Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0141%/8h= −15.4% APRpaid last 24h −0.059%

Price spread now: Deribit against Kalshi−0.091%56s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.314% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.091%, 7d avg −0.018%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.073% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.018%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5373	0.0141	pay 0.0141% / 8h	1h 54m	$1.9M	$34.9M	2.9x
Short	Deribit XRP_USDC-PERPETUAL	1.5359	0	get 0.0000% / 1h	54m 18s	$7.8M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.091%Rate

Funding earned: −$29.59
Price spread: −0.091% → −0.018%: −$7.26
Slippage, 4 orders: −$14.37
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$68.22
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	2.27 bp	10.5 bp −$11	11.1 bp −$111	18.6 bp −$1,856	doesn't fit
Sell Deribit live order book, 3 min ago	0.32 bp	5.3 bp −$5	7.7 bp −$77	293.1 bp −$29.3K	doesn't fit

XRP on 50 exchanges

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	1.5403	+0.195%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0062%	1h	1.5356	−0.111%	$14.1M	$71.6M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5367	−0.039%	$1.1M	$155K	10x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5359	−0.091%	$7.8M	$21.5M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5353	−0.132%	$245K	—	150x	as long as short
01 Exchange XRPUSD	+0.0016%	1h	1.5360	−0.085%	$9K	$987	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.216%	$2K	$107K	30x	as long as short
SoDEX XRP-USD	+0.0060%	1h	1.5356	−0.111%	$30K	$1.5M	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5354	−0.121%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5370	−0.020%	$601K	$3.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0099%	8h	1.5367	−0.039%	$479K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5359	−0.091%	$9K	$400K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5359	−0.088%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5371	−0.013%	$299.6M	$266.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5355	−0.120%	$39.3M	$81.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5367	−0.039%	$594K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5353	−0.127%	$535.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5355	−0.117%	$363.9M	$890.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5353	−0.130%	$124.8M	$838.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5365	−0.052%	$565K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5366	−0.046%	$165K	$684K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5379	+0.039%	$1.6M	$25K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5357	−0.104%	$383.3M	$155.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5356	−0.111%	$316.6M	$886.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5360	−0.083%	$106.8M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5353	−0.130%	$272.4M	$357.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5357	−0.104%	—	$103.5M	—	as long as short
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5377	+0.026%	$2.0M	$1.2M	25x	as long as short
Variational Omni XRP	+0.0100%	8h	1.5375	+0.010%	$5.0M	$38.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5375	+0.014%	$668K	$109.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5385	+0.081%	$1.1M	$30.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	+0.215%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5364	−0.060%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5360	−0.085%	$53K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5353	−0.128%	$42K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5352	−0.137%	$84K	$613K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5368	−0.031%	$129K	$1.5M	30x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5347	−0.167%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5357	−0.104%	$54.7M	$33.2M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5349	−0.153%	$2.2M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	−0.159%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5359	−0.091%	$5.5M	$44.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5373	−0.001%	$17K	$76K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0141%	8h	1.5373	long leg	$1.9M	$34.9M	2.9x
GMX XRP/USD [ETH-USDC]	L +0.0200% / S −0.0534%	1h	1.5365	−0.055%	$807K	—	200x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5361	−0.078%	$23.9M	$78.6M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5355	−0.117%	$1.4M	$1K	15x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5366	−0.047%	$514K	$739K	10x	as long as short
Aftermath Perps XRPUSD	+0.0432%	1h	1.5387	+0.089%	$3K	$13K	10x	as long as short
Phoenix XRP	+0.0516%	1h	1.5390	+0.111%	$69K	$108K	15x	as long as short