Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against Phemex−0.040%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 3 days (all we have)+0.149%+$15 · spread now −0.040%, 7d avg +0.066%

Together, before fees+0.316%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.105% cheaper against Phemex than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5097	0.0100	pay 0.0100% / 8h	5h 55m	$53.8M	$29.8M	50x
Short	Hyperliquid XRP	1.5091	0.0100	get 0.0013% / 1h	55m 16s	$278.8M	$221.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0
Price spread: −0.040% → +0.066%: −$10.55
Slippage, 4 orders: −$6.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$38.19
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Hyperliquid: live order book, 9 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 Phemex live order book, 4 min ago	2.32 bp	9.2 bp −$9	14.3 bp −$143	26.8 bp −$2,678	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.33 bp	4.8 bp −$5	5.9 bp −$59	10.7 bp −$1,069	doesn't fit

XRP on 50 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	1.5107	+0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5089	−0.052%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5130	+0.219%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5083	−0.095%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0025% / S +0.0051%	1h	1.5082	−0.101%	$797K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.067%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0074%	8h	1.5086	−0.073%	$61K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5098	+0.009%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5095	−0.013%	$508K	$3.2M	20x	as long as short
01 Exchange XRPUSD	+0.0096%	1h	1.5086	−0.073%	$8K	$8K	10x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5079	−0.119%	$9K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5082	−0.096%	$975K	$5.9M	20x	as long as short
Hyperliquid XRPshort	+0.0100%	1h	1.5091	−0.040%	$278.8M	$221.5M	20x
Aster XRPUSDT	+0.0100%	8h	1.5085	−0.080%	$38.2M	$82.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5095	−0.016%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5097	+0.003%	$535.0M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5103	+0.040%	$341.0M	$924.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5109	+0.079%	$124.6M	$861.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5116	+0.126%	$561K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5095	−0.013%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.069%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5085	−0.079%	$367.2M	$150.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5106	+0.060%	$292.1M	$891.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5081	−0.105%	$106.2M	$170.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5089	−0.053%	$265.9M	$379.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5086	−0.073%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5143	+0.305%	$6.1M	$35.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5088	−0.057%	$655K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	+0.119%	$1.1M	$35.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5094	−0.020%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5095	−0.014%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5086	−0.073%	$41K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5087	−0.066%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5089	−0.050%	$812K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5090	−0.046%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5091	−0.040%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5093	−0.026%	$49.4M	$15.4M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5097	long leg	$53.8M	$29.8M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5092	−0.031%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5089	−0.053%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5087	−0.067%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0148%	1h	1.5094	−0.020%	$7.7M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5081	−0.104%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5092	−0.033%	$5.6M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0250%	1h	1.5129	+0.212%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5090	−0.048%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5139	+0.281%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5103	+0.040%	$2.1M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5094	−0.023%	$525K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0757%	1h	1.5116	+0.128%	$2K	$14K	10x	as long as short