XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0600%/8h= −65.7% APRnext payment −$0.75 per $10,000 · paid last 24h −0.096%

Price spread now: Deribit against Hyperliquid−0.148%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now −0.148%, 7d avg −0.043%

Together, before fees−0.097%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Deribit is 0.104% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.036% in total (about -1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.75 per $10,000. 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	1.5561	0.0600	pay 0.0075% / 1h	25m 54s	$291.2M	$203.0M	20x
Short	Deribit XRP_USDC-PERPETUAL	1.5538	0	get 0.0000% / 1h	25m 54s	$9.5M	$25.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.148%Rate

Funding earned: −$125.97
Price spread: −0.148% → −0.043%: −$10.45
Slippage, 4 orders: −$4.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$156.85
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Deribit: live order book, 3 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	0.32 bp	4.8 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	1.29 bp	4.8 bp −$5	7.5 bp −$75	doesn't fit	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	1.5535	−0.167%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5520	−0.264%	$1.1M	$114K	10x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5538	−0.148%	$9.5M	$25.3M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5540	−0.133%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.742%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5532	−0.184%	$15.4M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0052% / S +0.0123%	1h	1.5538	−0.151%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5540	−0.135%	$76K	$946K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5536	−0.160%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5538	−0.148%	$440K	$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	1.5545	−0.100%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5550	−0.072%	$39.5M	$78.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5529	−0.205%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5549	−0.076%	$559.5M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5544	−0.109%	$347.6M	$893.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5540	−0.135%	$127.6M	$878.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5528	−0.212%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5530	−0.199%	$118K	$740K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5546	−0.096%	$374.1M	$140.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5543	−0.116%	$293.9M	$851.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5547	−0.091%	$113.6M	$158.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5543	−0.116%	$271.2M	$362.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5554	−0.045%	—	$117.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5485	−0.491%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5495	−0.422%	$675K	$101.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5534	−0.175%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5504	−0.366%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5533	−0.179%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5544	−0.109%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5539	−0.142%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5545	−0.105%	$837K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5542	−0.125%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5533	−0.180%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5536	−0.159%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5538	−0.148%	$55.3M	$29.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.542%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5522	−0.253%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5535	−0.167%	$12K	$259K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5541	−0.130%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5540	−0.137%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5542	−0.122%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5531	−0.192%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5538	−0.150%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5545	−0.103%	$5.8M	$47.2M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5529	−0.206%	$24.7M	$73.6M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0275%	1h	1.5545	−0.103%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5549	−0.077%	$1.9M	$32.8M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.521%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5544	−0.111%	$509K	$629K	10x	as long as short
Hyperliquid XRPlong	+0.0600%	1h	1.5561	long leg	$291.2M	$203.0M	20x
Aftermath Perps XRPUSD	+0.0734%	1h	1.5542	−0.123%	$1K	$11K	10x	as long as short