Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0183%/8h= −20.1% APRpaid last 24h −0.038%

Price spread now: Lighter against Kalshi+0.053%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.139%−$14 on $10k

Price spread, last 7 days−0.120%−$12 · spread now +0.053%, 7d avg −0.046%

Together, before fees−0.260%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.099% dearer against Kalshi than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.046%): +$10 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 43 hours. At the pace of the last 7 days (−0.139% in total) that is about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5178	0.0279	pay 0.0279% / 8h	7h 40m	$2.0M	$35.1M	2.9x
Short	Lighter XRP	1.5186	0.0096	get 0.0012% / 1h	40m 49s	$2.8M	$14.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$38.47
Price spread: +0.053% → −0.046%: $9.87
Slippage, 4 orders: −$11.65
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$50.25
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Lighter: live order book, 8 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	1.64 bp	8.3 bp −$8	11.4 bp −$114	19.1 bp −$1,914	doesn't fit
Sell Lighter live order book, 8 min ago	1.62 bp	2.4 bp −$2	7.1 bp −$71	20.6 bp −$2,061	38.6 bp −$19.3K

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	1.5164	−0.092%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	−0.122%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5172	−0.040%	$261K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5182	+0.026%	$14.4M	$74.2M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.517%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0052% / S +0.0013%	1h	1.5172	−0.039%	$778K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5186	+0.053%	$7.8M	$25.6M	50x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5186	+0.053%	$2.8M	$14.6M	20x
Lighter RH XRP	+0.0096%	1h	1.5186	+0.053%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5161	−0.112%	$12K	$343K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5177	−0.007%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5162	−0.109%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5176	−0.013%	$38.3M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	−0.112%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5178	0.000%	$533.2M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5179	+0.007%	$345.9M	$942.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5179	+0.007%	$127.0M	$886.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5151	−0.178%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5163	−0.099%	$118K	$688K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5203	+0.165%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5177	−0.007%	$370.4M	$154.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5177	−0.007%	$292.4M	$900.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5182	+0.024%	$108.9M	$176.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5177	−0.007%	$268.8M	$388.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5179	+0.007%	—	$127.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5173	−0.034%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5203	+0.164%	$661K	$109.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5201	+0.151%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5209	+0.204%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5168	−0.066%	$44K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5172	−0.039%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5180	+0.016%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5186	+0.055%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5184	+0.040%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5173	−0.032%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5180	+0.013%	$54.1M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5157	−0.141%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5166	−0.078%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5175	−0.023%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5178	0.000%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5163	−0.099%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5187	+0.059%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5169	−0.058%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5176	−0.013%	$24.1M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5170	−0.052%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0279%	8h	1.5178	long leg	$2.0M	$35.1M	2.9x
Backpack XRP_USDC_PERP	+0.0281%	1h	1.5193	+0.099%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0316%	1h	1.5195	+0.112%	$292.1M	$235.4M	20x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5165	−0.087%	$516K	$774K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5170	−0.053%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0669%	1h	1.5191	+0.088%	$2K	$15K	10x	as long as short