Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0175%/8h= −19.1% APRpaid last 24h −0.017%

Price spread now: Katana Perps against Kraken Futures−0.097%7-day average −0.023% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.101%−$10 on $10k

Price spread, last 3 days (all we have)+0.145%+$15 · spread now −0.097%, 7d avg −0.023%

Together, before fees+0.045%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Katana Perps is 0.074% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XRPUSD	1.5090	0.0274	pay 0.0034% / 1h	54m 34s	$14.4M	$72.8M	50x
Short	Katana Perps XRP-USD	1.5075	0.0100	get 0.0100% / 8h	5h 54m	$9K	$305K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Kraken Futures. 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 Kraken FuturesbpFee Katana PerpsbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$36.67
Price spread: −0.097% → −0.023%: −$7.4
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$57.87
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Katana 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 Kraken Futures live order book, 5 min ago	0.33 bp	9.4 bp −$9	12.5 bp −$125	19.7 bp −$1,970	40.4 bp −$20.2K
Sell Katana Perps no order-book sample	—	—	—	—	—

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 50 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	1.5089	−0.005%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5090	+0.005%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5130	+0.267%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5083	−0.047%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0025% / S +0.0051%	1h	1.5082	−0.052%	$797K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.117%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0074%	8h	1.5086	−0.024%	$61K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5088	−0.011%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5090	−0.001%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5089	−0.005%	$507K	$3.2M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USDshort	+0.0100%	8h	1.5075	−0.097%	$9K	$305K	20x
Nado XRP-PERP	+0.0100%	1h	1.5088	−0.015%	$983K	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5097	+0.048%	$278.8M	$219.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5088	−0.014%	$38.2M	$83.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5089	−0.005%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5082	−0.051%	$534.4M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5084	−0.038%	$340.8M	$924.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5085	−0.031%	$124.6M	$859.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5072	−0.117%	$561K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5092	+0.015%	$114K	$694K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.021%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5085	−0.031%	$367.8M	$150.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5087	−0.018%	$292.1M	$891.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5091	+0.011%	$106.3M	$170.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5084	−0.038%	$265.8M	$379.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5086	−0.024%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5143	+0.353%	$6.1M	$35.9M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5088	−0.008%	$655K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	+0.167%	$1.1M	$35.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5094	+0.029%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5093	+0.022%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5084	−0.038%	$41K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5087	−0.018%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5089	−0.001%	$812K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5090	+0.002%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5091	+0.009%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5093	+0.023%	$49.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5097	+0.048%	$53.8M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5089	−0.002%	$470K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5084	−0.039%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5087	−0.019%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0148%	1h	1.5094	+0.029%	$7.7M	$25.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0213%	1h	1.5108	+0.121%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5086	−0.024%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5092	+0.015%	$5.6M	$46.2M	50x	as long as short
Kraken Futures PF_XRPUSDlong	+0.0274%	1h	1.5090	long leg	$14.4M	$72.8M	50x
Hibachi XRP/USDT-P	+0.0320%	1h	1.5139	+0.329%	$17K	$81K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5103	+0.088%	$2.1M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5092	+0.014%	$525K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0757%	1h	1.5116	+0.177%	$2K	$14K	10x	as long as short