Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.038%

Price spread now: Lighter against Kalshi−0.004%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 7 days−0.090%−$9 · spread now −0.004%, 7d avg −0.045%

Together, before fees−0.229%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.041% dearer against Kalshi than usual: you sell high and buy low (spread −0.004% now, against its 7-day average of −0.045%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5287	0.0169	pay 0.0169% / 8h	3h 22m	$1.7M	$33.2M	2.9x
Short	Lighter XRP	1.5286	0.0096	get 0.0012% / 1h	22m 09s	$2.8M	$14.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$15.3
Price spread: −0.004% → −0.045%: $4.1
Slippage, 4 orders: −$16.97
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$38.17
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Lighter: 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, 2 min ago	3.94 bp	15.5 bp −$15	15.9 bp −$159	22.4 bp −$2,238	doesn't fit
Sell Lighter live order book, 6 min ago	0.19 bp	0.7 bp −$1	5.7 bp −$57	14.7 bp −$1,467	37.3 bp −$18.6K

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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5287	+0.002%	$14.8M	$74.1M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5280	−0.046%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	−0.635%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5287	0.000%	$248K	—	150x	as long as short
dYdX XRP-USD	+0.0008%	1h	1.5277	−0.063%	$1.1M	$158K	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.786%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5297	+0.065%	$7.8M	$23.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5262	−0.161%	$17K	$78K	7x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5276	−0.072%	$9K	$2K	10x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5286	−0.004%	$2.8M	$14.6M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5292	+0.033%	$621K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5270	−0.111%	$20K	$380K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5281	−0.036%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5289	+0.013%	$38.7M	$84.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5285	−0.012%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5287	−0.002%	$532.9M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5291	+0.026%	$357.2M	$931.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5291	+0.026%	$126.9M	$851.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.615%	$557K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5282	−0.033%	$144K	$703K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−0.952%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5290	+0.020%	$375.9M	$155.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5292	+0.033%	$316.7M	$922.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5286	−0.007%	$107.6M	$181.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5291	+0.026%	$270.2M	$376.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5292	+0.033%	—	$108.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−0.866%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5184	−0.675%	$659K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5198	−0.584%	$1.1M	$33.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5177	−0.720%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5281	−0.036%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5276	−0.072%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5289	+0.016%	$41K	$67K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5290	+0.020%	$78K	$647K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.899%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5294	+0.044%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5291	+0.026%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5288	+0.003%	$49.9M	$14.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5289	+0.013%	$54.3M	$33.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5284	−0.018%	$477K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5287	−0.002%	$2.1M	$6.6M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5291	+0.024%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0122% / S −0.0091%	1h	1.5268	−0.123%	$781K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5293	+0.039%	$5.4M	$47.6M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0169%	8h	1.5287	long leg	$1.7M	$33.2M	2.9x
Hyperliquid XRP	+0.0180%	1h	1.5304	+0.111%	$292.7M	$263.8M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0204%	1h	1.5303	+0.105%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5268	−0.124%	$23.9M	$77.5M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5280	−0.043%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5278	−0.060%	$523K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0543%	1h	1.5206	−0.528%	$2K	$16K	10x	as long as short