Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h +0.015%

Price spread now: Kraken Futures against OKX+0.028%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.285% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.381%−$38 · spread now +0.028%, 7d avg +0.007%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.021% dearer against OKX than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of +0.007%): +$2 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 6 hours. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.1% 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	OKX XRP-USDT-SWAP	1.5171	0.0100	pay 0.0100% / 8h	7h 27m	$126.1M	$847.9M	100x
Short	Kraken Futures PF_XRPUSD	1.5175	−0.0172	pay 0.0021% / 1h	27m 14s	$14.7M	$74.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$57.07
Price spread: +0.028% → +0.007%: $2.14
Slippage, 4 orders: −$8.47
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$83.41
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Kraken Futures: 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 OKX live order book, 2 min ago	0.33 bp	5.3 bp −$5	6.9 bp −$69	15.5 bp −$1,552	35.8 bp −$17.9K
Sell Kraken Futures live order book, 2 min ago	1.32 bp	11.1 bp −$11	13.1 bp −$131	24.1 bp −$2,412	44.5 bp −$22.2K

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
Kraken Futures PF_XRPUSDshort	−0.0172%	1h	1.5175	+0.028%	$14.7M	$74.4M	50x
Hotstuff XRP-PERP	−0.0080%	1h	1.5185	+0.092%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.007%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5154	−0.110%	$246K	—	150x	as long as short
dYdX XRP-USD	+0.0009%	1h	1.5179	+0.052%	$1.1M	$158K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5177	+0.040%	$7.7M	$23.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.564%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0072%	1h	1.5155	−0.107%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5175	+0.026%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5180	+0.059%	$617K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange XRPUSD	+0.0096%	1h	1.5170	−0.007%	$8K	$2K	10x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5164	−0.046%	$20K	$381K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5168	−0.016%	$991K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5177	+0.040%	$38.5M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5182	+0.073%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5174	+0.020%	$528.6M	$2.17B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5171	0.000%	$353.1M	$938.5M	100x	as long as short
OKX XRP-USDT-SWAPlong	+0.0100%	8h	1.5171	long leg	$126.1M	$847.9M	100x
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5125	−0.303%	$556K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5179	+0.053%	$143K	$709K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−0.194%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5173	+0.013%	$377.5M	$154.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5174	+0.020%	$313.1M	$918.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5176	+0.032%	$106.8M	$183.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5170	−0.007%	$268.1M	$379.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5174	+0.020%	—	$108.3M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5142	−0.191%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5143	−0.185%	$658K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5143	−0.185%	$1.1M	$33.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5148	−0.152%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5177	+0.037%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5173	+0.013%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5179	+0.053%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5171	0.000%	$77K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.141%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5176	+0.033%	$127K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5174	+0.020%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5175	+0.028%	$49.5M	$14.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5178	+0.046%	$54.1M	$32.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5183	+0.077%	$473K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5167	−0.025%	$2.1M	$6.7M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5170	−0.005%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0120% / S −0.0086%	1h	1.5174	+0.022%	$786K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5176	+0.033%	$5.3M	$47.5M	50x	as long as short
Kalshi KXXRPPERP	+0.0167%	8h	1.5183	+0.079%	$1.7M	$33.2M	2.9x	as long as short
Hyperliquid XRP	+0.0178%	1h	1.5186	+0.099%	$290.3M	$268.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0196%	1h	1.5182	+0.073%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5177	+0.040%	$23.8M	$77.7M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5166	−0.032%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5147	−0.157%	$518K	$788K	10x	as long as short
Aftermath Perps XRPUSD	+0.0553%	1h	1.5178	+0.044%	$2K	$16K	10x	as long as short