Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.080%

Price spread now: Hyperliquid against Bulk−0.539%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.103%+$10 on $10k

Price spread, last 7 days+0.546%+$55 · spread now −0.539%, 7d avg +0.035%

Together, before fees+0.649%+ Points / potential airdropHyperliquid: Season 2 · farm board+$65 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.574% cheaper against Bulk than usual: you would sell low and buy high, −$57 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XRP-USD	1.5203	0.0100	pay 0.0013% / 1h	54m 42s	$1.6M	$305K	20x
Short	Hyperliquid XRP	1.5121	0.0100	get 0.0013% / 1h	54m 42s	$279.9M	$221.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now −0.539%Rate

Funding earned: $0
Price spread: −0.539% → +0.035%: −$57.43
Slippage, 4 orders: −$3.88
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.3
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 min ago; Hyperliquid: live order book, 9 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 Bulk live order book, 4 min ago	0.66 bp	4.7 bp −$5	6.3 bp −$63	15.3 bp −$1,533	33.8 bp −$16.9K
Sell Hyperliquid live order book, 9 min ago	0.33 bp	5.2 bp −$5	7.0 bp −$70	10.8 bp −$1,078	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
ApeX Omni XRPUSDT	−0.0111%	1h	1.5197	−0.039%	$1.2M	$1.0M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5098	−0.691%	$5K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5114	−0.584%	$1.1M	$120K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5079	−0.816%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0068%	1h	1.5079	−0.817%	$827K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.348%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5088	−0.756%	$14.7M	$72.1M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5086	−0.770%	$58K	$936K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5090	−0.743%	$9.0M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5124	−0.517%	$2.8M	$14.0M	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	1.5118	−0.559%	$508K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5089	−0.750%	$11K	$288K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5089	−0.747%	$904K	$5.7M	20x	as long as short
Hyperliquid XRPshort	+0.0100%	1h	1.5121	−0.539%	$279.9M	$221.4M	20x
Aster XRPUSDT	+0.0100%	8h	1.5107	−0.630%	$38.2M	$84.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5114	−0.584%	$614K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5114	−0.585%	$532.3M	$2.08B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5103	−0.658%	$337.2M	$931.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5103	−0.658%	$121.9M	$864.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5111	−0.605%	$565K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5100	−0.677%	$113K	$716K	20x	as long as short
Bulk XRP-USDlong	+0.0100%	1h	1.5203	long leg	$1.6M	$305K	20x
Gate XRP_USDT	+0.0100%	8h	1.5097	−0.697%	$364.5M	$148.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5104	−0.651%	$290.1M	$891.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5109	−0.617%	$108.8M	$170.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5102	−0.664%	$263.2M	$382.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5100	−0.677%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5096	−0.703%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5193	−0.066%	$660K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5150	−0.349%	$1.1M	$38.1M	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5099	−0.683%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5089	−0.750%	$44K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5085	−0.776%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5090	−0.743%	$812K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5094	−0.715%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5091	−0.737%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5091	−0.738%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5095	−0.710%	$53.6M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5104	−0.651%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5101	−0.671%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5087	−0.760%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5088	−0.756%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5087	−0.761%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5095	−0.710%	$5.7M	$46.1M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5074	−0.849%	$24.0M	$74.5M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0307%	1h	1.5102	−0.664%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5098	−0.691%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5099	−0.684%	$1.9M	$35.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5097	−0.696%	$535K	$778K	10x	as long as short
Phoenix XRP	+0.0520%	1h	1.5150	−0.349%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0861%	1h	1.5202	−0.009%	$2K	$13K	10x	as long as short