Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0467%/8h= +51.2% APRpaid last 24h +0.075%

Price spread now: Hyperliquid against Bybit+0.098%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

Price spread, last 7 days−0.097%−$10 · spread now +0.098%, 7d avg +0.045%

Together, before fees+0.061%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.053% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.045%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.158% in total (about 8.2% 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	Bybit XRPUSDT	1.5349	0.0100	pay 0.0100% / 8h	8m 12s	$339.6M	$926.8M	100x
Short	Hyperliquid XRP	1.5364	0.0567	get 0.0071% / 1h	8m 12s	$291.3M	$215.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.098%Rate

Funding earned: $98.12
Price spread: +0.098% → +0.045%: $5.28
Slippage, 4 orders: −$1.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $81.57
Costs to cover: 0.218%
Break-even: 1.2 days

Slippage from Bybit: live order book, 1 min ago; Hyperliquid: live order book, 6 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 Bybit live order book, 1 min ago	0.33 bp	5.8 bp −$6	7.1 bp −$71	12.5 bp −$1,247	24.0 bp −$12.0K
Sell Hyperliquid live order book, 6 min ago	0.33 bp	4.8 bp −$5	5.5 bp −$55	10.0 bp −$996	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	1.5345	−0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5336	−0.086%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	−0.059%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5347	−0.011%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0092%	1h	1.5344	−0.035%	$841K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5349	0.000%	$9.3M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5348	−0.003%	$15.0M	$69.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5348	−0.007%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.375%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5351	+0.014%	$2.9M	$13.5M	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	1.5353	+0.026%	$487K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5347	−0.010%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5350	+0.007%	$38.8M	$82.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5345	−0.026%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5350	+0.007%	$544.8M	$2.05B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5349	long leg	$339.6M	$926.8M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5351	+0.013%	$125.7M	$880.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5328	−0.137%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5346	−0.020%	$116K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	−0.104%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5346	−0.020%	$361.7M	$148.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5350	+0.007%	$298.6M	$894.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5346	−0.019%	$109.0M	$166.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5350	+0.007%	$268.2M	$376.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5349	0.000%	—	$122.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5318	−0.200%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5327	−0.145%	$666K	$105.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5341	−0.052%	$1.1M	$40.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5324	−0.163%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5343	−0.039%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5348	−0.007%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5347	−0.013%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5350	+0.005%	$826K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5347	−0.013%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5348	−0.007%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5345	−0.023%	$50.4M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5349	0.000%	$54.7M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5343	−0.038%	$478K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5343	−0.039%	$11K	$269K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5346	−0.023%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5347	−0.011%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5351	+0.013%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5346	−0.023%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5338	−0.072%	$24.1M	$74.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5357	+0.052%	$5.8M	$46.8M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0260%	1h	1.5358	+0.059%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5346	−0.019%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5353	+0.026%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRPshort	+0.0567%	1h	1.5364	+0.098%	$291.3M	$215.2M	20x
RISEx XRP/USDC	+0.0761%	1h	1.5351	+0.010%	$499K	$708K	10x	as long as short
Aftermath Perps XRPUSD	+0.0772%	1h	1.5349	+0.003%	$1K	$11K	10x	as long as short