Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0331%/8h= +36.2% APRpaid last 24h +0.061%

Price spread now: Kalshi against Deribit+0.033%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now +0.033%, 7d avg +0.014%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% 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	Deribit XRP_USDC-PERPETUAL	1.5180	0	get 0.0000% / 1h	25m 01s	$7.8M	$25.5M	50x
Short	Kalshi KXXRPPERP	1.5185	0.0331	get 0.0331% / 8h	7h 25m	$1.9M	$35.1M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.033%Rate

Funding earned: $69.45
Price spread: +0.033% → +0.014%: $1.88
Slippage, 4 orders: −$10.96
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $43.36
Costs to cover: 0.280%
Break-even: 2.6 days

Slippage from Deribit: 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 Deribit live order book, 4 min ago	0.33 bp	5.6 bp −$6	7.8 bp −$78	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	1.97 bp	8.9 bp −$9	11.9 bp −$119	19.5 bp −$1,950	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	1.5184	+0.026%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5188	+0.051%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUALlong	0.0000%	1h	1.5180	long leg	$7.8M	$25.5M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5177	−0.017%	$254K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5174	−0.041%	$14.4M	$74.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.503%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5177	−0.021%	$792K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5179	−0.009%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5180	0.000%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5187	+0.046%	$10K	$347K	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	1.5183	+0.023%	$989K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5164	−0.109%	$38.5M	$85.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5188	+0.052%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5163	−0.112%	$534.6M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5162	−0.119%	$346.1M	$943.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5162	−0.119%	$126.5M	$882.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5182	+0.013%	$565K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5189	+0.059%	$134K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5212	+0.211%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5173	−0.046%	$368.7M	$155.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5171	−0.059%	$296.0M	$904.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5178	−0.011%	$109.1M	$177.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5171	−0.059%	$269.1M	$389.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5174	−0.040%	—	$127.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5187	+0.044%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5189	+0.057%	$660K	$110.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5219	+0.257%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5196	+0.105%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5184	+0.027%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5183	+0.020%	$45K	$477K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5178	−0.013%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5178	−0.013%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5179	−0.004%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5183	+0.020%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5174	−0.040%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	+0.042%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5178	−0.013%	$54.0M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5185	+0.034%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5173	−0.045%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5173	−0.046%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5190	+0.066%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5184	+0.026%	$5.7M	$47.7M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5176	−0.027%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5179	−0.007%	$24.1M	$76.0M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0264%	1h	1.5182	+0.013%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5191	+0.075%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0331%	8h	1.5185	+0.033%	$1.9M	$35.1M	2.9x
RISEx XRP/USDC	+0.0358%	1h	1.5187	+0.049%	$517K	$776K	10x	as long as short
Hyperliquid XRP	+0.0401%	1h	1.5191	+0.072%	$300.5M	$246.2M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5190	+0.066%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0679%	1h	1.5204	+0.160%	$2K	$15K	10x	as long as short