Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.024%

Price spread now: Kalshi against Lighter RH−0.096%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.096%, 7d avg +0.059%

Together, before fees+0.282%+ Points / potential airdropLighter RH: Points live · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.155% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of +0.059%). If the spread goes back, that is −$16 on $10k: about 2.1 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.109% in total) that is about 10.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% 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 RH XRP	1.5643	0.0096	pay 0.0012% / 1h	47m 33s	$460K	$3.1M	20x
Short	Kalshi KXXRPPERP	1.5628	0.0338	get 0.0338% / 8h	5h 47m	$1.9M	$32.0M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now −0.096%Rate

Funding earned: $50.82
Price spread: −0.096% → +0.059%: −$15.53
Slippage, 4 orders: −$12.95
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $12.34
Costs to cover: 0.230%
Break-even: 5.3 days

Slippage from Lighter RH: live order book, 6 min ago; Kalshi: live order book, 2 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 RH live order book, 6 min ago	1.93 bp	2.5 bp −$3	6.8 bp −$68	42.7 bp −$4,273	doesn't fit
Sell Kalshi live order book, 2 min ago	1.60 bp	10.4 bp −$10	12.9 bp −$129	21.0 bp −$2,104	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	1.5636	−0.045%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5628	−0.096%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5623	−0.127%	$262K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.257%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5631	−0.079%	$15.7M	$67.4M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5629	−0.089%	$82K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0070%	1h	1.5631	−0.077%	$9.6M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0079% / S +0.0146%	1h	1.5622	−0.131%	$925K	—	200x	as long as short
Hibachi XRP/USDT-P	+0.0080%	1h	1.5629	−0.093%	$19K	$73K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5631	−0.078%	$3.0M	$11.7M	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 XRPlong	+0.0096%	1h	1.5643	long leg	$460K	$3.1M	20x
Nado XRP-PERP	+0.0100%	1h	1.5615	−0.176%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5636	−0.047%	$39.8M	$75.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5638	−0.032%	$676K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5623	−0.129%	$566.4M	$1.92B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5622	−0.134%	$355.0M	$870.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5616	−0.173%	$129.0M	$867.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5541	−0.652%	$579K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5638	−0.032%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−0.742%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5629	−0.089%	$372.7M	$134.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5629	−0.089%	$291.6M	$823.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5628	−0.095%	$113.0M	$153.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5610	−0.211%	$271.0M	$352.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5632	−0.070%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5524	−0.760%	$11.8M	$29.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5540	−0.658%	$675K	$98.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5571	−0.463%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5583	−0.384%	$1.0M	$878K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5615	−0.180%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5621	−0.141%	$54K	$436K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5607	−0.231%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5629	−0.090%	$841K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5631	−0.079%	$131K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5628	−0.096%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5630	−0.081%	$51.4M	$15.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5629	−0.089%	$55.6M	$28.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5637	−0.040%	$488K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5631	−0.077%	$12K	$248K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5630	−0.082%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5627	−0.101%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5633	−0.064%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5610	−0.213%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5635	−0.051%	$5.8M	$46.2M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5596	−0.300%	$24.6M	$71.7M	125x	as long as short
Kalshi KXXRPPERPshort	+0.0338%	8h	1.5628	−0.096%	$1.9M	$32.0M	2.9x
Backpack XRP_USDC_PERP	+0.0372%	1h	1.5631	−0.077%	$1.8M	$977K	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5590	−0.339%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5639	−0.027%	$409K	$531K	10x	as long as short
Aftermath Perps XRPUSD	+0.0585%	1h	1.5572	−0.452%	$1K	$11K	10x	as long as short
Hyperliquid XRP	+0.0649%	1h	1.5636	−0.042%	$289.4M	$195.5M	20x	as long as short