Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Derive against Katana Perps−0.006%161s7-day average +0.019% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.548%−$55 · spread now −0.006%, 7d avg +0.019%

Together, before fees−0.519%−$52 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.026% cheaper against Katana Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.019%. The two prices were read 161 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5226	0.0100	pay 0.0100% / 8h	7h 46m	$20K	$382K	20x
Short	Derive XRP-PERP	1.5225	0.0100	get 0.0013% / 1h	46m 18s	$819K	$76K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Katana Perps. 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 Katana PerpsbpFee DerivebpOrdersPrice spread, now −0.006%Rate

Funding earned: $0.04
Price spread: −0.006% → +0.019%: −$2.58
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$12.34
Costs to cover: 0.098%
Break-even: 1965.7 days

Slippage unknown: Katana Perps: no order-book sample; Derive: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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
Kraken Futures PF_XRPUSD	−0.0171%	1h	1.5228	+0.011%	$14.8M	$76.0M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5241	+0.099%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5226	+0.001%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5240	+0.092%	$68K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5228	+0.013%	$7.7M	$23.9M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5223	−0.018%	$247K	—	150x	as long as short
Phemex XRPUSDT	+0.0007%	8h	1.5228	+0.013%	$54.4M	$32.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.194%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5227	+0.004%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5228	+0.015%	$2.8M	$14.5M	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	1.5232	+0.039%	$619K	$3.1M	20x	as long as short
Katana Perps XRP-USDlong	+0.0100%	8h	1.5226	long leg	$20K	$382K	20x
Nado XRP-PERP	+0.0100%	1h	1.5218	−0.049%	$997K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5225	−0.007%	$38.6M	$85.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5229	+0.022%	$613K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5224	−0.013%	$530.7M	$2.20B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5220	−0.039%	$352.4M	$945.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5221	−0.033%	$127.0M	$858.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5228	+0.013%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5235	+0.059%	$143K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5227	+0.010%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5223	−0.020%	$379.4M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5225	−0.007%	$313.8M	$912.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5227	+0.004%	$106.7M	$183.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5221	−0.033%	$269.9M	$384.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5224	−0.013%	—	$108.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5226	0.000%	$4.8M	$38.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5221	−0.036%	$661K	$113.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5230	+0.026%	$1.1M	$33.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5228	+0.013%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5232	+0.039%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5229	+0.020%	$52K	$513K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5228	+0.012%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5225	−0.007%	$78K	$667K	50x	as long as short
Derive XRP-PERPshort	+0.0100%	1h	1.5225	−0.006%	$819K	$76K	10x
SunX XRP-USDT	+0.0100%	8h	1.5237	+0.074%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5225	−0.007%	$28K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5234	+0.053%	$49.7M	$15.2M	75x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5234	+0.053%	$475K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5222	−0.029%	$2.1M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5222	−0.029%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0115% / S −0.0079%	1h	1.5224	−0.016%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5233	+0.046%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5227	+0.007%	$5.6M	$48.0M	50x	as long as short
Kalshi KXXRPPERP	+0.0174%	8h	1.5236	+0.066%	$1.7M	$33.4M	2.9x	as long as short
Hyperliquid XRP	+0.0195%	1h	1.5240	+0.092%	$291.1M	$267.8M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5225	−0.007%	$23.7M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5222	−0.024%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0270%	1h	1.5236	+0.066%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5229	+0.020%	$522K	$796K	10x	as long as short
Aftermath Perps XRPUSD	+0.0527%	1h	1.5220	−0.036%	$3K	$16K	10x	as long as short