Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0211%/8h= +23.2% APRpaid last 24h +0.027%

Price spread now: Kalshi against Derive+0.086%7-day average +0.038% · you sell dearer than you buy

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

Long on Derive Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now +0.086%, 7d avg +0.038%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.048% dearer against Derive than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.038%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.0% 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	Derive XRP-PERP	1.5333	0.0100	pay 0.0013% / 1h	36m 04s	$825K	$81K	10x
Short	Kalshi KXXRPPERP	1.5346	0.0311	get 0.0311% / 8h	3h 36m	$2.1M	$35.1M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Derive. 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 DerivebpFee KalshibpOrdersPrice spread, now +0.086%Rate

Funding earned: $44.41
Price spread: +0.086% → +0.038%: $4.77
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $33.17
Costs to cover: 0.160%
Break-even: 1.8 days

Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	1.96 bp	8.6 bp −$9	11.2 bp −$112	17.9 bp −$1,787	doesn't fit

Derive: 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	1.5333	+0.001%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5340	+0.045%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5328	−0.030%	$256K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5333	+0.001%	$9.3M	$25.2M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0012% / S +0.0082%	1h	1.5328	−0.032%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.481%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5330	−0.019%	$58K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5339	+0.041%	$2.8M	$13.9M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5340	+0.047%	$513K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5336	+0.020%	$10K	$279K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5337	+0.024%	$478K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5338	+0.037%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5337	+0.029%	$38.8M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5339	+0.040%	$620K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5331	−0.011%	$539.9M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5330	−0.019%	$341.5M	$922.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5330	−0.019%	$124.8M	$870.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5328	−0.032%	$571K	$48K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5340	+0.047%	$118K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5296	−0.241%	$1.6M	$517K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5335	+0.014%	$373.9M	$149.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5338	+0.034%	$309.0M	$901.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5337	+0.028%	$108.8M	$165.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5335	+0.014%	$268.2M	$375.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5335	+0.014%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5328	−0.031%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5307	−0.166%	$665K	$107.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5296	−0.240%	$1.1M	$39.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5306	−0.175%	$1.0M	$892K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5329	−0.024%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5338	+0.034%	$49K	$442K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5330	−0.017%	$41K	$68K	20x	as long as short
Derive XRP-PERPlong	+0.0100%	1h	1.5333	long leg	$825K	$81K	10x
SunX XRP-USDT	+0.0100%	8h	1.5341	+0.052%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5332	−0.006%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5343	+0.064%	$50.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5339	+0.040%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5328	−0.030%	$2.1M	$7.1M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5336	+0.020%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5330	−0.016%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5328	−0.030%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5329	−0.025%	$24.0M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5345	+0.079%	$5.8M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5336	+0.023%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0285%	1h	1.5346	+0.086%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERPshort	+0.0311%	8h	1.5346	+0.086%	$2.1M	$35.1M	2.9x
Hibachi XRP/USDT-P	+0.0312%	1h	1.5300	−0.211%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0407%	1h	1.5351	+0.118%	$289.9M	$214.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5350	+0.112%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0792%	1h	1.5329	−0.024%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5343	+0.063%	$507K	$755K	10x	as long as short