Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0493%/8h= −53.9% APRpaid last 24h −0.069%

Price spread now: OKX against Hyperliquid−0.173%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$200.203% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 7 days+0.171%+$17 · spread now −0.173%, 7d avg −0.044%

Together, before fees+0.024%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.129% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.147% in total (about -7.7% 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	1.5579	0.0593	pay 0.0074% / 1h	15m 01s	$291.2M	$204.4M	20x
Short	OKX XRP-USDT-SWAP	1.5552	0.0100	get 0.0100% / 8h	1h 15m	$127.6M	$882.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$103.44
Price spread: −0.173% → −0.044%: −$12.92
Slippage, 4 orders: −$1.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$136.69
Costs to cover: 0.203%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; OKX: 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	0.32 bp	4.9 bp −$5	6.7 bp −$67	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.32 bp	5.3 bp −$5	6.8 bp −$68	13.8 bp −$1,384	29.3 bp −$14.6K

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	1.5559	−0.128%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L −0.0002% / S +0.0116%	1h	1.5548	−0.200%	$851K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5551	−0.181%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5550	−0.186%	$9.5M	$25.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5549	−0.194%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	−0.122%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5553	−0.168%	$15.6M	$68.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5553	−0.167%	$78K	$947K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5557	−0.139%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5558	−0.135%	$441K	$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	1.5556	−0.148%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5560	−0.120%	$39.5M	$78.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5560	−0.122%	$640K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5562	−0.108%	$559.9M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5552	−0.173%	$346.3M	$901.1M	100x	as long as short
OKX XRP-USDT-SWAPshort	+0.0100%	8h	1.5552	−0.173%	$127.6M	$882.0M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5554	−0.160%	$579K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5560	−0.122%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	−0.079%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5559	−0.128%	$374.1M	$140.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5562	−0.109%	$298.8M	$860.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5557	−0.139%	$114.1M	$160.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5559	−0.128%	$271.8M	$364.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5559	−0.128%	—	$118.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5575	−0.029%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5570	−0.056%	$676K	$102.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5572	−0.047%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5581	+0.013%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5556	−0.149%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5554	−0.160%	$47K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5552	−0.174%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5551	−0.181%	$837K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5556	−0.148%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5554	−0.160%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5555	−0.151%	$51.1M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5553	−0.167%	$55.4M	$29.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5555	−0.151%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5557	−0.141%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5541	−0.242%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5546	−0.210%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5559	−0.128%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5552	−0.176%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5563	−0.103%	$5.9M	$47.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5550	−0.186%	$24.4M	$73.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0224%	1h	1.5577	−0.010%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5568	−0.071%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0325%	8h	1.5562	−0.109%	$1.9M	$33.1M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5550	−0.186%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5564	−0.095%	$510K	$630K	10x	as long as short
Hyperliquid XRPlong	+0.0593%	1h	1.5579	long leg	$291.2M	$204.4M	20x
Aftermath Perps XRPUSD	+0.0758%	1h	1.5560	−0.123%	$1K	$11K	10x	as long as short