Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0160%/8h= +17.6% APRpaid last 24h +0.059%

Price spread now: Kalshi against Deribit−0.019%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.488%+$49 · spread now −0.019%, 7d avg +0.017%

Together, before fees+0.478%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.036% cheaper against Deribit than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.017%). If the spread goes back, that is −$4 on $10k: about 18 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XRP_USDC-PERPETUAL	1.5450	0.0009	pay 0.0001% / 1h	56m 35s	$8.0M	$22.1M	50x
Short	Kalshi KXXRPPERP	1.5447	0.0169	get 0.0169% / 8h	2h 56m	$1.7M	$32.9M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.019%Rate

Funding earned: $33.68
Price spread: −0.019% → +0.017%: −$3.65
Slippage, 4 orders: −$15.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$2.02
Costs to cover: 0.321%
Break-even: 7.4 days

Slippage from Deribit: live order book, 3 min ago; Kalshi: 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 Deribit live order book, 3 min ago	0.65 bp	9.1 bp −$9	24.9 bp −$249	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	2.27 bp	8.9 bp −$9	12.1 bp −$121	18.7 bp −$1,868	doesn't fit

XRP on 50 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	1.5445	−0.032%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5435	−0.096%	$1.1M	$155K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5490	+0.259%	$70K	$108K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5479	+0.185%	$251K	—	150x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0009%	1h	1.5450	long leg	$8.0M	$22.1M	50x
Kraken Futures PF_XRPUSD	+0.0015%	1h	1.5452	+0.015%	$14.1M	$73.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.712%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0064%	1h	1.5436	−0.092%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5439	−0.068%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5452	+0.013%	$622K	$3.1M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5438	−0.078%	$17K	$378K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5453	+0.020%	$482K	$51K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5435	−0.094%	$993K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5438	−0.078%	$39.2M	$83.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5442	−0.051%	$610K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5440	−0.065%	$538.7M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5436	−0.091%	$360.0M	$904.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5434	−0.104%	$126.6M	$851.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5434	−0.104%	$567K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5444	−0.039%	$167K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5425	−0.165%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5441	−0.058%	$386.2M	$155.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5439	−0.071%	$309.0M	$894.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5449	−0.005%	$109.6M	$180.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5440	−0.065%	$273.4M	$360.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5435	−0.097%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5471	+0.134%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5462	+0.078%	$672K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5484	+0.217%	$1.1M	$32.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5492	+0.272%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5443	−0.043%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5438	−0.078%	$53K	$480K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5438	−0.076%	$41K	$66K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5445	−0.032%	$78K	$623K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5450	+0.003%	$130K	$1.6M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5447	−0.019%	$30K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5436	−0.091%	$50.4M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5438	−0.078%	$54.8M	$33.3M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5430	−0.128%	$2.1M	$5.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5445	−0.036%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5440	−0.065%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0120%	1h	1.5449	−0.006%	$5.3M	$45.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0143% / S −0.0109%	1h	1.5484	+0.222%	$830K	—	200x	as long as short
Backpack XRP_USDC_PERP	+0.0148%	1h	1.5458	+0.052%	$2.0M	$1.3M	25x	as long as short
Kalshi KXXRPPERPshort	+0.0169%	8h	1.5447	−0.019%	$1.7M	$32.9M	2.9x
BloFin XRP-USDT	+0.0220%	8h	1.5443	−0.045%	$23.8M	$79.4M	125x	as long as short
Reya XRPRUSDPERP	+0.0222%	1h	1.5433	−0.111%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0272%	1h	1.5442	−0.049%	$516K	$796K	10x	as long as short
Hyperliquid XRP	+0.0289%	1h	1.5465	+0.097%	$299.0M	$266.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0482%	1h	1.5461	+0.071%	$3K	$15K	10x	as long as short