Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.004%

Price spread now: Kalshi against Backpack−0.026%7-day average +0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$300.295% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days+0.883%+$88 · spread now −0.026%, 7d avg +0.127%

Together, before fees+0.856%+$86 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: Kalshi is 0.153% cheaper against Backpack than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.127%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5382	0.0310	pay 0.0039% / 1h	9m 37s	$1.9M	$1.3M	25x
Short	Kalshi KXXRPPERP	1.5378	0.0317	get 0.0317% / 8h	3h 09m	$2.0M	$34.7M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.026%Rate

Funding earned: $1.53
Price spread: −0.026% → +0.127%: −$15.31
Slippage, 4 orders: −$9.52
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$43.3
Costs to cover: 0.295%
Break-even: 205.2 days

Slippage from Backpack: live order book, 4 min ago; Kalshi: 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 Backpack live order book, 4 min ago	0.32 bp	5.3 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	2.28 bp	9.5 bp −$9	11.7 bp −$117	19.7 bp −$1,975	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	1.5382	0.000%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5378	−0.028%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5375	−0.048%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0073%	1h	1.5372	−0.063%	$843K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.157%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5374	−0.052%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5372	−0.065%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0075%	1h	1.5368	−0.091%	$9.3M	$25.0M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5382	−0.003%	$2.9M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5385	+0.020%	$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	1.5371	−0.072%	$9K	$281K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5387	+0.031%	$480K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5382	+0.003%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5380	−0.012%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5382	+0.001%	$633K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5379	−0.020%	$543.3M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5380	−0.013%	$342.5M	$919.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5379	−0.020%	$125.0M	$869.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5366	−0.104%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5374	−0.052%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.699%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5381	−0.007%	$375.7M	$151.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5385	+0.020%	$307.3M	$914.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5378	−0.023%	$111.3M	$166.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5385	+0.020%	$270.0M	$374.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5375	−0.046%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	−0.182%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5360	−0.144%	$667K	$106.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5362	−0.130%	$1.1M	$37.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5376	−0.039%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5369	−0.085%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5376	−0.039%	$47K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5376	−0.041%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5374	−0.050%	$828K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5380	−0.010%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5363	−0.124%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5352	−0.197%	$50.3M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5371	−0.072%	$54.7M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5384	+0.013%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5366	−0.106%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5372	−0.063%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5355	−0.176%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5368	−0.091%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5365	−0.110%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERPlong	+0.0310%	1h	1.5382	long leg	$1.9M	$1.3M	25x
Hibachi XRP/USDT-P	+0.0312%	1h	1.5361	−0.135%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0317%	8h	1.5378	−0.026%	$2.0M	$34.7M	2.9x
Hyperliquid XRP	+0.0383%	1h	1.5393	+0.072%	$290.9M	$214.2M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5380	−0.013%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5385	+0.017%	$544K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0837%	1h	1.5369	−0.086%	$2K	$13K	10x	as long as short