Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0060%/8h= −6.5% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Katana Perps−0.271%7-day average +0.023% · you buy dearer than you sell

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

Long on Katana Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.101%+$10 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now −0.271%, 7d avg +0.023%

Together, before fees+0.324%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.294% cheaper against Katana Perps than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.101%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5092	0.0100	pay 0.0100% / 8h	6h 37m	$10K	$307K	20x
Short	Kraken Futures PF_XRPUSD	1.5051	0.0040	get 0.0005% / 1h	37m 25s	$14.5M	$72.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$12.56
Price spread: −0.271% → +0.023%: −$29.42
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$55.77
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Kraken Futures: live order book, 2 min ago. 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 Kraken Futures live order book, 2 min ago	3.65 bp	11.7 bp −$12	15.0 bp −$150	22.6 bp −$2,259	56.9 bp −$28.5K

Katana Perps: 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	1.5078	−0.093%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5091	−0.007%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5100	+0.053%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5082	−0.070%	$252K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0021% / S +0.0063%	1h	1.5088	−0.026%	$827K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.101%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSDshort	+0.0040%	1h	1.5051	−0.271%	$14.5M	$72.9M	50x
Orderly PERP_XRP_USDC	+0.0070%	8h	1.5083	−0.060%	$57K	$945K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5100	+0.050%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5103	+0.073%	$516K	$3.3M	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	+0.0100%	8h	1.5092	long leg	$10K	$307K	20x
Nado XRP-PERP	+0.0100%	1h	1.5098	+0.043%	$795K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5101	+0.057%	$38.4M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5104	+0.077%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5088	−0.025%	$535.8M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5084	−0.053%	$338.9M	$945.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5086	−0.040%	$123.5M	$870.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5090	−0.013%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5102	+0.066%	$115K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5183	+0.602%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5097	+0.033%	$366.2M	$151.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5099	+0.046%	$288.0M	$905.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5092	+0.001%	$106.5M	$172.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5086	−0.040%	$264.8M	$385.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5090	−0.013%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5098	+0.041%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5093	+0.007%	$655K	$108.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5084	−0.055%	$1.1M	$38.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5108	+0.106%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5096	+0.029%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5100	+0.053%	$45K	$452K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5097	+0.033%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5085	−0.046%	$812K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5100	+0.053%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5056	−0.239%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5058	−0.223%	$49.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5058	−0.225%	$53.5M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5103	+0.074%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5091	−0.008%	$2.0M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5083	−0.060%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5102	+0.066%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0149%	1h	1.5057	−0.232%	$7.6M	$25.4M	50x	as long as short
Hyperliquid XRP	+0.0196%	1h	1.5109	+0.113%	$279.4M	$220.8M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5095	+0.022%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5059	−0.219%	$5.7M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.669%	$24.0M	$75.2M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0328%	1h	1.5069	−0.152%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0328%	1h	1.5089	−0.022%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0340%	8h	1.5078	−0.093%	$2.1M	$36.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5106	+0.090%	$535K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0805%	1h	1.5109	+0.113%	$2K	$14K	10x	as long as short