Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h 0.000%

Price spread now: Katana Perps against Polymarket Perps−0.171%51s7-day average −0.048% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.183%−$18 · spread now −0.171%, 7d avg −0.048%

Together, before fees−0.212%−$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 0.123% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.048%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XRP-USD	1.5234	0.0100	pay 0.0013% / 1h	28m 38s	$45K	$477K	20x
Short	Katana Perps XRP-USD	1.5208	0.0098	get 0.0098% / 8h	3h 28m	$10K	$347K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$0.36
Price spread: −0.171% → −0.048%: −$12.3
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$24.45
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 24 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 Polymarket Perps live order book, 24 min ago	1.64 bp	6.8 bp −$7	9.2 bp −$92	doesn't fit	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	1.5251	+0.112%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5216	−0.118%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5228	−0.043%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5230	−0.026%	$7.8M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5225	−0.058%	$14.5M	$74.4M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.140%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0010%	1h	1.5228	−0.043%	$795K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5220	−0.090%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5222	−0.079%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USDshort	+0.0098%	8h	1.5208	−0.171%	$10K	$347K	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5232	−0.016%	$997K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5217	−0.111%	$38.6M	$85.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5221	−0.087%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5213	−0.139%	$535.9M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5211	−0.151%	$347.6M	$943.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5209	−0.164%	$127.2M	$888.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5212	−0.144%	$566K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5222	−0.079%	$134K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5212	−0.144%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5212	−0.144%	$370.1M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5210	−0.158%	$294.9M	$903.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5224	−0.068%	$109.3M	$177.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5207	−0.177%	$269.8M	$389.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5210	−0.158%	—	$127.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5245	+0.071%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5233	−0.007%	$662K	$110.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5244	+0.066%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.118%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5234	−0.002%	—	$11K	10x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5234	long leg	$45K	$477K	20x
Bullet XRP-USD	+0.0100%	1h	1.5228	−0.039%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5222	−0.079%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5224	−0.064%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5226	−0.052%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5226	−0.053%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5226	−0.055%	$49.8M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5224	−0.066%	$54.2M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5210	−0.161%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5204	−0.197%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5222	−0.079%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5240	+0.039%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5230	−0.026%	$5.7M	$47.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5230	−0.027%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	−0.053%	$24.2M	$76.3M	125x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5241	+0.043%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0286%	1h	1.5228	−0.039%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0357%	8h	1.5239	+0.033%	$1.9M	$35.2M	2.9x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5213	−0.138%	$518K	$776K	10x	as long as short
Hyperliquid XRP	+0.0394%	1h	1.5238	+0.026%	$301.6M	$245.9M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5240	+0.039%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0680%	1h	1.5229	−0.035%	$2K	$15K	10x	as long as short