Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against Phemex+0.085%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 on $10k

Price spread, last 4 days (all we have)+0.636%+$64 · spread now +0.085%, 7d avg +0.069%

Together, before fees+0.810%+ Points / potential airdropHyperliquid: Season 2 · farm board+$81 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.069%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5207	0.0100	pay 0.0100% / 8h	7h 36m	$54.3M	$32.7M	50x
Short	Hyperliquid XRP	1.5220	0.0189	get 0.0024% / 1h	36m 00s	$290.8M	$267.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.085%Rate

Funding earned: $18.61
Price spread: +0.085% → +0.069%: $1.68
Slippage, 4 orders: −$7.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$8.48
Costs to cover: 0.288%
Break-even: 10.2 days

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 8 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 Phemex live order book, 3 min ago	0.33 bp	6.8 bp −$7	10.4 bp −$104	18.5 bp −$1,851	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.33 bp	4.8 bp −$5	6.5 bp −$65	11.1 bp −$1,114	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
Kraken Futures PF_XRPUSD	−0.0171%	1h	1.5210	+0.021%	$14.7M	$74.9M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5218	+0.072%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5208	+0.006%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	+0.085%	$68K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5213	+0.039%	$7.7M	$23.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5202	−0.033%	$247K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.321%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5214	+0.048%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5208	+0.005%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5212	+0.033%	$620K	$3.1M	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	1.5198	−0.059%	$20K	$380K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5194	−0.082%	$993K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5205	−0.015%	$38.5M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5206	−0.005%	$612K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5204	−0.020%	$530.0M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5200	−0.046%	$354.7M	$941.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5201	−0.039%	$126.8M	$853.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5173	−0.224%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5206	−0.007%	$143K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.039%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5204	−0.020%	$374.8M	$153.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5205	−0.013%	$312.7M	$914.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5209	+0.010%	$106.2M	$183.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5201	−0.039%	$269.0M	$382.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5207	0.000%	—	$108.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5191	−0.105%	$4.8M	$38.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5194	−0.086%	$662K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	−0.135%	$1.1M	$33.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5199	−0.053%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5205	−0.011%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5199	−0.053%	$52K	$511K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5198	−0.060%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5205	−0.013%	$78K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5208	+0.004%	$818K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5210	+0.022%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5208	+0.007%	$30K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5197	−0.065%	$49.6M	$15.1M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5207	long leg	$54.3M	$32.7M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5207	+0.003%	$474K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5196	−0.069%	$2.1M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5204	−0.017%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0118% / S −0.0083%	1h	1.5201	−0.036%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5202	−0.033%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5207	0.000%	$5.5M	$47.7M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5209	+0.013%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRPshort	+0.0189%	1h	1.5220	+0.085%	$290.8M	$267.2M	20x
BloFin XRP-USDT	+0.0220%	8h	1.5209	+0.013%	$23.7M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5205	−0.011%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0231%	1h	1.5216	+0.059%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5201	−0.041%	$522K	$798K	10x	as long as short
Aftermath Perps XRPUSD	+0.0554%	1h	1.5208	+0.005%	$2K	$16K	10x	as long as short