Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h 0.000%

Price spread now: Ondo Perps against Katana Perps+0.271%7-day average −0.033% · you sell dearer than you buy

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

Long on Katana Perps Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.364%−$36 · spread now +0.271%, 7d avg −0.033%

Together, before fees−0.364%+ Points / potential airdropOndo Perps: Active · farm board−$36 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: Ondo Perps is 0.304% dearer against Katana Perps than usual: you sell high and buy low, +$30 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5135	0.0098	pay 0.0098% / 8h	4h 17m	$11K	$326K	20x
Short	Ondo Perps XRP-USD.P	1.5176	0.0100	get 0.0013% / 1h	17m 58s	$565K	$28K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.271%Rate

Funding earned: $0.51
Price spread: +0.271% → −0.033%: $30.41
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $22.13
Costs to cover: 0.088%
Break-even: from the start

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

Katana Perps and Ondo 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	1.5136	+0.007%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5138	+0.019%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5139	+0.025%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	+0.363%	$68K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5140	+0.033%	$7.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5133	−0.011%	$253K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.808%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0044% / S +0.0024%	1h	1.5133	−0.016%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0087%	8h	1.5136	+0.007%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5144	+0.062%	$2.8M	$14.6M	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	1.5145	+0.066%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USDlong	+0.0098%	8h	1.5135	long leg	$11K	$326K	20x
Nado XRP-PERP	+0.0100%	1h	1.5137	+0.017%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5156	+0.139%	$280.4M	$227.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5147	+0.078%	$38.3M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5136	+0.009%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5149	+0.093%	$534.6M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5148	+0.086%	$347.0M	$934.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5154	+0.126%	$125.9M	$874.8M	100x	as long as short
Ondo Perps XRP-USD.Pshort	+0.0100%	1h	1.5176	+0.271%	$565K	$28K	5x
Arcus XRP-USD	+0.0100%	1h	1.5142	+0.046%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5174	+0.258%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5147	+0.079%	$369.2M	$154.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5147	+0.079%	$290.4M	$901.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5148	+0.089%	$108.1M	$174.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5152	+0.112%	$268.1M	$385.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5139	+0.026%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	+0.209%	$5.1M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5172	+0.244%	$659K	$108.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5174	+0.258%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	+0.225%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5135	0.000%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5134	−0.007%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5137	+0.012%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5140	+0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5138	+0.020%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5138	+0.020%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5142	+0.046%	$54.0M	$30.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5138	+0.020%	$472K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5139	+0.028%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5145	+0.069%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5140	+0.033%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5134	−0.005%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0177%	1h	1.5152	+0.112%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5143	+0.053%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0200%	1h	1.5169	+0.225%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5130	−0.033%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5155	+0.132%	$24.2M	$76.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0314%	8h	1.5145	+0.066%	$2.1M	$34.6M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5139	+0.025%	$515K	$775K	10x	as long as short
Aftermath Perps XRPUSD	+0.0663%	1h	1.5165	+0.200%	$2K	$15K	10x	as long as short