Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h +0.009%

Price spread now: Reya against Kalshi−0.045%7-day average −0.071% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 7 days−0.043%−$4 · spread now −0.045%, 7d avg −0.071%

Together, before fees−0.010%+ Points / potential airdropReya: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.026% dearer against Kalshi than usual: you sell high and buy low (spread −0.045% now, against its 7-day average of −0.071%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5319	0.0323	pay 0.0323% / 8h	3h 04m	$2.0M	$34.7M	2.9x
Short	Reya XRPRUSDPERP	1.5312	0.0214	get 0.0027% / 1h	4m 11s	$1.4M	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.045%Rate

Funding earned: −$22.89
Price spread: −0.045% → −0.071%: $2.6
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$36.29
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Reya: no order-book sample. Net counts fees only.

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	1.95 bp	10.4 bp −$10	12.2 bp −$122	19.9 bp −$1,990	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.5323	+0.026%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5322	+0.021%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5310	−0.059%	$256K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5304	−0.098%	$9.3M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0019% / S +0.0071%	1h	1.5309	−0.064%	$840K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.573%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0065%	8h	1.5306	−0.085%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5315	−0.026%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5302	−0.110%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5301	−0.118%	$512K	$3.3M	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	+0.0100%	8h	1.5318	−0.007%	$9K	$281K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5327	+0.054%	$478K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5317	−0.010%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5312	−0.047%	$38.7M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5322	+0.020%	$630K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5299	−0.131%	$540.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5289	−0.196%	$341.1M	$919.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5288	−0.202%	$124.2M	$865.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5351	+0.209%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5322	+0.020%	$116K	$716K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.200%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5313	−0.039%	$374.1M	$152.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5314	−0.033%	$303.8M	$916.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5313	−0.039%	$110.9M	$167.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5301	−0.118%	$268.5M	$375.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5314	−0.033%	—	$124.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5315	−0.028%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5348	+0.190%	$666K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5355	+0.235%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5390	+0.463%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5315	−0.025%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5319	0.000%	$47K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5313	−0.037%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5309	−0.067%	$824K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5324	+0.035%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5302	−0.111%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5305	−0.095%	$50.2M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5299	−0.131%	$54.3M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5298	−0.136%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5302	−0.110%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERPshort	+0.0214%	1h	1.5312	−0.045%	$1.4M	$7K	15x
BloFin XRP-USDT	+0.0220%	8h	1.5315	−0.026%	$24.1M	$73.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5308	−0.072%	$5.7M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5299	−0.128%	$14.4M	$70.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5317	−0.015%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0307%	1h	1.5322	+0.020%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERPlong	+0.0323%	8h	1.5319	long leg	$2.0M	$34.7M	2.9x
Hyperliquid XRP	+0.0370%	1h	1.5328	+0.059%	$289.3M	$215.0M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5330	+0.072%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5325	+0.038%	$542K	$775K	10x	as long as short
Aftermath Perps XRPUSD	+0.0846%	1h	1.5337	+0.120%	$2K	$13K	10x	as long as short