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% APRnext payment −$0.00 per $10,000 · paid last 24h −0.083%

Price spread now: Nado against Hyperliquid−0.089%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$180.179% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.106%−$11 on $10k

Price spread, last 7 days+0.128%+$13 · spread now −0.089%, 7d avg −0.014%

Together, before fees+0.022%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$2 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: Nado is 0.076% cheaper against Hyperliquid than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XRP	1.5125	0.0100	pay 0.0013% / 1h	58m 43s	$279.6M	$220.1M	20x
Short	Nado XRP-PERP	1.5111	0.0100	get 0.0012% / 1h	58m 43s	$965K	$5.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.089%Rate

Funding earned: $0
Price spread: −0.089% → −0.014%: −$7.57
Slippage, 4 orders: −$1.87
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$25.44
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	0.33 bp	4.8 bp −$5	5.2 bp −$52	10.9 bp −$1,086	doesn't fit
Sell Nado live order book, 5 min ago	0.33 bp	4.2 bp −$4	7.2 bp −$72	35.4 bp −$3,537	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	1.5118	−0.046%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5116	−0.060%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5140	+0.099%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5112	−0.087%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0024% / S +0.0052%	1h	1.5111	−0.090%	$798K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.876%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0074%	8h	1.5118	−0.046%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5113	−0.079%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5114	−0.074%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5116	−0.060%	$508K	$3.2M	20x	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	1.5107	−0.119%	$9K	$305K	20x	as long as short
Nado XRP-PERPshort	+0.0100%	1h	1.5111	−0.089%	$965K	$5.9M	20x
Hyperliquid XRPlong	+0.0100%	1h	1.5125	long leg	$279.6M	$220.1M	20x
Aster XRPUSDT	+0.0100%	8h	1.5120	−0.031%	$38.3M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5123	−0.013%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5114	−0.073%	$535.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5112	−0.086%	$340.9M	$925.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5115	−0.066%	$124.5M	$862.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5118	−0.046%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5121	−0.026%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5144	+0.126%	$1.6M	$214K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5119	−0.040%	$367.2M	$149.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5120	−0.033%	$292.7M	$889.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5120	−0.030%	$106.6M	$170.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5112	−0.086%	$266.6M	$379.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5118	−0.046%	—	$126.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5125	−0.001%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5125	+0.002%	$657K	$109.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5132	+0.045%	$1.1M	$36.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5131	+0.040%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5115	−0.069%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5112	−0.086%	$42K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5112	−0.086%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5121	−0.026%	$814K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5124	−0.007%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5119	−0.040%	$31K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5106	−0.126%	$49.5M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5125	0.000%	$53.9M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5115	−0.066%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5116	−0.060%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5116	−0.056%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0147%	1h	1.5123	−0.013%	$7.7M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5108	−0.112%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5124	−0.007%	$5.7M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0267%	1h	1.5132	+0.046%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5120	−0.035%	$14.5M	$72.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5108	−0.111%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0358%	8h	1.5129	+0.026%	$2.1M	$35.1M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5118	−0.048%	$526K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0759%	1h	1.5129	+0.026%	$2K	$14K	10x	as long as short