Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.069%

Price spread now: Bybit against Hyperliquid−0.058%7-day average −0.044% · 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−$24as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.058%, 7d avg −0.044%

Together, before fees−0.104%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.152% in total (about -7.9% 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	1.5579	0.0473	pay 0.0059% / 1h	59m 14s	$292.8M	$206.7M	20x
Short	Bybit XRPUSDT	1.5570	0.0100	get 0.0100% / 8h	59m 14s	$348.2M	$907.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$78.32
Price spread: −0.058% → −0.044%: −$1.34
Slippage, 4 orders: −$2.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$102.34
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: 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, 5 min ago	0.32 bp	5.2 bp −$5	6.2 bp −$62	11.9 bp −$1,192	doesn't fit
Sell Bybit live order book, 5 min ago	0.32 bp	6.5 bp −$7	7.8 bp −$78	13.3 bp −$1,331	23.7 bp −$11.9K

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	1.5559	−0.128%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5553	−0.165%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5572	−0.045%	$9.6M	$25.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0002% / S +0.0110%	1h	1.5566	−0.083%	$855K	—	200x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5567	−0.076%	$260K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5569	−0.061%	$15.6M	$68.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0055%	8h	1.5568	−0.071%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.122%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5572	−0.048%	$3.0M	$12.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5574	−0.032%	$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	1.5553	−0.164%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5570	−0.058%	$39.6M	$79.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5556	−0.145%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5570	−0.058%	$559.7M	$2.00B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5570	−0.058%	$348.2M	$907.1M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5567	−0.077%	$128.0M	$886.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5574	−0.032%	$578K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5556	−0.148%	$119K	$745K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5565	−0.090%	$373.0M	$141.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5570	−0.058%	$302.0M	$854.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5570	−0.057%	$113.5M	$161.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5570	−0.058%	$272.1M	$367.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5568	−0.071%	—	$119.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5530	−0.312%	$11.6M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5526	−0.337%	$674K	$102.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5558	−0.133%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5520	−0.379%	$1.0M	$885K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5552	−0.176%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5559	−0.128%	$46K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5566	−0.086%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5571	−0.053%	$838K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5566	−0.082%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5569	−0.064%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5550	−0.189%	$51.1M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5568	−0.071%	$55.4M	$29.1M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5562	−0.112%	$1.7M	$573K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5551	−0.179%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5555	−0.154%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5565	−0.087%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5567	−0.077%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5557	−0.141%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5555	−0.156%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5572	−0.045%	$24.5M	$74.2M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5577	−0.013%	$5.9M	$47.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5537	−0.267%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0303%	1h	1.5575	−0.026%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5576	−0.019%	$2.0M	$33.3M	2.9x	as long as short
Hyperliquid XRPlong	+0.0473%	1h	1.5579	long leg	$292.8M	$206.7M	20x
Phoenix XRP	+0.0516%	1h	1.5530	−0.315%	$69K	$89K	15x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5564	−0.097%	$509K	$631K	10x	as long as short
Aftermath Perps XRPUSD	+0.0767%	1h	1.5546	−0.210%	$1K	$11K	10x	as long as short