Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h 0.000%

Price spread now: Derive against Katana Perps−0.464%581s7-day average +0.019% · you buy dearer than you sell

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.345%+$35 · spread now −0.464%, 7d avg +0.019%

Together, before fees+0.382%+$38 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.483% cheaper against Katana Perps than usual: you would sell low and buy high, −$48 on $10k if it goes back to its 7-day average of +0.019%. The two prices were read 581 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5219	0.0099	pay 0.0099% / 8h	1h 26m	$11K	$372K	20x
Short	Derive XRP-PERP	1.5148	0.0100	get 0.0013% / 1h	26m 28s	$815K	$72K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Katana Perps. 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 Katana PerpsbpFee DerivebpOrdersPrice spread, now −0.464%Rate

Funding earned: $0.19
Price spread: −0.464% → +0.019%: −$48.32
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$57.93
Costs to cover: 0.098%
Break-even: 2105.8 days

Slippage unknown: Katana Perps: no order-book sample; 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and 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	1.5214	−0.033%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5221	+0.011%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.322%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5226	+0.046%	$246K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0024%	1h	1.5209	−0.063%	$14.4M	$74.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.241%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0079%	1h	1.5213	−0.039%	$7.7M	$24.8M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0085% / S −0.0035%	1h	1.5204	−0.096%	$802K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5221	+0.016%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5222	+0.020%	$547K	$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-USDlong	+0.0099%	8h	1.5219	long leg	$11K	$372K	20x
Nado XRP-PERP	+0.0100%	1h	1.5225	+0.043%	$991K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5230	+0.072%	$38.7M	$87.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5223	+0.026%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5230	+0.072%	$534.4M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5227	+0.053%	$347.2M	$962.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5233	+0.092%	$127.6M	$887.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5198	−0.138%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5234	+0.099%	$144K	$715K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5221	+0.013%	$377.8M	$160.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5232	+0.085%	$305.2M	$926.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5230	+0.072%	$107.9M	$182.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5229	+0.066%	$268.5M	$397.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5224	+0.033%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5158	−0.402%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5165	−0.357%	$659K	$113.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5162	−0.374%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	−0.329%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5226	+0.046%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5233	+0.092%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5230	+0.071%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5210	−0.059%	$65K	$773K	50x	as long as short
Derive XRP-PERPshort	+0.0100%	1h	1.5148	−0.464%	$815K	$72K	10x
SunX XRP-USDT	+0.0100%	8h	1.5216	−0.018%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5211	−0.053%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5206	−0.083%	$49.7M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5206	−0.085%	$54.5M	$32.4M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5157	−0.407%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5231	+0.078%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5219	−0.001%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5234	+0.099%	$9K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5210	−0.059%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0144%	1h	1.5172	−0.310%	$17K	$79K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5215	−0.026%	$5.7M	$48.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0182%	1h	1.5221	+0.013%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0197%	1h	1.5243	+0.158%	$289.8M	$265.0M	20x	as long as short
Kalshi KXXRPPERP	+0.0212%	8h	1.5205	−0.092%	$1.8M	$35.2M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5228	+0.060%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5205	−0.092%	$23.7M	$78.1M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5235	+0.104%	$532K	$800K	10x	as long as short
Aftermath Perps XRPUSD	+0.0606%	1h	1.5183	−0.236%	$2K	$16K	10x	as long as short