Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0468%/8h= −51.2% APRpaid last 24h −0.095%

Price spread now: GRVT against Hyperliquid−0.111%45s7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.200% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.111%, 7d avg −0.020%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and GRVT is 0.091% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.107% in total (about -5.6% 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	1.5358	0.0568	pay 0.0071% / 1h	8m 53s	$291.2M	$215.2M	20x
Short	GRVT XRP_USDT_Perp	1.5341	0.0100	get 0.0100% / 8h	8m 53s	$1.1M	$40.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$98.21
Price spread: −0.111% → −0.020%: −$9.14
Slippage, 4 orders: −$1.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$127.33
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; GRVT: 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	0.33 bp	4.8 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	0.33 bp	4.8 bp −$5	9.2 bp −$92	46.0 bp −$4,601	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	1.5351	−0.046%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5323	−0.226%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	−0.117%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5342	−0.103%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0092%	1h	1.5341	−0.108%	$840K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5341	−0.111%	$9.3M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5338	−0.131%	$15.0M	$69.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5346	−0.078%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.315%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5341	−0.111%	$2.9M	$13.5M	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	1.5342	−0.104%	$486K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5338	−0.127%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5343	−0.096%	$38.8M	$82.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5330	−0.182%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5342	−0.101%	$544.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5343	−0.098%	$339.5M	$927.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5342	−0.104%	$125.7M	$879.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5328	−0.195%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5330	−0.182%	$116K	$704K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	−0.162%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5341	−0.111%	$361.6M	$148.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5342	−0.104%	$298.4M	$894.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5341	−0.108%	$109.0M	$166.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5343	−0.098%	$267.9M	$376.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5342	−0.104%	—	$122.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5318	−0.259%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5327	−0.204%	$666K	$105.2M	30x	as long as short
GRVT XRP_USDT_Perpshort	+0.0100%	8h	1.5341	−0.111%	$1.1M	$40.2M	20x
ApeX Omni XRPUSDT	+0.0100%	1h	1.5324	−0.221%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5339	−0.122%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5349	−0.059%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5346	−0.078%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5347	−0.073%	$826K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5344	−0.091%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5338	−0.130%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5327	−0.205%	$50.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5337	−0.137%	$54.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5328	−0.196%	$478K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5325	−0.215%	$11K	$269K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5341	−0.114%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5343	−0.095%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5338	−0.130%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5345	−0.088%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5338	−0.130%	$24.1M	$74.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5347	−0.072%	$5.8M	$46.8M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0258%	1h	1.5348	−0.065%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5339	−0.124%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5346	−0.078%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRPlong	+0.0568%	1h	1.5358	long leg	$291.2M	$215.2M	20x
RISEx XRP/USDC	+0.0761%	1h	1.5337	−0.136%	$499K	$708K	10x	as long as short
Aftermath Perps XRPUSD	+0.0778%	1h	1.5351	−0.043%	$1K	$11K	10x	as long as short