Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0401%/8h= +43.9% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against Gate+0.147%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.147%, 7d avg +0.043%

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 +$12 a day on $10k at the current rate, and Hyperliquid is 0.105% dearer against Gate than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.043%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.141% in total (about 7.4% 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	Gate XRP_USDT	1.5440	0.0100	pay 0.0100% / 8h	2h 13m	$368.7M	$133.3M	100x
Short	Hyperliquid XRP	1.5463	0.0501	get 0.0063% / 1h	13m 20s	$285.0M	$190.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.147%Rate

Funding earned: $84.23
Price spread: +0.147% → +0.043%: $10.46
Slippage, 4 orders: −$5.67
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $65.02
Costs to cover: 0.297%
Break-even: 1.6 days

Slippage from Gate: live order book, 6 min ago; Hyperliquid: live order book, 11 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 Gate live order book, 6 min ago	0.32 bp	10.4 bp −$10	14.5 bp −$145	29.8 bp −$2,980	39.8 bp −$19.9K
Sell Hyperliquid live order book, 11 min ago	0.33 bp	4.8 bp −$5	6.1 bp −$61	10.4 bp −$1,041	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	1.5474	+0.220%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5458	+0.119%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5470	+0.194%	$69K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5439	−0.006%	$9.4M	$24.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5434	−0.036%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.972%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5437	−0.019%	$80K	$933K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0074% / S +0.0174%	1h	1.5435	−0.032%	$909K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5438	−0.014%	$3.0M	$11.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5440	0.000%	$446K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5448	+0.055%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5451	+0.072%	$39.4M	$73.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5459	+0.123%	$671K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5436	−0.026%	$555.3M	$1.87B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5438	−0.013%	$347.5M	$850.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5434	−0.039%	$126.2M	$846.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5500	+0.389%	$574K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5459	+0.123%	$119K	$685K	20x	as long as short
Gate XRP_USDTlong	+0.0100%	8h	1.5440	long leg	$368.7M	$133.3M	100x
MEXC XRP_USDT	+0.0100%	8h	1.5437	−0.019%	$289.4M	$817.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5443	+0.023%	$112.4M	$148.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5435	−0.032%	$267.2M	$345.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5443	+0.019%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5430	−0.066%	$6.7M	$24.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5464	+0.152%	$671K	$97.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5413	−0.175%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5464	+0.155%	$1.0M	$871K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5453	+0.082%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5449	+0.058%	$50K	$474K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5437	−0.018%	$42K	$60K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5435	−0.034%	$831K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5440	−0.001%	$129K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5435	−0.032%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5460	+0.130%	$50.9M	$14.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5435	−0.032%	$55.1M	$28.4M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5438	−0.015%	$1.7M	$399K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5455	+0.097%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5453	+0.084%	$12K	$239K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5433	−0.045%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5435	−0.030%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5456	+0.104%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0169%	1h	1.5433	−0.044%	$15.7M	$65.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5450	+0.065%	$5.6M	$45.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0194%	1h	1.5481	+0.266%	$1.7M	$947K	25x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5443	+0.019%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5427	−0.084%	$24.1M	$68.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5467	+0.175%	$1.8M	$31.9M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5489	+0.315%	$17K	$61K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5462	+0.142%	$406K	$498K	10x	as long as short
Hyperliquid XRPshort	+0.0501%	1h	1.5463	+0.147%	$285.0M	$190.2M	20x
Aftermath Perps XRPUSD	+0.0531%	1h	1.5439	−0.004%	$1K	$11K	10x	as long as short