Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0298%/8h= +32.6% APRpaid last 24h +0.084%

Price spread now: Hyperliquid against Paradex+0.052%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.112%+$11 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.052%, 7d avg +0.054%

Together, before fees+0.079%+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.112% in total (about 10.6% 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	Paradex XRP-USD-PERP	1.5135	0.0100	pay 0.0100% / 8h	3h 11m	$472K	$55K	50x
Short	Hyperliquid XRP	1.5143	0.0398	get 0.0050% / 1h	11m 20s	$297.0M	$252.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now +0.052%Rate

Funding earned: $62.53
Price spread: +0.052% → +0.054%: −$0.24
Slippage, 4 orders: −$10.05
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $39.24
Costs to cover: 0.231%
Break-even: 2.6 days

Slippage from Paradex: live order book, 43 min ago; Hyperliquid: live order book, 13 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 Paradex live order book, 43 min ago	4.61 bp	6.6 bp −$7	135.4 bp −$1,354	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.33 bp	4.8 bp −$5	5.5 bp −$55	9.3 bp −$932	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	1.5135	−0.001%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5132	−0.019%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5131	−0.027%	$258K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5134	−0.007%	$14.4M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.807%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5131	−0.029%	$794K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5143	+0.052%	$7.7M	$25.6M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5141	+0.037%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5142	+0.045%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5128	−0.047%	$9K	$351K	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	1.5130	−0.031%	$962K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5131	−0.030%	$38.9M	$85.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5138	+0.022%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5132	−0.021%	$533.4M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5136	+0.006%	$344.2M	$945.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5137	+0.012%	$125.4M	$883.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5148	+0.085%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5140	+0.032%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5138	+0.022%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5132	−0.021%	$371.6M	$157.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5131	−0.027%	$297.0M	$907.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5133	−0.013%	$108.9M	$178.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5137	+0.012%	$268.7M	$390.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5133	−0.014%	—	$127.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	+0.104%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5144	+0.058%	$658K	$110.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5137	+0.015%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5150	+0.098%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5132	−0.021%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5131	−0.027%	$45K	$479K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5130	−0.031%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5134	−0.007%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5137	+0.010%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5135	+0.002%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5139	+0.026%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5142	+0.043%	$49.5M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5136	+0.006%	$53.9M	$31.3M	50x	as long as short
Paradex XRP-USD-PERPlong	+0.0100%	8h	1.5135	long leg	$472K	$55K	50x
Extended XRP-USD	+0.0104%	1h	1.5133	−0.013%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5137	+0.012%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5139	+0.026%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5136	+0.006%	$5.7M	$48.1M	50x	as long as short
Kalshi KXXRPPERP	+0.0215%	8h	1.5147	+0.078%	$1.9M	$35.3M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5129	−0.039%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5144	+0.059%	$24.2M	$75.7M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0244%	1h	1.5145	+0.065%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0288%	1h	1.5137	+0.011%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5139	+0.026%	$515K	$776K	10x	as long as short
Hyperliquid XRPshort	+0.0398%	1h	1.5143	+0.052%	$297.0M	$252.1M	20x
Phoenix XRP	+0.0528%	1h	1.5140	+0.032%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0654%	1h	1.5153	+0.119%	$2K	$15K	10x	as long as short