Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0101%/8h= +11.0% APRpaid last 24h +0.028%

Price spread now: Katana Perps against Deribit−0.058%7-day average −0.042% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.195%+$19 · spread now −0.058%, 7d avg −0.042%

Together, before fees+0.185%+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, 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	Deribit XRP_USDC-PERPETUAL	1.5553	0	get 0.0000% / 1h	25m 21s	$9.6M	$25.3M	50x
Short	Katana Perps XRP-USD	1.5544	0.0101	get 0.0101% / 8h	1h 25m	$12K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.058%Rate

Funding earned: $21.16
Price spread: −0.058% → −0.042%: −$1.54
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $8.82
Costs to cover: 0.108%
Break-even: 4.1 days

Slippage unknown: Deribit: live order book, 4 min ago; Katana Perps: no order-book sample. Net counts fees only.

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	1.29 bp	6.0 bp −$6	8.1 bp −$81	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5536	−0.109%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5542	−0.072%	$1.1M	$114K	10x	as long as short
Deribit XRP_USDC-PERPETUALlong	0.0000%	1h	1.5553	long leg	$9.6M	$25.3M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5548	−0.030%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.691%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5555	+0.011%	$15.5M	$68.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0053% / S +0.0122%	1h	1.5549	−0.025%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5547	−0.039%	$76K	$946K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5557	+0.024%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5543	−0.064%	$440K	$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
Nado XRP-PERP	+0.0100%	1h	1.5545	−0.048%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5557	+0.023%	$39.5M	$78.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5542	−0.072%	$640K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5551	−0.013%	$559.5M	$1.97B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5549	−0.026%	$348.5M	$894.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5547	−0.039%	$127.6M	$879.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5528	−0.161%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5554	+0.006%	$119K	$740K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5551	−0.013%	$374.2M	$140.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5551	−0.013%	$293.7M	$852.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5550	−0.023%	$113.6M	$158.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5549	−0.026%	$271.3M	$362.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5549	−0.026%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5537	−0.106%	$11.7M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5495	−0.371%	$675K	$101.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5534	−0.124%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5504	−0.315%	$1.0M	$882K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5553	0.000%	$46K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5550	−0.019%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5549	−0.023%	$837K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5562	+0.055%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5551	−0.013%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5549	−0.026%	$51.0M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5554	+0.006%	$55.3M	$29.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.491%	$1.7M	$578K	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5546	−0.043%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5537	−0.105%	$484K	$54K	50x	as long as short
Katana Perps XRP-USDshort	+0.0101%	8h	1.5544	−0.058%	$12K	$259K	20x
Extended XRP-USD	+0.0104%	1h	1.5548	−0.035%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5547	−0.041%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5552	−0.006%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5531	−0.141%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5548	−0.034%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5560	+0.045%	$5.8M	$47.2M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5554	+0.006%	$24.6M	$73.7M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0275%	1h	1.5545	−0.051%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0320%	8h	1.5556	+0.019%	$1.9M	$32.8M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.469%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5559	+0.041%	$510K	$629K	10x	as long as short
Hyperliquid XRP	+0.0601%	1h	1.5569	+0.103%	$291.4M	$203.0M	20x	as long as short
Aftermath Perps XRPUSD	+0.0735%	1h	1.5543	−0.065%	$1K	$11K	10x	as long as short