Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0367%/8h= −40.2% APRpaid last 24h −0.058%

Price spread now: BingX against Hyperliquid−0.131%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.131%, 7d avg −0.086%

Together, before fees−0.023%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and BingX is 0.044% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.116% in total (about -6.1% 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	Hyperliquid XRP	1.5310	0.0467	pay 0.0058% / 1h	57m 24s	$286.8M	$173.6M	20x
Short	BingX XRP-USDC	1.5290	0.0100	get 0.0100% / 8h	2h 57m	—	$3.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$77.15
Price spread: −0.131% → −0.086%: −$4.45
Slippage, 4 orders: −$7.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$108.49
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; BingX: 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 Hyperliquid live order book, 7 min ago	0.33 bp	4.9 bp −$5	7.5 bp −$75	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.65 bp	8.1 bp −$8	10.9 bp −$109	22.5 bp −$2,246	64.4 bp −$32.2K

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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5294	−0.107%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5302	−0.052%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5295	−0.098%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	+0.196%	$68K	$83K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5305	−0.033%	$9.3M	$23.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5295	−0.099%	$256K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.131%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5291	−0.124%	$182K	$783K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5298	−0.079%	$2.9M	$11.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5298	−0.078%	$444K	$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	1.5284	−0.173%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5288	−0.144%	$38.8M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5298	−0.080%	$674K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5298	−0.077%	$548.7M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5301	−0.059%	$346.6M	$829.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5294	−0.105%	$123.5M	$827.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5303	−0.046%	$570K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5293	−0.111%	$117K	$637K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5314	+0.028%	$1.6M	$344K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5293	−0.111%	$355.9M	$127.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5290	−0.131%	$304.0M	$781.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5294	−0.107%	$113.0M	$145.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5299	−0.072%	$266.5M	$336.9M	125x	as long as short
BingX XRP-USDCshort	+0.0100%	8h	1.5290	−0.131%	—	$3.7M	—
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5297	−0.085%	$1.7M	$926K	25x	as long as short
Variational Omni XRP	+0.0100%	8h	1.5361	+0.331%	$6.4M	$24.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5329	+0.127%	$666K	$93.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5313	+0.019%	$1.1M	$42.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5334	+0.157%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5293	−0.109%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5298	−0.078%	$51K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5291	−0.124%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5297	−0.084%	$824K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5298	−0.077%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5285	−0.163%	$33K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5284	−0.168%	$50.3M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5287	−0.150%	$54.6M	$28.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5286	−0.154%	$477K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5294	−0.105%	$11K	$232K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5289	−0.138%	$2.1M	$7.4M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5295	−0.098%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5300	−0.065%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5286	−0.158%	$15.3M	$62.6M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5296	−0.091%	$5.3M	$42.4M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5289	−0.138%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5322	+0.078%	$23.8M	$66.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0220%	8h	1.5311	+0.007%	$1.7M	$32.1M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5298	−0.079%	$19K	$54K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5300	−0.062%	$405K	$505K	10x	as long as short
Hyperliquid XRPlong	+0.0467%	1h	1.5310	long leg	$286.8M	$173.6M	20x
Aftermath Perps XRPUSD	+0.0515%	1h	1.5319	+0.058%	$1K	$10K	10x	as long as short