Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.067%

Price spread now: dYdX against Kalshi−0.074%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.247%−$25 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.074%, 7d avg −0.042%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and dYdX is 0.032% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5297	0.0169	pay 0.0169% / 8h	3h 20m	$1.7M	$33.1M	2.9x
Short	dYdX XRP-USD	1.5286	0.0008	get 0.0001% / 1h	20m 36s	$1.1M	$160K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$33.97
Price spread: −0.074% → −0.042%: −$3.19
Slippage, 4 orders: −$61.69
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$118.85
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; dYdX: live order book, 4 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, 3 min ago	3.94 bp	15.5 bp −$15	15.9 bp −$159	22.4 bp −$2,238	doesn't fit
Sell dYdX live order book, 4 min ago	23.63 bp	28.6 bp −$29	28.6 bp −$286	34.1 bp −$3,415	279.2 bp −$139.6K

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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5317	+0.129%	$14.8M	$74.0M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5286	−0.072%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	−0.699%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5287	−0.065%	$248K	—	150x	as long as short
dYdX XRP-USDshort	+0.0008%	1h	1.5286	−0.074%	$1.1M	$160K	10x
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5320	+0.150%	$7.8M	$23.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.719%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5285	−0.078%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5283	−0.093%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5283	−0.089%	$2.8M	$14.6M	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	1.5296	−0.007%	$622K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5290	−0.046%	$20K	$379K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5286	−0.071%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5291	−0.039%	$38.7M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5292	−0.030%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5292	−0.033%	$533.1M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5294	−0.020%	$357.0M	$921.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5292	−0.033%	$126.7M	$842.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5302	+0.033%	$561K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5299	+0.013%	$144K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−1.017%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5292	−0.033%	$374.7M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5292	−0.033%	$316.5M	$923.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5293	−0.027%	$107.6M	$181.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5294	−0.020%	$270.6M	$372.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5290	−0.046%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5309	+0.080%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5245	−0.338%	$662K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5273	−0.155%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5249	−0.314%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5296	−0.007%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5292	−0.033%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5304	+0.047%	$41K	$67K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5311	+0.092%	$78K	$647K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.964%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5320	+0.154%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5315	+0.118%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5316	+0.124%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5312	+0.098%	$54.4M	$33.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5298	+0.004%	$477K	$53K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5289	−0.053%	$2.1M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5313	+0.104%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0131% / S −0.0092%	1h	1.5312	+0.096%	$782K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5312	+0.098%	$5.4M	$47.3M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0169%	8h	1.5297	long leg	$1.7M	$33.1M	2.9x
Hyperliquid XRP	+0.0179%	1h	1.5295	−0.013%	$292.7M	$264.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5329	+0.209%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5313	+0.105%	$24.0M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5292	−0.030%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5278	−0.125%	$523K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0533%	1h	1.5220	−0.505%	$3K	$16K	10x	as long as short