Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.039%

Price spread now: BloFin against Hyperliquid−0.045%87s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.238% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 3 days (all we have)−0.111%−$11 · spread now −0.045%, 7d avg −0.057%

Together, before fees−0.085%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.4% 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	Hyperliquid XRP	1.5397	0.0556	pay 0.0069% / 1h	55m 31s	$292.0M	$217.1M	20x
Short	BloFin XRP-USDT	1.5390	0.0220	get 0.0220% / 8h	7h 55m	$24.0M	$75.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$70.54
Price spread: −0.045% → −0.057%: $1.12
Slippage, 4 orders: −$2.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$93.21
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; BloFin: live order book, 4 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, 8 min ago	0.33 bp	4.8 bp −$5	6.4 bp −$64	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.98 bp	7.2 bp −$7	9.3 bp −$93	13.7 bp −$1,374	23.2 bp −$11.6K

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	1.5380	−0.110%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5367	−0.193%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5400	+0.019%	$69K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5369	−0.180%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0008% / S +0.0088%	1h	1.5366	−0.200%	$843K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.059%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5372	−0.162%	$75K	$910K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0075%	1h	1.5383	−0.091%	$9.3M	$25.6M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5356	−0.266%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5378	−0.125%	$2.9M	$13.7M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5387	−0.065%	$514K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5362	−0.227%	$12K	$271K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5354	−0.276%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5371	−0.171%	$38.9M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5374	−0.152%	$635K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5361	−0.234%	$540.7M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5362	−0.227%	$340.5M	$931.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5361	−0.234%	$125.5M	$884.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5339	−0.377%	$572K	$47K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5364	−0.214%	$116K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5337	−0.390%	$1.7M	$565K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5368	−0.188%	$374.7M	$147.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5371	−0.169%	$300.3M	$890.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5368	−0.187%	$109.7M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5360	−0.240%	$269.3M	$377.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5376	−0.136%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5388	−0.056%	$6.5M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5360	−0.237%	$669K	$106.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5389	−0.052%	$1.1M	$40.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5367	−0.195%	$1.0M	$906K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5363	−0.221%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5364	−0.214%	$48K	$459K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5368	−0.188%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5376	−0.135%	$828K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5375	−0.144%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5379	−0.117%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5372	−0.166%	$50.4M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5385	−0.078%	$54.7M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5367	−0.195%	$479K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5363	−0.223%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5371	−0.168%	$55K	$18K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5356	−0.270%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDTshort	+0.0220%	8h	1.5390	−0.045%	$24.0M	$75.1M	125x
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5388	−0.058%	$5.8M	$47.0M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5383	−0.094%	$14.9M	$70.2M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5371	−0.166%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0318%	8h	1.5390	−0.045%	$2.1M	$35.4M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0326%	1h	1.5390	−0.045%	$1.8M	$1.2M	25x	as long as short
Hyperliquid XRPlong	+0.0556%	1h	1.5397	long leg	$292.0M	$217.1M	20x
Aftermath Perps XRPUSD	+0.0776%	1h	1.5361	−0.234%	$1K	$11K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5362	−0.228%	$508K	$755K	10x	as long as short