Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Katana Perps+0.065%7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.065% dearer against Katana Perps than usual: you sell high and buy low (spread +0.065% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5346	0.0100	pay 0.0100% / 8h	7h 07m	$9K	$281K	20x
Short	Hotstuff XRP-PERP	1.5356	−0.0080	pay 0.0010% / 1h	7m 13s	$7K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$37.76
Price spread: +0.065% → 0.000%: $6.52
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$40.04
Costs to cover: 0.088%
Break-even: never at this rate

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

Katana Perps and Hotstuff: 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-PERPshort	−0.0080%	1h	1.5356	+0.065%	$7K	$2K	20x
dYdX XRP-USD	0.0000%	1h	1.5354	+0.054%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5346	−0.003%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0018% / S +0.0072%	1h	1.5345	−0.008%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.395%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0064%	8h	1.5351	+0.033%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5341	−0.033%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5351	+0.033%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5357	+0.072%	$515K	$3.2M	20x	as long as short
Katana Perps XRP-USDlong	+0.0100%	8h	1.5346	long leg	$9K	$281K	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5359	+0.088%	$479K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5351	+0.036%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5349	+0.018%	$38.8M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5355	+0.058%	$632K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5351	+0.033%	$542.3M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5350	+0.026%	$342.1M	$918.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5352	+0.039%	$124.6M	$868.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	−0.156%	$572K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5355	+0.059%	$117K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.024%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5346	0.000%	$374.8M	$151.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5347	+0.007%	$304.9M	$915.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5346	0.000%	$111.0M	$167.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5350	+0.026%	$269.2M	$375.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5349	+0.020%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5354	+0.052%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5376	+0.196%	$668K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5355	+0.059%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5390	+0.287%	$1.2M	$997K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5348	+0.015%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5349	+0.020%	$47K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5350	+0.024%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5354	+0.053%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5357	+0.074%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5351	+0.033%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5349	+0.020%	$50.3M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5351	+0.033%	$54.6M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5347	+0.004%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5349	+0.023%	$59K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0141%	1h	1.5352	+0.039%	$9.3M	$24.9M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5343	−0.018%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5355	+0.059%	$24.1M	$74.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5358	+0.078%	$5.7M	$46.7M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5351	+0.030%	$14.5M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0311%	1h	1.5356	+0.065%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5374	+0.183%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0322%	8h	1.5360	+0.091%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0376%	1h	1.5360	+0.091%	$290.4M	$214.4M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5360	+0.091%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5350	+0.029%	$543K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0833%	1h	1.5354	+0.051%	$2K	$13K	10x	as long as short