Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0292%/8h= −31.9% APRpaid last 24h −0.080%

Price spread now: KuCoin against Hyperliquid−0.088%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.186%−$19 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.088%, 7d avg −0.035%

Together, before fees−0.101%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and KuCoin is 0.053% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.186% in total (about -9.7% 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	1.5377	0.0392	pay 0.0049% / 1h	25m 28s	$289.9M	$215.3M	20x
Short	KuCoin XRPUSDTM	1.5363	0.0100	get 0.0100% / 8h	7h 25m	$109.1M	$165.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$61.23
Price spread: −0.088% → −0.035%: −$5.3
Slippage, 4 orders: −$7.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$94.87
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; KuCoin: 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, 9 min ago	0.33 bp	4.8 bp −$5	5.6 bp −$56	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.59 bp	9.9 bp −$10	12.8 bp −$128	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	1.5359	−0.117%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5366	−0.071%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5352	−0.163%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0078%	1h	1.5351	−0.166%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.190%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5360	−0.111%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5365	−0.078%	$9.3M	$25.1M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5356	−0.137%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5371	−0.036%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5376	−0.007%	$516K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5353	−0.156%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5361	−0.102%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5361	−0.101%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5371	−0.037%	$38.8M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5365	−0.078%	$622K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5358	−0.122%	$541.7M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5359	−0.117%	$342.6M	$919.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5362	−0.098%	$124.9M	$868.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.397%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5359	−0.117%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.277%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5361	−0.104%	$374.8M	$149.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5364	−0.085%	$314.6M	$905.2M	300x	as long as short
KuCoin XRPUSDTMshort	+0.0100%	8h	1.5363	−0.088%	$109.1M	$165.4M	75x
Bitget XRPUSDT	+0.0100%	8h	1.5363	−0.091%	$268.7M	$374.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5358	−0.124%	—	$123.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5352	−0.163%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5338	−0.251%	$666K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.278%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5350	−0.176%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5359	−0.118%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5368	−0.059%	$50K	$442K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5369	−0.053%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5363	−0.092%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5354	−0.150%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5363	−0.091%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5368	−0.059%	$50.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5360	−0.111%	$54.6M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5356	−0.136%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5360	−0.108%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5360	−0.109%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5341	−0.234%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5371	−0.039%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5364	−0.088%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0296%	1h	1.5369	−0.052%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0310%	8h	1.5359	−0.117%	$2.0M	$34.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5352	−0.165%	$17K	$81K	7x	as long as short
Hyperliquid XRPlong	+0.0392%	1h	1.5377	long leg	$289.9M	$215.3M	20x
Phoenix XRP	+0.0520%	1h	1.5350	−0.176%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0804%	1h	1.5343	−0.220%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5361	−0.107%	$515K	$758K	10x	as long as short