Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h −0.031%

Price spread now: Kraken Futures against Kalshi+0.037%7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.037%, 7d avg −0.038%

Together, before fees−0.196%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.075% dearer against Kalshi than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.038%): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 32 hours. At the pace of the last 7 days (−0.019% in total) that is about 28 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5259	0.0127	pay 0.0127% / 8h	1h 27m	$1.9M	$35.4M	2.9x
Short	Kraken Futures PF_XRPUSD	1.5265	−0.0063	pay 0.0008% / 1h	27m 43s	$13.8M	$69.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$39.82
Price spread: +0.037% → −0.038%: $7.51
Slippage, 4 orders: −$14.99
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$67.3
Costs to cover: 0.350%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: 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, 4 min ago	1.97 bp	8.9 bp −$9	12.9 bp −$129	19.8 bp −$1,976	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.29 bp	7.9 bp −$8	12.5 bp −$125	25.7 bp −$2,571	51.2 bp −$25.6K

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	1.5374	+0.754%	$5K	$4K	20x	as long as short
01 Exchange XRPUSD	−0.0072%	1h	1.5260	+0.007%	$9K	$987	10x	as long as short
Kraken Futures PF_XRPUSDshort	−0.0063%	1h	1.5265	+0.037%	$13.8M	$69.7M	50x
dYdX XRP-USD	0.0000%	1h	1.5255	−0.023%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5260	+0.007%	$68K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5265	+0.039%	$7.6M	$20.9M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5258	−0.005%	$241K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.973%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5265	+0.036%	$17K	$75K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5253	−0.036%	$2.8M	$14.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5257	−0.013%	$591K	$3.1M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5252	−0.046%	$476K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5254	−0.033%	$10K	$405K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5255	−0.023%	$1.1M	$5.8M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5264	+0.033%	$295.7M	$267.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5250	−0.059%	$38.8M	$80.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5255	−0.029%	$587K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5252	−0.046%	$529.7M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5248	−0.072%	$357.7M	$869.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5247	−0.079%	$123.6M	$821.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5240	−0.125%	$560K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5264	+0.033%	$162K	$696K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5258	−0.007%	$379.8M	$158.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5251	−0.052%	$307.4M	$901.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5252	−0.045%	$104.4M	$181.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5259	0.000%	$270.0M	$354.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5255	−0.026%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5257	−0.014%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5249	−0.065%	$662K	$109.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5255	−0.026%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5256	−0.020%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5260	+0.008%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5258	−0.007%	$52K	$473K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5258	−0.008%	$41K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5258	−0.007%	$83K	$601K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5261	+0.016%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5261	+0.013%	$33K	$1.4M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5254	−0.032%	$49.7M	$13.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5261	+0.013%	$54.4M	$33.3M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5287	+0.180%	$1.6M	$32K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5253	−0.037%	$2.2M	$6.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5256	−0.021%	$59K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0104%	1h	1.5273	+0.092%	$2.0M	$1.2M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5264	+0.033%	$5.5M	$42.8M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0127%	8h	1.5259	long leg	$1.9M	$35.4M	2.9x
BloFin XRP-USDT	+0.0220%	8h	1.5257	−0.013%	$23.7M	$77.6M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5255	−0.026%	$1.3M	$1K	15x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0226% / S −0.0461%	1h	1.5265	+0.040%	$859K	—	200x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5262	+0.019%	$513K	$726K	10x	as long as short
Aftermath Perps XRPUSD	+0.0338%	1h	1.5265	+0.037%	$3K	$13K	10x	as long as short