Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0140%/8h= −15.4% APRpaid last 24h +0.006%

Price spread now: Coinbase International against Kalshi−0.086%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.086%, 7d avg −0.010%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Coinbase International is 0.076% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5121	0.0356	pay 0.0356% / 8h	1h 48m	$2.1M	$34.9M	2.9x
Short	Coinbase International XRP-PERP-INTX	1.5108	0.0216	get 0.0027% / 1h	48m 41s	$5.6M	$46.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$29.5
Price spread: −0.086% → −0.010%: −$7.59
Slippage, 4 orders: −$13.57
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$70.66
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Coinbase International: live order book, 5 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 Kalshi live order book, 5 min ago	2.32 bp	9.4 bp −$9	13.2 bp −$132	22.2 bp −$2,219	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.33 bp	6.7 bp −$7	9.4 bp −$94	23.6 bp −$2,363	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	1.5111	−0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5102	−0.122%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5103	−0.119%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0027% / S +0.0049%	1h	1.5103	−0.117%	$798K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.903%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5103	−0.119%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5108	−0.086%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5105	−0.106%	$7.7M	$25.2M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5106	−0.096%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5109	−0.079%	$508K	$3.2M	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	1.5099	−0.145%	$10K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5107	−0.096%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5115	−0.040%	$279.7M	$220.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5111	−0.069%	$38.4M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5110	−0.071%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5112	−0.056%	$535.9M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5116	−0.033%	$342.3M	$925.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5118	−0.020%	$124.9M	$862.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5113	−0.053%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5110	−0.073%	$114K	$695K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.228%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5108	−0.086%	$369.1M	$150.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5115	−0.040%	$292.7M	$893.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5103	−0.116%	$106.5M	$170.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5104	−0.112%	$266.0M	$379.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5100	−0.139%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5141	+0.129%	$6.0M	$36.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5102	−0.124%	$657K	$108.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5143	+0.142%	$1.1M	$35.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5108	−0.086%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5112	−0.059%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5106	−0.099%	$41K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5109	−0.083%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5106	−0.102%	$813K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5111	−0.064%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5104	−0.112%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5104	−0.112%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5108	−0.086%	$53.8M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5113	−0.051%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5111	−0.069%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5102	−0.129%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5103	−0.120%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTXshort	+0.0216%	1h	1.5108	−0.086%	$5.6M	$46.2M	50x
Backpack XRP_USDC_PERP	+0.0223%	1h	1.5112	−0.060%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5104	−0.114%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5102	−0.128%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0356%	8h	1.5121	long leg	$2.1M	$34.9M	2.9x
RISEx XRP/USDC	+0.0484%	1h	1.5110	−0.072%	$526K	$769K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	+0.060%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0724%	1h	1.5117	−0.029%	$2K	$14K	10x	as long as short