Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against Bybit+0.111%7-day average +0.046% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 7 days−0.108%−$11 · spread now +0.111%, 7d avg +0.046%

Together, before fees+0.058%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.065% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XRPUSDT	1.5177	0.0100	pay 0.0100% / 8h	6h 47m	$337.5M	$937.3M	100x
Short	Hyperliquid XRP	1.5194	0.0183	get 0.0023% / 1h	47m 36s	$281.1M	$222.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.111%Rate

Funding earned: $17.39
Price spread: +0.111% → +0.046%: $6.49
Slippage, 4 orders: −$3.24
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $0.64
Costs to cover: 0.232%
Break-even: 6.7 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 6 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 Bybit live order book, 2 min ago	0.33 bp	6.7 bp −$7	8.5 bp −$85	13.0 bp −$1,304	24.9 bp −$12.5K
Sell Hyperliquid live order book, 6 min ago	0.66 bp	5.2 bp −$5	6.3 bp −$63	12.0 bp −$1,197	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	1.5182	+0.033%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5170	−0.049%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	+0.086%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5176	−0.007%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0066%	1h	1.5175	−0.014%	$832K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.524%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5183	+0.039%	$14.7M	$72.2M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0067%	8h	1.5189	+0.079%	$57K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5177	−0.003%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5189	+0.079%	$519K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5182	+0.033%	$11K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5182	+0.033%	$881K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5186	+0.058%	$38.4M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5180	+0.020%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5181	+0.026%	$536.7M	$2.09B	100x	as long as short
Bybit XRPUSDTlong	+0.0100%	8h	1.5177	long leg	$337.5M	$937.3M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5173	−0.026%	$123.2M	$870.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	−0.033%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5185	+0.053%	$115K	$722K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.039%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5178	+0.007%	$368.6M	$149.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5183	+0.040%	$293.5M	$897.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5176	−0.007%	$109.3M	$170.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5178	+0.007%	$265.0M	$383.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5175	−0.013%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.065%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5188	+0.073%	$660K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5207	+0.198%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5193	+0.105%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5186	+0.060%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5196	+0.125%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5181	+0.026%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5192	+0.100%	$818K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5183	+0.038%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5187	+0.066%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5175	−0.012%	$49.7M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5191	+0.092%	$53.9M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5180	+0.021%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5176	−0.009%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5191	+0.093%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5185	+0.053%	$8K	$8K	10x	as long as short
Hyperliquid XRPshort	+0.0183%	1h	1.5194	+0.111%	$281.1M	$222.9M	20x
Deribit XRP_USDC-PERPETUAL	+0.0211%	1h	1.5194	+0.112%	$9.1M	$25.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5175	−0.012%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5193	+0.105%	$5.7M	$46.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.105%	$24.0M	$75.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0328%	8h	1.5205	+0.184%	$2.1M	$36.1M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0336%	1h	1.5184	+0.049%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0395%	1h	1.5200	+0.152%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5187	+0.068%	$538K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0792%	1h	1.5190	+0.088%	$2K	$14K	10x	as long as short