Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter RH−0.245%7-day average −0.027% · you buy dearer than you sell

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

Long on Lighter RH Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.226%+$23 · spread now −0.245%, 7d avg −0.027%

Together, before fees+0.206%+ Points / potential airdropLighter RH: Points live · farm board+$21 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: Katana Perps is 0.218% cheaper against Lighter RH than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XRP	1.5097	0.0096	pay 0.0012% / 1h	40m 19s	$516K	$3.3M	20x
Short	Katana Perps XRP-USD	1.5060	0.0100	get 0.0100% / 8h	6h 40m	$10K	$306K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.245%Rate

Funding earned: $0.8
Price spread: −0.245% → −0.027%: −$21.82
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$24.82
Costs to cover: 0.038%
Break-even: 225.3 days

Slippage unknown: Lighter RH: live order book, 3 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 Lighter RH live order book, 3 min ago	1.99 bp	2.7 bp −$3	7.5 bp −$75	44.5 bp −$4,447	doesn't fit
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 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	1.5060	−0.245%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5052	−0.300%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5110	+0.086%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5062	−0.234%	$251K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0024% / S +0.0064%	1h	1.5056	−0.272%	$825K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.067%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5095	−0.016%	$14.5M	$72.4M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0069%	8h	1.5079	−0.119%	$57K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5097	−0.003%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRPlong	+0.0096%	1h	1.5097	long leg	$516K	$3.3M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USDshort	+0.0100%	8h	1.5060	−0.245%	$10K	$306K	20x
Nado XRP-PERP	+0.0100%	1h	1.5048	−0.321%	$794K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5057	−0.267%	$38.3M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5060	−0.242%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5098	+0.007%	$534.5M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5087	−0.066%	$336.1M	$941.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5086	−0.073%	$123.7M	$870.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5121	+0.159%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5067	−0.199%	$115K	$725K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.569%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5063	−0.225%	$366.3M	$150.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5096	−0.007%	$284.2M	$903.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5086	−0.075%	$107.1M	$171.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5089	−0.053%	$264.6M	$386.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5071	−0.172%	—	$127.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5098	+0.008%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5152	+0.367%	$658K	$108.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5150	+0.350%	$1.1M	$38.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5163	+0.437%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5068	−0.191%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5059	−0.252%	$45K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5061	−0.240%	$40K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5085	−0.077%	$812K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5071	−0.172%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5090	−0.046%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5096	−0.004%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5096	−0.007%	$53.6M	$29.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5051	−0.303%	$469K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5080	−0.113%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5083	−0.094%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5062	−0.232%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0169%	1h	1.5060	−0.245%	$278.4M	$224.3M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5059	−0.254%	$1.3M	$7K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0214%	1h	1.5094	−0.020%	$7.6M	$25.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5100	+0.020%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.636%	$24.0M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5099	+0.011%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0334%	1h	1.5104	+0.046%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0339%	8h	1.5069	−0.185%	$2.1M	$36.1M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5064	−0.220%	$533K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0822%	1h	1.5132	+0.231%	$2K	$14K	10x	as long as short