Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.085%

Price spread now: Katana Perps against GMX−0.036%7-day average −0.047% · you buy dearer than you sell

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

Long on GMX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.160%+$16 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now −0.036%, 7d avg −0.047%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, 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	GMX XRP/USD [ETH-USDC]	1.5366	L +0.0015% / S +0.0078%	pay 0.0002% / 1h	24m 04s	$842K	—	200x
Short	Katana Perps XRP-USD	1.5360	0.0100	get 0.0100% / 8h	7h 24m	$10K	$279K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.036%Rate

Funding earned: $17.81
Price spread: −0.036% → −0.047%: $1.05
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $3.06
Costs to cover: 0.158%
Break-even: 5.8 days

Slippage unknown: GMX: no order-book sample; Katana Perps: 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 Katana Perps no order-book sample	—	—	—	—	—

GMX and Katana Perps: 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	1.5368	+0.016%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5365	−0.001%	$1.1M	$112K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5366	+0.003%	$9.3M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5366	+0.001%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]long	L +0.0015% / S +0.0078%	1h	1.5366	long leg	$842K	—	200x
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.265%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5367	+0.009%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5356	−0.062%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5362	−0.021%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5367	+0.009%	$516K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USDshort	+0.0100%	8h	1.5360	−0.036%	$10K	$279K	20x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5371	+0.033%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5368	+0.019%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5365	−0.006%	$38.8M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5368	+0.016%	$622K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5356	−0.063%	$542.1M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5355	−0.069%	$342.6M	$919.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5353	−0.082%	$124.9M	$868.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.323%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5365	−0.004%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.203%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5361	−0.030%	$375.4M	$150.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5360	−0.036%	$313.9M	$905.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5367	+0.008%	$109.0M	$165.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5353	−0.082%	$268.7M	$374.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5361	−0.030%	—	$123.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	−0.089%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5338	−0.177%	$666K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.204%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5350	−0.101%	$1.2M	$996K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5367	+0.009%	$49K	$442K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5366	+0.004%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5371	+0.033%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5368	+0.015%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5362	−0.023%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5371	+0.038%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5361	−0.030%	$54.6M	$29.6M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5362	−0.024%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5350	−0.101%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5364	−0.012%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5360	−0.034%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5369	+0.022%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5369	+0.022%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5362	−0.026%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0299%	1h	1.5369	+0.022%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0311%	8h	1.5373	+0.048%	$2.0M	$34.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5367	+0.009%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0388%	1h	1.5374	+0.055%	$290.1M	$214.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5350	−0.101%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0796%	1h	1.5348	−0.114%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5366	+0.003%	$544K	$772K	10x	as long as short