Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0483%/8h= −52.8% APRpaid last 24h −0.069%

Price spread now: OKX against Hyperliquid−0.077%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.077%, 7d avg −0.044%

Together, before fees−0.072%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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 OKX is 0.033% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.147% in total (about -7.7% 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	1.5524	0.0583	pay 0.0073% / 1h	6m 48s	$290.2M	$204.6M	20x
Short	OKX XRP-USDT-SWAP	1.5512	0.0100	get 0.0100% / 8h	1h 06m	$127.7M	$881.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$101.34
Price spread: −0.077% → −0.044%: −$3.32
Slippage, 4 orders: −$2.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$126.34
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; OKX: live order book, 2 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, 7 min ago	0.64 bp	5.1 bp −$5	6.6 bp −$66	12.3 bp −$1,227	doesn't fit
Sell OKX live order book, 2 min ago	0.32 bp	5.3 bp −$5	6.5 bp −$65	13.7 bp −$1,372	31.3 bp −$15.6K

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	1.5481	−0.277%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L 0.0000% / S +0.0113%	1h	1.5494	−0.196%	$849K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5475	−0.315%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5504	−0.129%	$9.5M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5495	−0.187%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.232%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5505	−0.121%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5496	−0.180%	$76K	$909K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5506	−0.119%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5508	−0.103%	$443K	$3.2M	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	1.5493	−0.196%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5508	−0.102%	$39.4M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5476	−0.310%	$637K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5512	−0.077%	$558.1M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5512	−0.077%	$345.5M	$903.6M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5512	−0.077%	$127.7M	$881.6M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5467	−0.367%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5487	−0.238%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	−0.146%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5507	−0.110%	$363.5M	$143.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5510	−0.090%	$298.6M	$868.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5509	−0.098%	$113.3M	$160.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5513	−0.071%	$270.8M	$366.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5503	−0.135%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5501	−0.146%	$11.8M	$30.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5508	−0.103%	$673K	$101.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	−0.070%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5507	−0.110%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5488	−0.229%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5504	−0.129%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5496	−0.183%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5498	−0.168%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5503	−0.132%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5501	−0.148%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5488	−0.234%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5502	−0.142%	$55.1M	$29.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5476	−0.311%	$482K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5491	−0.213%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5504	−0.127%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5496	−0.180%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5492	−0.206%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5495	−0.190%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5507	−0.110%	$6.0M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5499	−0.161%	$24.6M	$73.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5472	−0.333%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0290%	1h	1.5515	−0.058%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0321%	8h	1.5485	−0.251%	$1.9M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5500	−0.155%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5501	−0.147%	$508K	$631K	10x	as long as short
Hyperliquid XRPlong	+0.0583%	1h	1.5524	long leg	$290.2M	$204.6M	20x
Aftermath Perps XRPUSD	+0.0774%	1h	1.5510	−0.087%	$1K	$11K	10x	as long as short