Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Katana Perps−0.022%7-day average +0.039% · you buy dearer than you sell

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

Long on Katana Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.022%+$2 on $10k

Price spread, last 7 days+0.043%+$4 · spread now −0.022%, 7d avg +0.039%

Together, before fees+0.065%+ Points / potential airdropLighter: Season 3 · farm board+$6 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: Lighter is 0.060% cheaper against Katana Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5344	0.0100	pay 0.0100% / 8h	7h 30m	$10K	$277K	20x
Short	Lighter XRP	1.5341	0.0096	get 0.0012% / 1h	30m 57s	$2.8M	$14.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$0.8
Price spread: −0.022% → +0.039%: −$6.04
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.64
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 8 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 Lighter live order book, 8 min ago	1.56 bp	2.6 bp −$3	7.4 bp −$74	17.8 bp −$1,779	40.8 bp −$20.4K

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 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	1.5347	+0.020%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5335	−0.058%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5333	−0.072%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0014% / S +0.0080%	1h	1.5330	−0.090%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.408%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5334	−0.065%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5337	−0.046%	$9.3M	$25.1M	50x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5341	−0.022%	$2.8M	$14.0M	20x
Lighter RH XRP	+0.0096%	1h	1.5346	+0.013%	$515K	$3.2M	20x	as long as short
01 Exchange XRPUSD	+0.0096%	1h	1.5348	+0.026%	$8K	$8K	10x	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-USDlong	+0.0100%	8h	1.5344	long leg	$10K	$277K	20x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5345	+0.005%	$478K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5345	+0.003%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5336	−0.051%	$38.8M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5340	−0.029%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5332	−0.076%	$539.9M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5333	−0.072%	$341.9M	$920.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5331	−0.085%	$124.9M	$869.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.182%	$570K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5349	+0.033%	$119K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5296	−0.314%	$1.6M	$517K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5332	−0.078%	$373.9M	$149.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5333	−0.072%	$309.6M	$903.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5333	−0.070%	$108.9M	$165.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5333	−0.072%	$268.4M	$374.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5334	−0.065%	—	$123.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5328	−0.103%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5313	−0.199%	$665K	$107.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5322	−0.141%	$1.1M	$38.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5321	−0.150%	$1.0M	$892K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5331	−0.086%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5346	+0.013%	$49K	$441K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5333	−0.072%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5337	−0.043%	$826K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5352	+0.053%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5336	−0.052%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5332	−0.080%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5336	−0.052%	$54.6M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5328	−0.102%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5334	−0.064%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5332	−0.076%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5336	−0.052%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5345	+0.007%	$5.8M	$46.3M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5343	−0.005%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0290%	1h	1.5347	+0.020%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0310%	8h	1.5341	−0.020%	$2.1M	$34.9M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5313	−0.202%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0404%	1h	1.5351	+0.046%	$289.9M	$214.6M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5330	−0.091%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0803%	1h	1.5331	−0.086%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5351	+0.042%	$507K	$754K	10x	as long as short