Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0224%/8h= −24.5% APRpaid last 24h −0.027%

Price spread now: Derive against Kalshi−0.036%7-day average −0.038% · you buy dearer than you sell

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

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now −0.036%, 7d avg −0.038%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.0% 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	Kalshi KXXRPPERP	1.5201	0.0324	pay 0.0324% / 8h	2h 58m	$2.0M	$34.9M	2.9x
Short	Derive XRP-PERP	1.5195	0.0100	get 0.0013% / 1h	58m 14s	$818K	$74K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.036%Rate

Funding earned: −$46.96
Price spread: −0.036% → −0.038%: $0.16
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$62.81
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 6 min ago; Derive: 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, 6 min ago	2.29 bp	8.4 bp −$8	11.0 bp −$110	17.4 bp −$1,741	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	1.5181	−0.132%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5165	−0.234%	$1.1M	$116K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5188	−0.085%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0069%	1h	1.5194	−0.048%	$834K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.362%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5194	−0.048%	$14.2M	$70.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5198	−0.020%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5214	+0.086%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5200	−0.009%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5201	0.000%	$507K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5207	+0.039%	$11K	$288K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5186	−0.096%	$473K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5220	+0.125%	$923K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5213	+0.077%	$38.4M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5177	−0.159%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5201	−0.001%	$536.0M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5204	+0.020%	$339.2M	$924.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5203	+0.013%	$122.6M	$866.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5190	−0.072%	$567K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5206	+0.033%	$115K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.978%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5199	−0.013%	$367.7M	$146.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5199	−0.013%	$296.6M	$886.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5220	+0.124%	$109.3M	$168.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5197	−0.026%	$266.2M	$378.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5193	−0.053%	—	$125.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5216	+0.098%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5260	+0.387%	$663K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5199	−0.011%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.336%	$1.2M	$999K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5213	+0.078%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5215	+0.092%	$44K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5203	+0.016%	$41K	$69K	20x	as long as short
Derive XRP-PERPshort	+0.0100%	1h	1.5195	−0.036%	$818K	$74K	10x
SunX XRP-USDT	+0.0100%	8h	1.5205	+0.023%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5196	−0.033%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	+0.008%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5196	−0.033%	$53.9M	$29.4M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5192	−0.056%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	−0.021%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0145%	1h	1.5198	−0.020%	$9.2M	$24.6M	50x	as long as short
Hyperliquid XRP	+0.0183%	1h	1.5218	+0.112%	$283.4M	$219.9M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5211	+0.067%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5197	−0.026%	$5.7M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	+0.164%	$24.1M	$74.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5221	+0.132%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0324%	8h	1.5201	long leg	$2.0M	$34.9M	2.9x
RISEx XRP/USDC	+0.0456%	1h	1.5206	+0.032%	$537K	$777K	10x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.257%	$68K	$110K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0623%	1h	1.5230	+0.191%	$1.9M	$1.3M	25x	as long as short
Aftermath Perps XRPUSD	+0.0827%	1h	1.5257	+0.370%	$2K	$13K	10x	as long as short