Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.059%

Price spread now: Deribit against Kalshi−0.079%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.290% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.079%, 7d avg −0.019%

Together, before fees−0.040%−$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 Deribit is 0.059% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5265	0.0127	pay 0.0127% / 8h	1h 27m	$1.9M	$35.4M	2.9x
Short	Deribit XRP_USDC-PERPETUAL	1.5253	0	get 0.0000% / 1h	27m 06s	$7.6M	$20.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$26.67
Price spread: −0.079% → −0.019%: −$5.93
Slippage, 4 orders: −$12.02
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$61.62
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Deribit: 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	1.97 bp	8.9 bp −$9	12.9 bp −$129	19.8 bp −$1,976	doesn't fit
Sell Deribit live order book, 5 min ago	0.98 bp	6.0 bp −$6	8.2 bp −$82	595.5 bp −$59.5K	doesn't fit

XRP on 50 exchanges

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	1.5374	+0.714%	$5K	$4K	20x	as long as short
01 Exchange XRPUSD	−0.0072%	1h	1.5257	−0.052%	$9K	$987	10x	as long as short
Kraken Futures PF_XRPUSD	−0.0063%	1h	1.5253	−0.079%	$13.8M	$69.7M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5255	−0.063%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5260	−0.033%	$68K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5253	−0.079%	$7.6M	$20.6M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5258	−0.045%	$241K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.933%	$2K	$107K	30x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5265	−0.003%	$17K	$75K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5253	−0.077%	$2.8M	$14.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5257	−0.052%	$591K	$3.1M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5252	−0.085%	$476K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5253	−0.079%	$11K	$406K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5254	−0.069%	$1.1M	$5.8M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5264	−0.007%	$295.7M	$267.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5250	−0.099%	$38.8M	$80.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5255	−0.068%	$587K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5253	−0.079%	$529.7M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5253	−0.079%	$357.9M	$869.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5252	−0.085%	$123.6M	$821.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5242	−0.151%	$560K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5262	−0.020%	$162K	$696K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5251	−0.092%	$376.5M	$159.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5253	−0.079%	$307.5M	$901.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5250	−0.098%	$104.4M	$181.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5254	−0.072%	$269.9M	$353.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5247	−0.118%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5257	−0.053%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5257	−0.053%	$663K	$107.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5255	−0.066%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5264	−0.007%	$1.2M	$1.2M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5252	−0.085%	$52K	$472K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5251	−0.091%	$41K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5250	−0.098%	$83K	$601K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5252	−0.088%	$128K	$1.5M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5250	−0.098%	$32K	$1.4M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5245	−0.129%	$49.7M	$13.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5252	−0.085%	$54.3M	$33.3M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5287	+0.141%	$1.6M	$32K	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5254	−0.074%	—	$15K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5245	−0.133%	$2.2M	$6.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5245	−0.131%	$59K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0106%	1h	1.5263	−0.013%	$2.0M	$1.2M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5254	−0.072%	$5.5M	$42.6M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0127%	8h	1.5265	long leg	$1.9M	$35.4M	2.9x
BloFin XRP-USDT	+0.0220%	8h	1.5254	−0.072%	$23.7M	$77.5M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5245	−0.133%	$1.3M	$1K	15x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0228% / S −0.0468%	1h	1.5251	−0.090%	$858K	—	200x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5261	−0.024%	$513K	$726K	10x	as long as short
Aftermath Perps XRPUSD	+0.0344%	1h	1.5263	−0.013%	$3K	$13K	10x	as long as short