Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.084%

Price spread now: Bulk against Hyperliquid−0.051%7-day average −0.029% · 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−$19as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Hyperliquid Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.106%−$11 on $10k

Price spread, last 7 days+0.035%+$3 · spread now −0.051%, 7d avg −0.029%

Together, before fees−0.071%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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: Bulk is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XRP	1.5172	0.0100	pay 0.0013% / 1h	54m 07s	$281.9M	$224.2M	20x
Short	Bulk XRP-USD	1.5164	0.0100	get 0.0013% / 1h	54m 07s	$1.6M	$49K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → −0.029%: −$2.15
Slippage, 4 orders: −$1.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$19.47
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Bulk: live order book, 5 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, 10 min ago	0.33 bp	4.8 bp −$5	5.0 bp −$50	10.9 bp −$1,094	doesn't fit
Sell Bulk live order book, 5 min ago	0.33 bp	3.8 bp −$4	4.0 bp −$40	7.8 bp −$778	20.9 bp −$10.5K

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	1.5159	−0.086%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5159	−0.088%	$14.3M	$73.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5158	−0.093%	$1.1M	$114K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5157	−0.099%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5160	−0.079%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.557%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0036% / S +0.0034%	1h	1.5156	−0.105%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0048%	1h	1.5156	−0.105%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0078%	8h	1.5151	−0.138%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5158	−0.094%	$2.8M	$14.5M	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	1.5163	−0.059%	$510K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5144	−0.185%	$9K	$314K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5162	−0.063%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRPlong	+0.0100%	1h	1.5172	long leg	$281.9M	$224.2M	20x
Aster XRPUSDT	+0.0100%	8h	1.5161	−0.074%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5163	−0.057%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5160	−0.080%	$534.4M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5157	−0.099%	$345.2M	$930.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5158	−0.092%	$125.9M	$873.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5155	−0.112%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5159	−0.086%	$113K	$717K	20x	as long as short
Bulk XRP-USDshort	+0.0100%	1h	1.5164	−0.051%	$1.6M	$49K	20x
Gate XRP_USDT	+0.0100%	8h	1.5160	−0.079%	$369.0M	$152.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5162	−0.066%	$295.4M	$893.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5161	−0.073%	$108.4M	$172.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5154	−0.119%	$268.0M	$382.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5159	−0.086%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.033%	$5.5M	$37.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5119	−0.351%	$657K	$108.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5161	−0.073%	$1.1M	$35.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5114	−0.382%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5162	−0.066%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5161	−0.073%	$42K	$451K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5155	−0.109%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5153	−0.124%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5166	−0.041%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5159	−0.086%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5159	−0.085%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5162	−0.066%	$54.0M	$30.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5154	−0.121%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5151	−0.137%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5155	−0.111%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5164	−0.050%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5158	−0.092%	$5.6M	$47.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0200%	1h	1.5169	−0.020%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5161	−0.072%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5165	−0.046%	$24.3M	$76.0M	125x	as long as short
Kalshi KXXRPPERP	+0.0328%	8h	1.5164	−0.053%	$2.1M	$34.4M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5160	−0.079%	$516K	$780K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5170	−0.013%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0651%	1h	1.5165	−0.047%	$2K	$14K	10x	as long as short