Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0309%/8h= +33.9% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against Bitget+0.131%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 7 days−0.132%−$13 · spread now +0.131%, 7d avg +0.040%

Together, before fees+0.020%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.091% dearer against Bitget than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.040%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.152% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XRPUSDT	1.5287	0.0100	pay 0.0100% / 8h	7h 46m	$267.5M	$376.5M	125x
Short	Hyperliquid XRP	1.5307	0.0409	get 0.0051% / 1h	46m 13s	$290.0M	$216.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.131%Rate

Funding earned: $64.94
Price spread: +0.131% → +0.040%: $9.12
Slippage, 4 orders: −$2.7
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $50.37
Costs to cover: 0.237%
Break-even: 1.6 days

Slippage from Bitget: live order book, 3 min ago; Hyperliquid: live order book, 8 min ago.

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 Bitget live order book, 3 min ago	0.33 bp	6.4 bp −$6	8.3 bp −$83	18.5 bp −$1,849	37.5 bp −$18.7K
Sell Hyperliquid live order book, 8 min ago	0.65 bp	5.1 bp −$5	6.2 bp −$62	9.9 bp −$986	doesn't fit

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	1.5312	+0.164%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5308	+0.135%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5283	−0.028%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0010% / S +0.0085%	1h	1.5281	−0.040%	$838K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.786%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5285	−0.013%	$75K	$909K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5287	0.000%	$9.3M	$25.4M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5288	+0.004%	$2.8M	$13.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5291	+0.026%	$511K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5304	+0.111%	$11K	$275K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5309	+0.144%	$477K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5294	+0.049%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5284	−0.021%	$38.7M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5312	+0.164%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5289	+0.013%	$537.2M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5291	+0.026%	$340.3M	$927.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5289	+0.013%	$124.6M	$875.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5292	+0.033%	$569K	$48K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5306	+0.124%	$117K	$710K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5306	+0.121%	$1.6M	$562K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5282	−0.033%	$371.7M	$148.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5290	+0.020%	$295.2M	$895.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5290	+0.022%	$108.5M	$167.1M	75x	as long as short
Bitget XRPUSDTlong	+0.0100%	8h	1.5287	long leg	$267.5M	$376.5M	125x
BingX XRP-USDT	+0.0100%	8h	1.5290	+0.020%	—	$123.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5300	+0.086%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5308	+0.134%	$665K	$107.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5305	+0.121%	$1.1M	$39.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5310	+0.150%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5294	+0.048%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5294	+0.046%	$48K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5282	−0.033%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5286	−0.004%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5312	+0.162%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5286	−0.007%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5279	−0.051%	$50.1M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5288	+0.007%	$54.4M	$29.7M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5283	−0.024%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5285	−0.016%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5301	+0.092%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5284	−0.018%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5311	+0.157%	$24.0M	$74.4M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5292	+0.033%	$5.8M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0242%	1h	1.5295	+0.052%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5284	−0.020%	$14.5M	$70.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5308	+0.139%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0314%	8h	1.5307	+0.131%	$2.0M	$35.2M	2.9x	as long as short
Hyperliquid XRPshort	+0.0409%	1h	1.5307	+0.131%	$290.0M	$216.1M	20x
Phoenix XRP	+0.0520%	1h	1.5320	+0.216%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0801%	1h	1.5327	+0.259%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5304	+0.112%	$506K	$755K	10x	as long as short