XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0307%/8h= −33.6% APRnext payment −$0.38 per $10,000 · paid last 24h −0.108%

Price spread now: Deribit against Hyperliquid−0.085%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)−0.124%−$12 · spread now −0.085%, 7d avg −0.045%

Together, before fees−0.173%+ Points / potential airdropHyperliquid: Season 2 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Deribit is 0.040% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. 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	1.5246	0.0385	pay 0.0048% / 1h	32m 05s	$301.5M	$243.1M	20x
Short	Deribit XRP_USDC-PERPETUAL	1.5233	0.0078	get 0.0010% / 1h	32m 05s	$7.8M	$25.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$64.38
Price spread: −0.085% → −0.045%: −$4.02
Slippage, 4 orders: −$4.74
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$89.14
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Deribit: live order book, 2 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, 12 min ago	0.33 bp	5.0 bp −$5	8.4 bp −$84	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	1.64 bp	5.1 bp −$5	7.7 bp −$77	47.9 bp −$4,795	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	1.5211	−0.230%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5232	−0.089%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5228	−0.119%	$254K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5228	−0.117%	$14.5M	$74.4M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.060%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0053% / S +0.0011%	1h	1.5227	−0.125%	$807K	—	200x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0078%	1h	1.5233	−0.085%	$7.8M	$25.4M	50x
Lighter XRP	+0.0096%	1h	1.5232	−0.089%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5232	−0.092%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5231	−0.098%	$13K	$341K	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	1.5234	−0.075%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5226	−0.131%	$38.5M	$85.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5233	−0.085%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5214	−0.210%	$536.0M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5214	−0.210%	$347.4M	$942.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5216	−0.197%	$127.3M	$887.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5212	−0.223%	$566K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5232	−0.092%	$134K	$704K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5212	−0.223%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5227	−0.125%	$372.7M	$154.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5225	−0.138%	$295.6M	$902.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5231	−0.096%	$109.3M	$177.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5218	−0.184%	$269.9M	$389.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5228	−0.118%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5205	−0.270%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5208	−0.250%	$660K	$109.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5232	−0.093%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5205	−0.269%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5224	−0.141%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5231	−0.098%	$45K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5228	−0.117%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5228	−0.118%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5230	−0.103%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5231	−0.097%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5228	−0.118%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5232	−0.094%	$49.8M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5230	−0.105%	$54.3M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5230	−0.107%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5224	−0.144%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5227	−0.128%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5235	−0.072%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5235	−0.072%	$5.7M	$47.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5225	−0.138%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5211	−0.230%	$24.2M	$76.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5211	−0.227%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5238	−0.052%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0328%	8h	1.5230	−0.105%	$2.0M	$35.1M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5233	−0.088%	$519K	$775K	10x	as long as short
Hyperliquid XRPlong	+0.0385%	1h	1.5246	long leg	$301.5M	$243.1M	20x
Phoenix XRP	+0.0528%	1h	1.5210	−0.236%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0687%	1h	1.5217	−0.190%	$2K	$15K	10x	as long as short