Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.065%

Price spread now: Bitget against GMX−0.175%7-day average −0.022% · you buy dearer than you sell

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

Long on GMX Short on Bitget

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)+0.119%+$12 · spread now −0.175%, 7d avg −0.022%

Together, before fees+0.306%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.153% cheaper against GMX than usual: you would sell low and buy high (spread −0.175% now, against its 7-day average of −0.022%). If the spread goes back, that is −$15 on $10k: about 16 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.187% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5011	L +0.0069% / S −0.0013%	pay 0.0009% / 1h	28m 51s	$786K	—	200x
Short	Bitget XRPUSDT	1.4985	0.0100	get 0.0100% / 8h	2h 28m	$263.9M	$398.5M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.175%Rate

Funding earned: $6.52
Price spread: −0.175% → −0.022%: −$15.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$32.76
Costs to cover: 0.240%
Break-even: 42.2 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 5 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 Bitget live order book, 5 min ago	0.33 bp	6.6 bp −$7	10.3 bp −$103	16.9 bp −$1,690	28.8 bp −$14.4K

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	1.5007	−0.028%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5006	−0.038%	$14.1M	$75.1M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5003	−0.052%	$1.1M	$130K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5030	+0.125%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5010	−0.012%	$257K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0017%	1h	1.5013	+0.012%	$7.6M	$25.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.655%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0069% / S −0.0013%	1h	1.5011	long leg	$786K	—	200x
01 Exchange XRPUSD	+0.0080%	1h	1.5023	+0.078%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5005	−0.042%	$2.8M	$14.9M	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	1.5007	−0.028%	$494K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5022	+0.071%	$12K	$363K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5025	+0.092%	$911K	$6.3M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5000	−0.075%	$286.6M	$260.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.4989	−0.150%	$38.2M	$87.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5011	−0.002%	$600K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.4990	−0.139%	$524.6M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.4989	−0.148%	$339.6M	$964.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.4991	−0.135%	$124.5M	$890.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5006	−0.035%	$559K	$31K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5025	+0.091%	$143K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5027	+0.104%	$1.6M	$4K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5000	−0.075%	$368.2M	$158.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5000	−0.075%	$286.8M	$914.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5003	−0.057%	$104.5M	$180.7M	75x	as long as short
Bitget XRPUSDTshort	+0.0100%	8h	1.4985	−0.175%	$263.9M	$398.5M	125x
BingX XRP-USDC	+0.0100%	8h	1.4988	−0.155%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5004	−0.047%	$4.7M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5013	+0.013%	$652K	$112.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5011	0.000%	$1.1M	$37.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5014	+0.018%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5018	+0.043%	—	$13K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5022	+0.071%	$51K	$493K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5014	+0.020%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5007	−0.028%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5006	−0.032%	$807K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5015	+0.028%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5005	−0.042%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5007	−0.026%	$49.0M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5005	−0.042%	$53.5M	$31.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5010	−0.010%	$468K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.4995	−0.109%	$1.9M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5008	−0.025%	$58K	$25K	3x	as long as short
Kalshi KXXRPPERP	+0.0133%	8h	1.5018	+0.045%	$1.7M	$35.7M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0165%	1h	1.5014	+0.018%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5009	−0.015%	$5.6M	$48.2M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5008	−0.022%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5016	+0.034%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5011	−0.002%	$23.3M	$76.0M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5028	+0.112%	$513K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0604%	1h	1.5031	+0.130%	$2K	$16K	10x	as long as short