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	−0.120%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5196	+0.059%	$1.0M	$757K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5192	+0.033%	$49K	$460K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5187	+0.001%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.033%	$818K	$67K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5190	+0.022%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5192	+0.033%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5178	−0.059%	$50.0M	$13.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5189	+0.013%	$54.5M	$27.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5194	+0.046%	$1.6M	$202K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5191	+0.029%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5194	+0.049%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5194	+0.047%	$73K	$37K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5195	+0.053%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5205	+0.119%	$5.3M	$41.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0186%	1h	1.5220	+0.217%	$1.7M	$891K	25x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5203	+0.105%	$1.7M	$31.7M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5186	−0.006%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5210	+0.151%	$23.4M	$61.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5189	+0.011%	$19K	$43K	7x	as long as short
RISEx XRP/USDC	+0.0330%	1h	1.5197	+0.063%	$402K	$502K	10x	as long as short
Hyperliquid XRP	+0.0436%	1h	1.5207	+0.132%	$283.4M	$165.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0458%	1h	1.5183	−0.024%	$1K	$10K	10x	as long as short