Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0358%/8h= −39.1% APRpaid last 24h −0.033%

Price spread now: Phoenix against Kalshi+0.073%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$910.907% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.230%−$23 on $10k

Price spread, last 4 days (all we have)+0.464%+$46 · spread now +0.073%, 7d avg −0.041%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.114% dearer against Kalshi than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of −0.041%): +$11 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 7 days (−0.230% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.230% in total (about -12.0% 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	1.5129	0.0358	pay 0.0358% / 8h	1h 58m	$2.1M	$35.1M	2.9x
Short	Phoenix XRP	1.5140	0	get 0.0000% / 1h	58m 47s	$67K	$110K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$75.08
Price spread: +0.073% → −0.041%: $11.39
Slippage, 4 orders: −$73.73
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$154.42
Costs to cover: 0.907%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Phoenix: live order book, 49 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	2.31 bp	8.8 bp −$9	11.2 bp −$112	19.1 bp −$1,912	doesn't fit
Sell Phoenix live order book, 49 min ago	6.57 bp	35.9 bp −$36	83.5 bp −$835	doesn't fit	doesn't fit

XRP on 50 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	1.5118	−0.073%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5116	−0.086%	$1.1M	$110K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5140	+0.073%	$67K	$110K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5112	−0.113%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0024% / S +0.0052%	1h	1.5111	−0.117%	$798K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.849%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0074%	8h	1.5118	−0.073%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5113	−0.106%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5114	−0.100%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5116	−0.086%	$508K	$3.2M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5107	−0.145%	$9K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5111	−0.116%	$965K	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5125	−0.026%	$279.6M	$220.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5120	−0.058%	$38.3M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5123	−0.040%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5114	−0.099%	$535.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5112	−0.112%	$340.9M	$925.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5115	−0.093%	$124.5M	$862.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5118	−0.073%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5121	−0.053%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5144	+0.099%	$1.6M	$214K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5119	−0.066%	$367.2M	$149.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5120	−0.059%	$292.7M	$889.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5120	−0.056%	$106.6M	$170.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5112	−0.112%	$266.6M	$379.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5118	−0.073%	—	$126.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5125	−0.027%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5125	−0.024%	$657K	$109.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5132	+0.018%	$1.1M	$36.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5131	+0.013%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5115	−0.096%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5112	−0.112%	$42K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5112	−0.112%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5121	−0.053%	$814K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5124	−0.033%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5119	−0.066%	$31K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5106	−0.153%	$49.5M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5125	−0.026%	$53.9M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5115	−0.093%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5116	−0.086%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5116	−0.083%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0147%	1h	1.5123	−0.040%	$7.7M	$25.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5108	−0.138%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5124	−0.033%	$5.7M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0267%	1h	1.5132	+0.020%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5120	−0.062%	$14.5M	$72.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5108	−0.138%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0358%	8h	1.5129	long leg	$2.1M	$35.1M	2.9x
RISEx XRP/USDC	+0.0484%	1h	1.5118	−0.075%	$526K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0759%	1h	1.5129	0.000%	$2K	$14K	10x	as long as short