Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0310%/8h= +33.9% APRpaid last 24h +0.052%

Price spread now: Kalshi against dYdX+0.085%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$22 on $10k

Price spread, last 4 days (all we have)+0.260%+$26 · spread now +0.085%, 7d avg +0.061%

Together, before fees+0.475%+$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kalshi is 0.024% dearer against dYdX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.061%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.215% in total (about 11.2% 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	dYdX XRP-USD	1.5335	0	get 0.0000% / 1h	13m 24s	$1.1M	$113K	10x
Short	Kalshi KXXRPPERP	1.5348	0.0310	get 0.0310% / 8h	4h 13m	$2.0M	$34.5M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.085%Rate

Funding earned: $65.08
Price spread: +0.085% → +0.061%: $2.41
Slippage, 4 orders: −$39.12
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $8.37
Costs to cover: 0.591%
Break-even: 6.1 days

Slippage from dYdX: live order book, 1 min ago; Kalshi: live order book, 6 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 dYdX live order book, 1 min ago	15.98 bp	21.0 bp −$21	21.0 bp −$210	35.2 bp −$3,519	87.2 bp −$43.6K
Sell Kalshi live order book, 6 min ago	1.95 bp	8.6 bp −$9	11.7 bp −$117	18.3 bp −$1,827	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	1.5341	+0.040%	$7K	$2K	20x	as long as short
dYdX XRP-USDlong	0.0000%	1h	1.5335	long leg	$1.1M	$113K	10x
Phoenix XRP	0.0000%	1h	1.5350	+0.098%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5317	−0.114%	$265K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0094%	1h	1.5336	+0.006%	$843K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5339	+0.027%	$9.4M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5336	+0.009%	$14.9M	$69.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5338	+0.020%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.468%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5345	+0.067%	$3.0M	$13.3M	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	1.5348	+0.085%	$486K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5326	−0.055%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5327	−0.053%	$38.8M	$81.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5339	+0.027%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5325	−0.065%	$544.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5323	−0.078%	$341.6M	$924.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5323	−0.078%	$125.3M	$877.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5350	+0.098%	$571K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5331	−0.026%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5373	+0.245%	$1.7M	$571K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5329	−0.039%	$360.8M	$148.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5323	−0.078%	$297.1M	$891.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5321	−0.093%	$109.1M	$165.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5321	−0.091%	$267.4M	$376.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5326	−0.058%	—	$121.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5350	+0.100%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5346	+0.072%	$666K	$105.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5353	+0.118%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5347	+0.079%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5327	−0.055%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5325	−0.065%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5320	−0.098%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5339	+0.025%	$826K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5345	+0.066%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5337	+0.014%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5328	−0.046%	$50.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5335	0.000%	$54.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5328	−0.043%	$478K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5325	−0.065%	$11K	$271K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5321	−0.092%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5332	−0.019%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5331	−0.026%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5320	−0.101%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5345	+0.066%	$24.2M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5342	+0.046%	$5.8M	$47.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0253%	1h	1.5341	+0.040%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5337	+0.013%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0310%	8h	1.5348	+0.085%	$2.0M	$34.5M	2.9x
Hyperliquid XRP	+0.0577%	1h	1.5339	+0.027%	$291.3M	$215.0M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5333	−0.015%	$499K	$707K	10x	as long as short
Aftermath Perps XRPUSD	+0.0784%	1h	1.5353	+0.118%	$1K	$11K	10x	as long as short