Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0223%/8h= −24.4% APRpaid last 24h −0.022%

Price spread now: Bullet against Kalshi−0.035%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bullet is 0.035% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5103	0.0323	pay 0.0323% / 8h	2h 56m	$1.9M	$35.2M	2.9x
Short	Bullet XRP-USD	1.5098	0.0100	get 0.0013% / 1h	56m 05s	$41K	$69K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Kalshi. 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 KalshibpFee BulletbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$46.81
Price spread: −0.035% → 0.000%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$68.31
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Bullet: 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 Kalshi live order book, 3 min ago	2.30 bp	8.8 bp −$9	9.8 bp −$98	18.5 bp −$1,853	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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	1.5182	+0.523%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5130	+0.182%	$1.1M	$117K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5089	−0.091%	$267K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0069%	1h	1.5090	−0.089%	$827K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.026%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5085	−0.118%	$14.7M	$72.1M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5095	−0.053%	$57K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5094	−0.061%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5097	−0.040%	$507K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5098	−0.033%	$11K	$288K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5105	+0.017%	$906K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5093	−0.063%	$38.2M	$84.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5130	+0.177%	$614K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5109	+0.039%	$532.2M	$2.08B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5107	+0.026%	$337.4M	$930.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5112	+0.060%	$121.6M	$864.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5176	+0.483%	$565K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5099	−0.026%	$114K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5203	+0.662%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5096	−0.046%	$364.6M	$148.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5100	−0.020%	$288.3M	$890.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5093	−0.067%	$109.8M	$169.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5097	−0.040%	$263.2M	$381.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5094	−0.060%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5096	−0.045%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5219	+0.770%	$661K	$106.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	+0.695%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5235	+0.874%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5130	+0.179%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5108	+0.033%	$44K	$450K	20x	as long as short
Bullet XRP-USDshort	+0.0100%	1h	1.5098	−0.035%	$41K	$69K	20x
Derive XRP-PERP	+0.0100%	1h	1.5096	−0.049%	$813K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5102	−0.010%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5092	−0.073%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5101	−0.012%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5095	−0.053%	$53.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5129	+0.171%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5090	−0.087%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5096	−0.045%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5105	+0.013%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0114%	1h	1.5106	+0.020%	$280.2M	$221.8M	20x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0148%	1h	1.5099	−0.026%	$9.0M	$25.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5103	+0.002%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5098	−0.033%	$5.7M	$46.1M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5162	+0.391%	$24.0M	$73.9M	125x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5182	+0.523%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0323%	8h	1.5103	long leg	$1.9M	$35.2M	2.9x
Backpack XRP_USDC_PERP	+0.0324%	1h	1.5101	−0.013%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5101	−0.014%	$535K	$778K	10x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.907%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0860%	1h	1.5226	+0.816%	$2K	$13K	10x	as long as short