Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0225%/8h= +24.6% APRpaid last 24h +0.024%

Price spread now: Kalshi against Lighter−0.199%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days+0.241%+$24 · spread now −0.199%, 7d avg +0.047%

Together, before fees+0.350%+ Points / potential airdropLighter: Season 3 · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.246% cheaper against Lighter than usual: you would sell low and buy high (spread −0.199% now, against its 7-day average of +0.047%). If the spread goes back, that is −$25 on $10k: about 3.6 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.108% in total) that is about 16 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5516	0.0096	pay 0.0012% / 1h	6m 31s	$3.0M	$12.4M	20x
Short	Kalshi KXXRPPERP	1.5485	0.0321	get 0.0321% / 8h	5h 06m	$1.9M	$33.2M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now −0.199%Rate

Funding earned: $47.18
Price spread: −0.199% → +0.047%: −$24.56
Slippage, 4 orders: −$10.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $1.63
Costs to cover: 0.210%
Break-even: 6.8 days

Slippage from Lighter: live order book, 7 min ago; Kalshi: live order book, 3 min ago.

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 Lighter live order book, 7 min ago	1.23 bp	1.6 bp −$2	5.2 bp −$52	16.3 bp −$1,627	36.9 bp −$18.4K
Sell Kalshi live order book, 3 min ago	1.93 bp	9.3 bp −$9	11.2 bp −$112	17.3 bp −$1,729	doesn't fit

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	1.5513	−0.019%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L 0.0000% / S +0.0113%	1h	1.5494	−0.144%	$849K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5506	−0.061%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5504	−0.077%	$9.5M	$25.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5495	−0.135%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.284%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5505	−0.069%	$15.5M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5496	−0.128%	$76K	$909K	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5516	long leg	$3.0M	$12.4M	20x
Lighter RH XRP	+0.0096%	1h	1.5518	+0.014%	$443K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5520	+0.025%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5516	+0.002%	$39.4M	$79.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5518	+0.012%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5522	+0.043%	$558.5M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5523	+0.046%	$346.5M	$903.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5522	+0.039%	$127.8M	$882.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5467	−0.315%	$576K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5522	+0.039%	$119K	$746K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5501	−0.094%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5519	+0.020%	$363.7M	$143.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5518	+0.014%	$298.7M	$868.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5518	+0.011%	$113.4M	$160.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5523	+0.046%	$271.0M	$366.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5522	+0.039%	—	$119.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5501	−0.093%	$11.8M	$30.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5508	−0.050%	$673K	$101.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5513	−0.018%	$1.1M	$41.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5507	−0.057%	$1.0M	$884K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5526	+0.065%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5496	−0.131%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5498	−0.116%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5503	−0.080%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5501	−0.096%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5488	−0.182%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5502	−0.089%	$55.1M	$29.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5514	−0.014%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5517	+0.006%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5519	+0.020%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5519	+0.017%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5496	−0.127%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5527	+0.072%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5521	+0.030%	$1.4M	$8K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5507	−0.057%	$6.0M	$47.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5499	−0.109%	$24.6M	$73.6M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5494	−0.139%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0290%	1h	1.5515	−0.006%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERPshort	+0.0321%	8h	1.5485	−0.199%	$1.9M	$33.2M	2.9x
Phoenix XRP	+0.0516%	1h	1.5500	−0.102%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5534	+0.119%	$509K	$631K	10x	as long as short
Hyperliquid XRP	+0.0582%	1h	1.5539	+0.149%	$290.5M	$204.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0774%	1h	1.5510	−0.035%	$1K	$11K	10x	as long as short