Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0184%/8h= −20.2% APRpaid last 24h −0.055%

Price spread now: Injective against Kalshi+2.153%7-day average −0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs+$117as in the Price arb table

costs, in and out, $10k−$1091.086% of the position

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−2.747%−$275 · spread now +2.153%, 7d avg −0.103%

Together, before fees−2.707%−$271 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.256% dearer against Kalshi than usual: you sell high and buy low (spread +2.153% now, against its 7-day average of −0.103%): +$226 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 41 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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	1.5232	0.0217	pay 0.0217% / 8h	5h 03m	$1.8M	$34.8M	2.9x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	3m 15s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.153%Rate

Funding earned: −$38.65
Price spread: +2.153% → −0.103%: $225.6
Slippage, 4 orders: −$98.54
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $78.39
Costs to cover: 1.086%
Break-even: from the start

Slippage from Kalshi: live order book, 6 min ago; Injective: live order book, 40 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	1.97 bp	8.7 bp −$9	12.6 bp −$126	19.3 bp −$1,930	doesn't fit
Sell Injective live order book, 40 min ago	46.17 bp	46.2 bp −$46	59.4 bp −$594	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	1.5226	−0.039%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5225	−0.046%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5230	−0.013%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5219	−0.082%	$246K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5233	+0.009%	$14.5M	$74.3M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.153%	$2K	$107K	30x
Deribit XRP_USDC-PERPETUAL	+0.0078%	1h	1.5237	+0.033%	$7.9M	$24.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0093% / S −0.0048%	1h	1.5220	−0.080%	$786K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5237	+0.032%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5238	+0.039%	$547K	$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
Katana Perps XRP-USD	+0.0099%	8h	1.5222	−0.066%	$11K	$370K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5225	−0.046%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5235	+0.020%	$38.6M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5229	−0.021%	$617K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5235	+0.022%	$534.6M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5232	0.000%	$349.3M	$960.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5231	−0.007%	$128.2M	$881.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5220	−0.079%	$567K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5235	+0.020%	$145K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5223	−0.057%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5225	−0.046%	$378.0M	$162.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5234	+0.013%	$313.3M	$933.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5234	+0.016%	$108.3M	$183.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5223	−0.059%	$269.2M	$395.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5226	−0.039%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5235	+0.019%	$4.8M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5225	−0.044%	$662K	$114.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5225	−0.044%	$1.1M	$35.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5227	−0.033%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5229	−0.017%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5231	−0.007%	$50K	$510K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5222	−0.064%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5233	+0.007%	$75K	$686K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5224	−0.052%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5233	+0.010%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5234	+0.013%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5224	−0.052%	$49.7M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5237	+0.033%	$54.6M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5232	+0.003%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5229	−0.022%	$2.1M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5232	+0.002%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5237	+0.033%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5221	−0.073%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0172%	1h	1.5239	+0.046%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5238	+0.039%	$5.7M	$48.3M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0217%	8h	1.5232	long leg	$1.8M	$34.8M	2.9x
Hyperliquid XRP	+0.0218%	1h	1.5239	+0.046%	$290.3M	$266.6M	20x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5222	−0.064%	$1.3M	$4K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5227	−0.033%	$23.7M	$78.0M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5234	+0.011%	$530K	$806K	10x	as long as short
Aftermath Perps XRPUSD	+0.0706%	1h	1.5236	+0.026%	$2K	$16K	10x	as long as short