Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.005%

Price spread now: Kalshi against Reya+0.051%7-day average +0.071% · you sell dearer than you buy

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

Long on Reya Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days+0.037%+$4 · spread now +0.051%, 7d avg +0.071%

Together, before fees+0.025%+ Points / potential airdropReya: Active · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.020% cheaper against Reya than usual: you would sell low and buy high (spread +0.051% now, against its 7-day average of +0.071%). If the spread goes back, that is −$2 on $10k: about 27 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XRPRUSDPERP	1.5199	0.0216	pay 0.0027% / 1h	45m 08s	$1.3M	$7K	15x
Short	Kalshi KXXRPPERP	1.5207	0.0277	get 0.0277% / 8h	7h 45m	$2.0M	$35.1M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.051%Rate

Funding earned: $12.63
Price spread: +0.051% → +0.071%: −$2
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$5.37
Costs to cover: 0.160%
Break-even: 10.0 days

Slippage unknown: Reya: no order-book sample; Kalshi: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	1.97 bp	9.7 bp −$10	11.3 bp −$113	18.2 bp −$1,815	doesn't fit

Reya: 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	1.5203	+0.025%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5203	+0.023%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5202	+0.018%	$262K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0021%	1h	1.5211	+0.075%	$14.4M	$74.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.374%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0014%	1h	1.5201	+0.010%	$780K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5216	+0.110%	$7.8M	$25.6M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5212	+0.085%	$2.9M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5215	+0.104%	$499K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5198	−0.008%	$12K	$343K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_XRP_USDC	+0.0099%	8h	1.5210	+0.071%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5196	−0.018%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5201	+0.011%	$38.4M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5199	−0.001%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5211	+0.078%	$534.8M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5208	+0.058%	$346.9M	$941.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5208	+0.058%	$127.3M	$887.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.041%	$566K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5202	+0.018%	$118K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.120%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5209	+0.064%	$371.5M	$153.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5206	+0.045%	$293.8M	$899.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5207	+0.053%	$109.1M	$176.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5204	+0.031%	$269.3M	$388.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5198	−0.008%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5202	+0.017%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5212	+0.085%	$661K	$109.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	+0.058%	$1.1M	$36.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5213	+0.091%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5202	+0.016%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	+0.005%	$45K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5198	−0.006%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5213	+0.089%	$819K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5202	+0.020%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5211	+0.078%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5209	+0.064%	$49.7M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5205	+0.038%	$54.2M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5198	−0.005%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5208	+0.059%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5210	+0.070%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5203	+0.025%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5216	+0.110%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERPlong	+0.0216%	1h	1.5199	long leg	$1.3M	$7K	15x
BloFin XRP-USDT	+0.0220%	8h	1.5206	+0.045%	$24.1M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5206	+0.047%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0277%	8h	1.5207	+0.051%	$2.0M	$35.1M	2.9x
Backpack XRP_USDC_PERP	+0.0299%	1h	1.5217	+0.117%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0306%	1h	1.5221	+0.143%	$292.9M	$234.6M	20x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5203	+0.027%	$518K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5220	+0.137%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0657%	1h	1.5209	+0.063%	$2K	$15K	10x	as long as short