Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0237%/8h= −26.0% APRpaid last 24h −0.022%

Price spread now: SoDEX against Kalshi+0.032%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.181%−$18 · spread now +0.032%, 7d avg −0.045%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.077% dearer against Kalshi than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.045%): +$8 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 3 days (−0.070% in total) that is about 3.4 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.070% in total (about -8.2% 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	1.5643	0.0337	pay 0.0337% / 8h	5h 46m	$1.9M	$32.0M	2.9x
Short	SoDEX XRP-USD	1.5648	0.0100	get 0.0013% / 1h	46m 12s	$31K	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$49.78
Price spread: +0.032% → −0.045%: $7.68
Slippage, 4 orders: −$9.13
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$69.23
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; SoDEX: live order book, 3 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, 3 min ago	1.60 bp	8.1 bp −$8	11.5 bp −$115	17.8 bp −$1,781	doesn't fit
Sell SoDEX live order book, 3 min ago	0.32 bp	4.3 bp −$4	6.9 bp −$69	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	1.5636	−0.045%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5630	−0.084%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5637	−0.035%	$262K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0006%	1h	1.5655	+0.077%	$9.6M	$24.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.257%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5645	+0.010%	$15.7M	$67.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5652	+0.058%	$82K	$935K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0080% / S +0.0144%	1h	1.5639	−0.029%	$925K	—	200x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5608	−0.227%	$19K	$73K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5649	+0.036%	$3.0M	$11.7M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5650	+0.045%	$460K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5627	−0.099%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5645	+0.014%	$39.9M	$75.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5631	−0.076%	$675K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5649	+0.040%	$567.8M	$1.92B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5648	+0.032%	$355.2M	$869.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5648	+0.032%	$129.0M	$869.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5607	−0.230%	$581K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5638	−0.032%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−0.742%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5637	−0.038%	$372.6M	$135.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5636	−0.045%	$290.7M	$824.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5632	−0.068%	$113.1M	$153.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5651	+0.051%	$271.6M	$352.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5641	−0.013%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5524	−0.760%	$11.8M	$29.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5540	−0.658%	$675K	$98.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	−0.463%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5583	−0.384%	$1.0M	$878K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5629	−0.091%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5637	−0.038%	$53K	$437K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5639	−0.027%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5654	+0.071%	$843K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5652	+0.055%	$131K	$1.7M	30x	as long as short
SoDEX XRP-USDshort	+0.0100%	1h	1.5648	+0.032%	$31K	$1.9M	10x
HTX XRP-USDT	+0.0100%	8h	1.5636	−0.043%	$51.4M	$15.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5645	+0.013%	$55.7M	$28.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5635	−0.050%	$487K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5628	−0.096%	$12K	$248K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5651	+0.051%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5652	+0.057%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5635	−0.051%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5634	−0.061%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5656	+0.083%	$5.8M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5619	−0.153%	$24.6M	$71.9M	125x	as long as short
Kalshi KXXRPPERPlong	+0.0337%	8h	1.5643	long leg	$1.9M	$32.0M	2.9x
Backpack XRP_USDC_PERP	+0.0367%	1h	1.5633	−0.064%	$1.8M	$979K	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5590	−0.339%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5638	−0.033%	$410K	$533K	10x	as long as short
Aftermath Perps XRPUSD	+0.0606%	1h	1.5598	−0.289%	$1K	$11K	10x	as long as short
Hyperliquid XRP	+0.0646%	1h	1.5653	+0.064%	$289.6M	$196.3M	20x	as long as short