Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0162%/8h= −17.8% APRpaid last 24h +0.006%

Price spread now: Kraken Futures against Katana Perps+0.045%7-day average +0.021% · you sell dearer than you buy

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

Long on Katana Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.093%+$9 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now +0.045%, 7d avg +0.021%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.024% dearer against Katana Perps than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of +0.021%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 hours. Mind the row above: over the last 4 days funding on this pair paid +0.093%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5320	0.0100	pay 0.0100% / 8h	5h 05m	$10K	$410K	20x
Short	Kraken Futures PF_XRPUSD	1.5327	−0.0062	pay 0.0008% / 1h	5m 24s	$13.8M	$69.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$34.06
Price spread: +0.045% → +0.021%: $2.37
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$45.49
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Kraken Futures: live order book, 2 min ago. 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 Kraken Futures live order book, 2 min ago	1.96 bp	7.8 bp −$8	10.8 bp −$108	22.0 bp −$2,198	45.2 bp −$22.6K

Katana Perps: 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 exchanges

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	1.5395	+0.490%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSDshort	−0.0062%	1h	1.5327	+0.045%	$13.8M	$69.3M	50x
dYdX XRP-USD	0.0000%	1h	1.5327	+0.042%	$1.1M	$154K	10x	as long as short
01 Exchange XRPUSD	0.0000%	1h	1.5331	+0.072%	$9K	$987	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5330	+0.065%	$69K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5327	+0.046%	$7.7M	$20.2M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5318	−0.012%	$242K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.567%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5327	+0.049%	$17K	$70K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5328	+0.053%	$2.8M	$14.2M	20x	as long as short

Show all 51 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5331	+0.072%	$599K	$3.2M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5328	+0.054%	$478K	$47K	50x	as long as short
Katana Perps XRP-USDlong	+0.0100%	8h	1.5320	long leg	$10K	$410K	20x
Nado XRP-PERP	+0.0100%	1h	1.5324	+0.029%	$838K	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5340	+0.127%	$297.5M	$264.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5327	+0.047%	$39.0M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5326	+0.040%	$589K	$987K	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5327	+0.047%	$533.0M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5326	+0.039%	$361.4M	$860.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5326	+0.039%	$124.2M	$824.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5267	−0.346%	$562K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5330	+0.065%	$163K	$695K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5326	+0.039%	$377.6M	$161.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5328	+0.052%	$316.6M	$908.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5327	+0.045%	$104.9M	$180.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5327	+0.046%	$271.4M	$350.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5322	+0.013%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5324	+0.029%	$4.9M	$38.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5302	−0.115%	$665K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5299	−0.137%	$1.1M	$32.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5287	−0.215%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5328	+0.055%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5329	+0.059%	$52K	$470K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5326	+0.042%	$41K	$64K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5325	+0.033%	$83K	$601K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5303	−0.111%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5334	+0.089%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5323	+0.020%	$32K	$1.4M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5316	−0.029%	$49.9M	$13.2M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5324	+0.026%	$54.7M	$33.1M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5324	+0.029%	$1.6M	$66K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5322	+0.011%	$2.2M	$6.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5320	0.000%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5326	+0.039%	$5.5M	$42.6M	50x	as long as short
Kalshi KXXRPPERP	+0.0117%	8h	1.5329	+0.059%	$1.9M	$35.4M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0156%	1h	1.5333	+0.085%	$2.0M	$1.2M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5313	−0.046%	$23.7M	$77.5M	125x	as long as short
Reya XRPRUSDPERP	+0.0224%	1h	1.5325	+0.030%	$1.4M	$1K	15x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5333	+0.085%	$507K	$723K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0245% / S −0.0472%	1h	1.5328	+0.051%	$886K	—	200x	as long as short
Aftermath Perps XRPUSD	+0.0367%	1h	1.5306	−0.090%	$3K	$13K	10x	as long as short