Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.022%

Price spread now: Bulk against Kalshi−0.015%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 7 days−0.049%−$5 · spread now −0.015%, 7d avg −0.038%

Together, before fees−0.117%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.023% dearer against Kalshi than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.038%): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.068% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.068% in total (about -7.4% 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	Kalshi KXXRPPERP	1.5569	0.0322	pay 0.0322% / 8h	5h 19m	$1.9M	$33.0M	2.9x
Short	Bulk XRP-USD	1.5567	0.0100	get 0.0013% / 1h	19m 29s	$1.7M	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$46.64
Price spread: −0.015% → −0.038%: $2.33
Slippage, 4 orders: −$9.59
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$70.9
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Bulk: live order book, 5 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, 5 min ago	1.93 bp	8.6 bp −$9	12.5 bp −$125	19.3 bp −$1,928	doesn't fit
Sell Bulk live order book, 5 min ago	0.32 bp	3.8 bp −$4	5.1 bp −$51	14.1 bp −$1,410	26.9 bp −$13.5K

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	1.5550	−0.122%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5542	−0.170%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5535	−0.218%	$9.5M	$25.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5545	−0.154%	$260K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	−0.058%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5538	−0.201%	$15.4M	$68.7M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0119%	1h	1.5544	−0.163%	$1.1M	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5534	−0.225%	$78K	$949K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5544	−0.160%	$3.0M	$12.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5550	−0.122%	$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	1.5549	−0.125%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5545	−0.157%	$39.4M	$78.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5545	−0.154%	$640K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5549	−0.128%	$559.3M	$1.98B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5555	−0.090%	$346.6M	$900.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5553	−0.103%	$127.5M	$881.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	−0.083%	$580K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5549	−0.128%	$119K	$742K	20x	as long as short
Bulk XRP-USDshort	+0.0100%	1h	1.5567	−0.015%	$1.7M	$578K	20x
Gate XRP_USDT	+0.0100%	8h	1.5544	−0.161%	$373.8M	$140.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5543	−0.167%	$295.3M	$858.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5548	−0.137%	$113.9M	$159.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5555	−0.090%	$271.8M	$363.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5541	−0.180%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5549	−0.131%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5567	−0.014%	$676K	$102.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5574	+0.030%	$1.1M	$41.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5555	−0.090%	$1.0M	$883K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5558	−0.071%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5544	−0.160%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5535	−0.220%	$836K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5544	−0.161%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5537	−0.206%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5543	−0.165%	$51.0M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5543	−0.167%	$55.3M	$29.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5553	−0.102%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5541	−0.178%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5551	−0.116%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5540	−0.183%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5534	−0.225%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5555	−0.090%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5566	−0.021%	$18K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5555	−0.089%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5544	−0.161%	$5.8M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5570	+0.006%	$24.5M	$74.0M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0297%	1h	1.5552	−0.109%	$1.8M	$1.0M	25x	as long as short
Kalshi KXXRPPERPlong	+0.0322%	8h	1.5569	long leg	$1.9M	$33.0M	2.9x
Phoenix XRP	+0.0516%	1h	1.5560	−0.058%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5557	−0.078%	$509K	$630K	10x	as long as short
Hyperliquid XRP	+0.0598%	1h	1.5565	−0.026%	$290.3M	$203.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0745%	1h	1.5559	−0.066%	$1K	$11K	10x	as long as short