Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0270%/8h= +29.6% APRpaid last 24h −0.015%

Price spread now: Bybit against Kraken Futures−0.025%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.399%+$40 · spread now −0.025%, 7d avg −0.006%

Together, before fees+0.316%+$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.083%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.083% in total (about -4.3% 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	Kraken Futures PF_XRPUSD	1.5317	−0.0170	get 0.0021% / 1h	21m 09s	$14.8M	$74.0M	50x
Short	Bybit XRPUSDT	1.5313	0.0100	get 0.0100% / 8h	7h 21m	$357.7M	$932.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: $56.74
Price spread: −0.025% → −0.006%: −$1.88
Slippage, 4 orders: −$13.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $20.84
Costs to cover: 0.340%
Break-even: 4.4 days

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 3 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 Kraken Futures live order book, 3 min ago	3.94 bp	12.2 bp −$12	13.3 bp −$133	21.2 bp −$2,115	42.7 bp −$21.3K
Sell Bybit live order book, 3 min ago	0.33 bp	5.8 bp −$6	7.2 bp −$72	14.5 bp −$1,448	30.3 bp −$15.1K

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_XRPUSDlong	−0.0170%	1h	1.5317	long leg	$14.8M	$74.0M	50x
Hotstuff XRP-PERP	−0.0080%	1h	1.5286	−0.201%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	−0.828%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5287	−0.194%	$248K	—	150x	as long as short
dYdX XRP-USD	+0.0008%	1h	1.5286	−0.203%	$1.1M	$160K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5320	+0.021%	$7.8M	$23.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.588%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5285	−0.207%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5283	−0.222%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5316	−0.005%	$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	1.5319	+0.015%	$623K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5284	−0.214%	$20K	$380K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5286	−0.200%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5316	−0.008%	$38.7M	$84.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5287	−0.194%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5316	−0.005%	$533.9M	$2.16B	100x	as long as short
Bybit XRPUSDTshort	+0.0100%	8h	1.5313	−0.025%	$357.7M	$932.6M	100x
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5316	−0.005%	$126.9M	$846.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5193	−0.808%	$561K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5295	−0.142%	$144K	$703K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−1.144%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5303	−0.090%	$375.1M	$155.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5316	−0.005%	$317.6M	$923.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5314	−0.019%	$107.8M	$181.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5315	−0.012%	$270.8M	$373.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5299	−0.116%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5155	−1.059%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5245	−0.466%	$662K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5273	−0.284%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5249	−0.442%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5296	−0.136%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5292	−0.162%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5304	−0.082%	$41K	$67K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5311	−0.038%	$78K	$647K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−1.091%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5320	+0.024%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5315	−0.012%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5316	−0.006%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5312	−0.031%	$54.4M	$33.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5289	−0.178%	$477K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5311	−0.039%	$2.1M	$6.4M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5313	−0.025%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0131% / S −0.0092%	1h	1.5312	−0.034%	$782K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5312	−0.031%	$5.4M	$47.3M	50x	as long as short
Kalshi KXXRPPERP	+0.0169%	8h	1.5297	−0.129%	$1.7M	$33.1M	2.9x	as long as short
Hyperliquid XRP	+0.0179%	1h	1.5304	−0.083%	$292.8M	$263.9M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0204%	1h	1.5303	−0.090%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5313	−0.025%	$24.0M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5292	−0.159%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5278	−0.254%	$523K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0533%	1h	1.5220	−0.633%	$3K	$16K	10x	as long as short