Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0377%/8h= +41.3% APRpaid last 24h +0.058%

Price spread now: Hyperliquid against SunX+0.143%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 3 days (all we have)+0.555%+$56 · spread now +0.143%, 7d avg +0.050%

Together, before fees+0.620%+ Points / potential airdropHyperliquid: Season 2 · farm board+$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.093% dearer against SunX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.065% in total (about 3.4% 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	SunX XRP-USDT	1.5298	0.0100	pay 0.0100% / 8h	2h 56m	$128K	$1.7M	30x
Short	Hyperliquid XRP	1.5320	0.0477	get 0.0060% / 1h	56m 57s	$287.0M	$173.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.143%Rate

Funding earned: $79.23
Price spread: +0.143% → +0.050%: $9.29
Slippage, 4 orders: −$41.33
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $30.2
Costs to cover: 0.583%
Break-even: 4.3 days

Slippage from SunX: live order book, 8 min ago; Hyperliquid: live order book, 7 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 SunX live order book, 8 min ago	14.33 bp	18.3 bp −$18	22.9 bp −$229	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.33 bp	4.8 bp −$5	5.2 bp −$52	9.2 bp −$915	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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5294	−0.030%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5302	+0.025%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5295	−0.021%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	+0.273%	$68K	$83K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5305	+0.044%	$9.3M	$23.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5295	−0.022%	$256K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.054%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5291	−0.047%	$182K	$783K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5307	+0.060%	$2.9M	$11.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5306	+0.051%	$445K	$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	1.5284	−0.096%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5301	+0.019%	$39.0M	$71.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5298	−0.003%	$674K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5307	+0.058%	$549.0M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5310	+0.077%	$346.7M	$829.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5313	+0.097%	$123.6M	$828.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5303	+0.031%	$570K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5293	−0.034%	$117K	$637K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5314	+0.105%	$1.6M	$344K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5304	+0.038%	$356.2M	$127.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5306	+0.051%	$304.1M	$781.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5306	+0.048%	$113.0M	$145.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5313	+0.097%	$266.8M	$336.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5300	+0.012%	—	$3.7M	—	as long as short
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5315	+0.110%	$1.7M	$925K	25x	as long as short
Variational Omni XRP	+0.0100%	8h	1.5361	+0.409%	$6.4M	$24.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5329	+0.204%	$666K	$93.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5313	+0.096%	$1.1M	$42.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5334	+0.234%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5293	−0.032%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5298	−0.001%	$51K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5291	−0.047%	$42K	$61K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5297	−0.007%	$824K	$72K	10x	as long as short
SunX XRP-USDTlong	+0.0100%	8h	1.5298	long leg	$128K	$1.7M	30x
SoDEX XRP-USD	+0.0100%	1h	1.5299	+0.005%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5290	−0.052%	$50.3M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5307	+0.058%	$54.7M	$28.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5286	−0.077%	$477K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5294	−0.027%	$11K	$232K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5311	+0.083%	$2.1M	$7.4M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5295	−0.021%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5300	+0.012%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5303	+0.032%	$15.3M	$62.6M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5307	+0.058%	$5.3M	$42.5M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5289	−0.061%	$1.4M	$10K	15x	as long as short
Kalshi KXXRPPERP	+0.0210%	8h	1.5299	+0.005%	$1.7M	$32.0M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5299	+0.005%	$24.1M	$66.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5298	−0.002%	$19K	$54K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5300	+0.015%	$405K	$505K	10x	as long as short
Hyperliquid XRPshort	+0.0477%	1h	1.5320	+0.143%	$287.0M	$173.6M	20x
Aftermath Perps XRPUSD	+0.0515%	1h	1.5319	+0.135%	$1K	$10K	10x	as long as short