Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0213%/8h= +23.4% APRpaid last 24h +0.022%

Price spread now: Kalshi against Polymarket Perps+0.053%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 4 days (all we have)−0.246%−$25 · spread now +0.053%, 7d avg +0.021%

Together, before fees−0.162%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.032% dearer against Polymarket Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.084% in total (about 4.4% 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	Polymarket Perps XRP-USD	1.5172	0.0100	pay 0.0013% / 1h	20m 39s	$44K	$452K	20x
Short	Kalshi KXXRPPERP	1.5180	0.0313	get 0.0313% / 8h	20m 39s	$2.1M	$34.5M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now +0.053%Rate

Funding earned: $44.81
Price spread: +0.053% → +0.021%: $3.22
Slippage, 4 orders: −$14.43
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $15.6
Costs to cover: 0.324%
Break-even: 4.6 days

Slippage from Polymarket Perps: live order book, 37 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 Polymarket Perps live order book, 37 min ago	2.31 bp	6.9 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	1.98 bp	9.5 bp −$9	12.2 bp −$122	19.7 bp −$1,973	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	1.5172	0.000%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5172	−0.002%	$14.3M	$73.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5177	+0.034%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	+0.119%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5167	−0.033%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5177	+0.033%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.557%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0043% / S +0.0025%	1h	1.5166	−0.036%	$791K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0086%	8h	1.5169	−0.020%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5183	+0.073%	$2.8M	$14.6M	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 XRP	+0.0096%	1h	1.5180	+0.053%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5163	−0.059%	$11K	$326K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5164	−0.056%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5192	+0.132%	$281.0M	$226.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5180	+0.053%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5181	+0.058%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5169	−0.023%	$535.3M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5165	−0.046%	$347.5M	$934.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5166	−0.040%	$126.3M	$874.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5176	+0.026%	$565K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5180	+0.053%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5174	+0.014%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5178	+0.040%	$370.2M	$154.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5179	+0.046%	$291.5M	$901.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5183	+0.070%	$108.4M	$174.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5178	+0.040%	$268.6M	$384.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5179	+0.046%	—	$127.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5167	−0.035%	$5.1M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5172	0.000%	$659K	$108.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5174	+0.013%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5192	+0.132%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5172	long leg	$44K	$452K	20x
Bullet XRP-USD	+0.0100%	1h	1.5169	−0.019%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5170	−0.012%	$816K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5170	−0.011%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5176	+0.026%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5180	+0.053%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5173	+0.007%	$54.2M	$30.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5181	+0.056%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5168	−0.028%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5173	+0.004%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5172	0.000%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5168	−0.024%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0179%	1h	1.5180	+0.053%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5181	+0.059%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0200%	1h	1.5185	+0.087%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5170	−0.013%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5169	−0.020%	$24.1M	$76.1M	125x	as long as short
Kalshi KXXRPPERPshort	+0.0313%	8h	1.5180	+0.053%	$2.1M	$34.5M	2.9x
RISEx XRP/USDC	+0.0352%	1h	1.5180	+0.055%	$517K	$776K	10x	as long as short
Aftermath Perps XRPUSD	+0.0649%	1h	1.5175	+0.021%	$2K	$15K	10x	as long as short