Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against OKX+0.092%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 7 days−0.093%−$9 · spread now +0.092%, 7d avg +0.046%

Together, before fees+0.069%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.046% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XRP-USDT-SWAP	1.5172	0.0100	pay 0.0100% / 8h	6h 47m	$123.2M	$871.1M	100x
Short	Hyperliquid XRP	1.5186	0.0185	get 0.0023% / 1h	47m 09s	$280.9M	$223.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.092%Rate

Funding earned: $17.9
Price spread: +0.092% → +0.046%: $4.63
Slippage, 4 orders: −$3.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $0.28
Costs to cover: 0.222%
Break-even: 6.9 days

Slippage from OKX: live order book, 2 min ago; Hyperliquid: live order book, 7 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 OKX live order book, 2 min ago	0.33 bp	6.2 bp −$6	8.2 bp −$82	15.3 bp −$1,532	29.7 bp −$14.8K
Sell Hyperliquid live order book, 7 min ago	0.66 bp	5.2 bp −$5	6.3 bp −$63	12.0 bp −$1,197	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	1.5182	+0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5170	−0.016%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	+0.119%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5175	+0.019%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0066%	1h	1.5172	+0.003%	$832K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.557%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5162	−0.064%	$14.7M	$72.3M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0068%	8h	1.5173	+0.007%	$57K	$945K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5166	−0.040%	$9.1M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5172	+0.003%	$2.8M	$14.0M	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	1.5174	+0.013%	$519K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5182	+0.066%	$11K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5181	+0.063%	$879K	$5.8M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5178	+0.039%	$38.4M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5180	+0.053%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5169	−0.017%	$536.3M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5169	−0.020%	$337.3M	$937.8M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5172	long leg	$123.2M	$871.1M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	0.000%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5185	+0.086%	$115K	$722K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.072%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5178	+0.040%	$368.6M	$149.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5170	−0.013%	$292.7M	$897.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5178	+0.043%	$109.3M	$170.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5163	−0.059%	$264.7M	$383.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5175	+0.020%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.032%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5188	+0.106%	$660K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5207	+0.231%	$1.1M	$38.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5193	+0.138%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5181	+0.060%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5181	+0.059%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5179	+0.046%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5175	+0.022%	$817K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5170	−0.015%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5169	−0.020%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5169	−0.018%	$49.7M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5171	−0.007%	$53.8M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5180	+0.054%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5161	−0.075%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5164	−0.056%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5185	+0.086%	$8K	$8K	10x	as long as short
Hyperliquid XRPshort	+0.0185%	1h	1.5186	+0.092%	$280.9M	$223.0M	20x
Reya XRPRUSDPERP	+0.0214%	1h	1.5174	+0.015%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5170	−0.013%	$5.7M	$46.5M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.138%	$24.0M	$75.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0332%	8h	1.5180	+0.053%	$2.1M	$36.0M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0336%	1h	1.5184	+0.082%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0395%	1h	1.5200	+0.185%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5187	+0.101%	$538K	$782K	10x	as long as short
Aftermath Perps XRPUSD	+0.0802%	1h	1.5185	+0.085%	$2K	$14K	10x	as long as short