Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.018%

Price spread now: Katana Perps against Injective−2.616%7-day average +0.044% · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.203%−$20 on $10k

Price spread, last 4 days (all we have)+3.200%+$320 · spread now −2.616%, 7d avg +0.044%

Together, before fees+2.997%+$300 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 2.660% cheaper against Injective than usual: you would sell low and buy high (spread −2.616% now, against its 7-day average of +0.044%). If the spread goes back, that is −$266 on $10k: about 4 months of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.203%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	32m 27s	$2K	$107K	30x
Short	Katana Perps XRP-USD	1.5153	0.0099	get 0.0099% / 8h	1h 32m	$10K	$371K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −2.616%Rate

Funding earned: $13.8
Price spread: −2.616% → +0.044%: −$265.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$255.99
Costs to cover: 0.038%
Break-even: 136.8 days

Slippage unknown: Injective: live order book, 11 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 Injective live order book, 11 min ago	46.17 bp	46.2 bp −$46	59.3 bp −$593	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	1.5168	−2.519%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	−2.577%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−2.506%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5147	−2.657%	$245K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5170	−2.508%	$14.4M	$75.1M	50x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5169	−2.513%	$7.7M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0084% / S −0.0033%	1h	1.5152	−2.623%	$799K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5168	−2.521%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5156	−2.596%	$545K	$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
01 Exchange XRPUSD	+0.0096%	1h	1.5161	−2.564%	$8K	$2K	10x	as long as short
Katana Perps XRP-USDshort	+0.0099%	8h	1.5153	−2.616%	$10K	$371K	20x
Nado XRP-PERP	+0.0100%	1h	1.5149	−2.638%	$978K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5154	−2.609%	$38.5M	$87.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5159	−2.576%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5153	−2.618%	$531.2M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5148	−2.648%	$345.5M	$961.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5146	−2.661%	$127.2M	$882.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5151	−2.629%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5162	−2.558%	$143K	$714K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5153	−2.616%	$376.1M	$160.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5155	−2.603%	$300.0M	$923.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5153	−2.616%	$107.3M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5148	−2.648%	$267.2M	$397.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5151	−2.629%	—	$105.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5146	−2.662%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5160	−2.571%	$660K	$113.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5158	−2.584%	$1.1M	$36.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	−2.513%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5158	−2.581%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5156	−2.596%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5156	−2.595%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5152	−2.622%	$65K	$774K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−2.645%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5168	−2.519%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5167	−2.526%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5169	−2.515%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5166	−2.532%	$54.3M	$32.5M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5157	−2.590%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5158	−2.585%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5151	−2.629%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5149	−2.643%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5142	−2.683%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0167%	1h	1.5175	−2.474%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5172	−2.494%	$5.7M	$48.3M	50x	as long as short
Hyperliquid XRP	+0.0178%	1h	1.5166	−2.532%	$288.4M	$264.7M	20x	as long as short
Kalshi KXXRPPERP	+0.0206%	8h	1.5168	−2.519%	$1.7M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5149	−2.639%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5170	−2.506%	$23.6M	$77.9M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5160	−2.571%	$524K	$798K	10x	as long as short
Aftermath Perps XRPUSD	+0.0599%	1h	1.5161	−2.566%	$2K	$16K	10x	as long as short