Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.004%

Price spread now: Backpack against Kalshi−0.091%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

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

costs, in and out, $10k−$300.295% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 7 days−0.766%−$77 · spread now −0.091%, 7d avg −0.127%

Together, before fees−0.739%−$74 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.036% dearer against Kalshi than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.127%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5385	0.0321	pay 0.0321% / 8h	3h 08m	$2.0M	$34.7M	2.9x
Short	Backpack XRP_USDC_PERP	1.5371	0.0313	get 0.0039% / 1h	8m 26s	$1.9M	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$1.65
Price spread: −0.091% → −0.127%: $3.61
Slippage, 4 orders: −$9.52
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.57
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Backpack: live order book, 6 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 Kalshi live order book, 6 min ago	2.28 bp	9.4 bp −$9	13.7 bp −$137	21.0 bp −$2,097	doesn't fit
Sell Backpack live order book, 6 min ago	0.32 bp	5.3 bp −$5	7.0 bp −$70	doesn't fit	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	1.5366	−0.123%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5342	−0.282%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5348	−0.242%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0073%	1h	1.5347	−0.249%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.137%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	−0.221%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5339	−0.299%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5346	−0.253%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5342	−0.279%	$514K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5338	−0.305%	$9K	$281K	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	1.5333	−0.341%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5332	−0.348%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5340	−0.293%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5342	−0.282%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5351	−0.221%	$542.3M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5351	−0.221%	$341.9M	$919.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5352	−0.214%	$124.5M	$868.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	−0.409%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5338	−0.305%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5274	−0.718%	$1.6M	$378K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5348	−0.240%	$374.8M	$151.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5350	−0.227%	$305.0M	$914.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5348	−0.238%	$111.1M	$166.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5349	−0.234%	$269.3M	$375.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5338	−0.305%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	−0.202%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5360	−0.164%	$667K	$106.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5362	−0.149%	$1.1M	$37.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5376	−0.058%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5348	−0.243%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5347	−0.247%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5349	−0.233%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5353	−0.210%	$826K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5356	−0.186%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5352	−0.214%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5364	−0.139%	$50.4M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5364	−0.136%	$54.6M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5347	−0.247%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	−0.233%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5353	−0.208%	$9.3M	$24.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5344	−0.264%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5359	−0.169%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5358	−0.175%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5355	−0.197%	$14.5M	$70.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5374	−0.071%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERPshort	+0.0313%	1h	1.5371	−0.091%	$1.9M	$1.3M	25x
Kalshi KXXRPPERPlong	+0.0321%	8h	1.5385	long leg	$2.0M	$34.7M	2.9x
Hyperliquid XRP	+0.0378%	1h	1.5356	−0.188%	$290.3M	$214.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5360	−0.162%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5341	−0.286%	$543K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0838%	1h	1.5354	−0.202%	$2K	$13K	10x	as long as short