Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0268%/8h= −29.4% APRpaid last 24h +0.015%

Price spread now: Kraken Futures against Binance+0.049%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$300.298% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)−0.403%−$40 · spread now +0.049%, 7d avg −0.001%

Together, before fees−0.289%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.050% dearer against Binance than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of −0.001%): +$5 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 15 hours. Mind the row above: over the last 7 days funding on this pair paid +0.114%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.114% in total (about 5.9% 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	Binance XRPUSDT	1.5494	0.0100	pay 0.0100% / 8h	7h 01m	$541.7M	$2.12B	100x
Short	Kraken Futures PF_XRPUSD	1.5502	−0.0168	pay 0.0021% / 1h	1m 41s	$14.2M	$73.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$56.31
Price spread: +0.049% → −0.001%: $4.97
Slippage, 4 orders: −$9.77
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$81.11
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Kraken Futures: live order book, 2 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 Binance live order book, 12 min ago	0.33 bp	5.3 bp −$5	6.4 bp −$64	13.1 bp −$1,313	30.8 bp −$15.4K
Sell Kraken Futures live order book, 2 min ago	0.64 bp	9.3 bp −$9	10.4 bp −$104	21.1 bp −$2,112	45.4 bp −$22.7K

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
Kraken Futures PF_XRPUSDshort	−0.0168%	1h	1.5502	+0.049%	$14.2M	$73.6M	50x
Hotstuff XRP-PERP	−0.0080%	1h	1.5524	+0.194%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5490	−0.026%	$70K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5504	+0.065%	$8.0M	$22.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5500	+0.037%	$252K	—	150x	as long as short
dYdX XRP-USD	+0.0005%	1h	1.5513	+0.120%	$1.1M	$155K	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.426%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0056%	1h	1.5535	+0.268%	$18K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0064%	1h	1.5502	+0.052%	$9K	$2K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5494	+0.002%	$2.8M	$14.8M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5502	+0.052%	$628K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5488	−0.039%	$20K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5493	−0.004%	$483K	$52K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5505	+0.074%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5496	+0.011%	$39.2M	$82.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5496	+0.013%	$627K	$1.0M	20x	as long as short
Binance XRPUSDTlong	+0.0100%	8h	1.5494	long leg	$541.7M	$2.12B	100x
Bybit XRPUSDT	+0.0100%	8h	1.5483	−0.071%	$361.3M	$910.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5485	−0.058%	$125.9M	$849.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5481	−0.084%	$569K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5495	+0.006%	$168K	$704K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5432	−0.399%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5492	−0.013%	$388.3M	$160.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5486	−0.052%	$312.2M	$944.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5483	−0.070%	$109.9M	$180.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5486	−0.052%	$274.7M	$360.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5485	−0.058%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5506	+0.077%	$4.9M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5483	−0.071%	$674K	$113.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5525	+0.201%	$1.1M	$32.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5485	−0.058%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5513	+0.120%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5507	+0.084%	$53K	$502K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5507	+0.083%	$42K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5503	+0.058%	$78K	$623K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5503	+0.060%	$130K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5498	+0.026%	$31K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5492	−0.015%	$50.6M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5497	+0.019%	$55.1M	$33.2M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5482	−0.076%	$2.1M	$5.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5500	+0.038%	$60K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0143% / S −0.0109%	1h	1.5498	+0.024%	$831K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5502	+0.052%	$5.3M	$46.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0171%	8h	1.5517	+0.148%	$1.8M	$33.0M	2.9x	as long as short
Hyperliquid XRP	+0.0195%	1h	1.5500	+0.039%	$298.8M	$266.1M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5528	+0.219%	$23.9M	$79.2M	125x	as long as short
Reya XRPRUSDPERP	+0.0222%	1h	1.5495	+0.006%	$1.4M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0237%	1h	1.5508	+0.090%	$2.0M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5535	+0.263%	$523K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0478%	1h	1.5471	−0.152%	$3K	$15K	10x	as long as short