Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.115%

Price spread now: Hyperliquid against edgeX+0.381%86s7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.220% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 7 days−0.351%−$35 · spread now +0.381%, 7d avg +0.076%

Together, before fees−0.079%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.305% dearer against edgeX than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.076%. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX XRPUSDC	1.5130	0.0100	pay 0.0050% / 4h	2h 30m	$657K	$109.0M	30x
Short	Hyperliquid XRP	1.5188	0.0222	get 0.0028% / 1h	30m 16s	$281.6M	$222.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.381%Rate

Funding earned: $25.59
Price spread: +0.381% → +0.076%: $30.5
Slippage, 4 orders: −$3.96
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $34.13
Costs to cover: 0.220%
Break-even: from the start

Slippage from edgeX: live order book, 4 min ago; Hyperliquid: live order book, 4 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 edgeX live order book, 4 min ago	1.65 bp	6.2 bp −$6	6.2 bp −$62	9.7 bp −$967	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.33 bp	4.8 bp −$5	6.7 bp −$67	11.9 bp −$1,192	doesn't fit

XRP on 50 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	1.5162	+0.209%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5157	+0.176%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	+0.196%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5157	+0.174%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0061%	1h	1.5155	+0.164%	$803K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.839%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5170	+0.263%	$14.6M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0071%	8h	1.5165	+0.229%	$62K	$953K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5173	+0.285%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5176	+0.301%	$518K	$3.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5152	+0.143%	$11K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5157	+0.179%	$860K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5163	+0.213%	$38.6M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5163	+0.214%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5174	+0.288%	$539.8M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5176	+0.301%	$342.2M	$941.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5181	+0.334%	$124.5M	$873.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5136	+0.037%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5168	+0.249%	$115K	$700K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5101	−0.194%	$1.6M	$307K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5176	+0.301%	$368.6M	$152.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5176	+0.301%	$290.2M	$910.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5172	+0.273%	$107.2M	$171.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5176	+0.301%	$266.4M	$384.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5177	+0.308%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5152	+0.144%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDClong	+0.0100%	4h	1.5130	long leg	$657K	$109.0M	30x
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5144	+0.093%	$1.1M	$38.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5147	+0.110%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5161	+0.204%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5167	+0.242%	$44K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5161	+0.203%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5166	+0.235%	$816K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5166	+0.235%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5172	+0.275%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5154	+0.157%	$49.7M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5172	+0.275%	$54.0M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5158	+0.183%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5165	+0.232%	$2.1M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5166	+0.235%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5165	+0.229%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0212%	1h	1.5170	+0.262%	$7.7M	$25.3M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5158	+0.185%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5175	+0.295%	$5.7M	$46.7M	50x	as long as short
Hyperliquid XRPshort	+0.0222%	1h	1.5188	+0.381%	$281.6M	$222.6M	20x
Hibachi XRP/USDT-P	+0.0320%	1h	1.5162	+0.211%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0351%	8h	1.5172	+0.275%	$2.1M	$35.9M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0361%	1h	1.5186	+0.368%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5170	+0.259%	$537K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0768%	1h	1.5143	+0.083%	$2K	$14K	10x	as long as short