Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.080%

Price spread now: Katana Perps against Hyperliquid−0.078%7-day average −0.081% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.131%−$13 on $10k

Price spread, last 7 days+0.082%+$8 · spread now −0.078%, 7d avg −0.081%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.081%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XRP	1.5385	0.0382	pay 0.0048% / 1h	14m 32s	$289.9M	$215.0M	20x
Short	Katana Perps XRP-USD	1.5373	0.0100	get 0.0100% / 8h	7h 14m	$9K	$280K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$59.26
Price spread: −0.078% → −0.081%: $0.33
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$71.73
Costs to cover: 0.128%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 9 min ago	0.32 bp	4.8 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5365	−0.130%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5363	−0.145%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5358	−0.175%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0017% / S +0.0075%	1h	1.5356	−0.187%	$842K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.137%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5362	−0.149%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5381	−0.026%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5372	−0.084%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5375	−0.065%	$516K	$3.2M	20x	as long as short
Katana Perps XRP-USDshort	+0.0100%	8h	1.5373	−0.078%	$9K	$280K	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5376	−0.056%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5355	−0.192%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5376	−0.056%	$38.9M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5374	−0.071%	$635K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5377	−0.053%	$543.4M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5379	−0.039%	$342.8M	$918.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5379	−0.039%	$125.0M	$868.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5317	−0.442%	$570K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5379	−0.039%	$118K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.718%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5372	−0.084%	$375.1M	$151.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5373	−0.078%	$308.0M	$911.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5371	−0.091%	$110.8M	$166.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5373	−0.078%	$269.1M	$374.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5370	−0.097%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5332	−0.344%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5313	−0.471%	$665K	$107.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5336	−0.319%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5325	−0.390%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5355	−0.195%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5367	−0.117%	$49K	$444K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5360	−0.165%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5366	−0.122%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5370	−0.099%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5361	−0.156%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5361	−0.155%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5361	−0.156%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5368	−0.110%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5361	−0.155%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5366	−0.123%	$9.3M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5359	−0.167%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5367	−0.117%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5367	−0.117%	$5.8M	$46.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5362	−0.151%	$14.6M	$70.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0304%	1h	1.5368	−0.110%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5337	−0.310%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5366	−0.123%	$2.0M	$34.8M	2.9x	as long as short
Hyperliquid XRPlong	+0.0382%	1h	1.5385	long leg	$289.9M	$215.0M	20x
Phoenix XRP	+0.0520%	1h	1.5320	−0.422%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0790%	1h	1.5337	−0.312%	$2K	$13K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5382	−0.021%	$544K	$773K	10x	as long as short