Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.024%

Price spread now: Kalshi against Lighter+0.061%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days−0.020%−$2 · spread now +0.061%, 7d avg +0.047%

Together, before fees+0.088%+ Points / potential airdropLighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% 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	Lighter XRP	1.5094	0.0096	pay 0.0012% / 1h	56m 18s	$2.8M	$14.0M	20x
Short	Kalshi KXXRPPERP	1.5103	0.0323	get 0.0323% / 8h	2h 56m	$1.9M	$35.2M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.061%Rate

Funding earned: $47.65
Price spread: +0.061% → +0.047%: $1.37
Slippage, 4 orders: −$12.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $26.83
Costs to cover: 0.222%
Break-even: 3.1 days

Slippage from Lighter: live order book, 7 min ago; Kalshi: 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 Lighter live order book, 7 min ago	0.90 bp	2.3 bp −$2	6.7 bp −$67	19.1 bp −$1,909	42.1 bp −$21.1K
Sell Kalshi live order book, 3 min ago	2.30 bp	10.2 bp −$10	14.3 bp −$143	20.5 bp −$2,048	doesn't fit

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	1.5182	+0.584%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5130	+0.242%	$1.1M	$117K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5089	−0.031%	$267K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0069%	1h	1.5090	−0.029%	$827K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.088%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5085	−0.058%	$14.7M	$72.1M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5095	+0.008%	$57K	$935K	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5094	long leg	$2.8M	$14.0M	20x
Lighter RH XRP	+0.0096%	1h	1.5097	+0.021%	$507K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5098	+0.027%	$11K	$288K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5105	+0.077%	$906K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5100	+0.041%	$38.2M	$84.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5130	+0.238%	$614K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5095	+0.008%	$531.7M	$2.08B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5096	+0.014%	$337.7M	$929.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5093	−0.006%	$121.6M	$863.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5176	+0.544%	$565K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5099	+0.034%	$114K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5203	+0.723%	$1.6M	$305K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5092	−0.012%	$364.5M	$148.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5099	+0.034%	$288.1M	$889.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5118	+0.159%	$109.9M	$169.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5092	−0.012%	$263.1M	$381.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5089	−0.032%	—	$126.5M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5096	+0.015%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5219	+0.831%	$661K	$106.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	+0.756%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5235	+0.935%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5130	+0.240%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5108	+0.094%	$44K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5098	+0.026%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5096	+0.012%	$813K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5102	+0.051%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5092	−0.012%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5101	+0.049%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5095	+0.008%	$53.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5129	+0.232%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5090	−0.026%	$2.0M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5096	+0.015%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5105	+0.074%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0130%	1h	1.5114	+0.133%	$280.4M	$221.7M	20x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0148%	1h	1.5099	+0.034%	$9.0M	$25.0M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5103	+0.062%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5098	+0.027%	$5.7M	$46.1M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5162	+0.452%	$24.0M	$73.9M	125x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5182	+0.584%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0323%	8h	1.5103	+0.061%	$1.9M	$35.2M	2.9x
RISEx XRP/USDC	+0.0456%	1h	1.5101	+0.047%	$535K	$778K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0485%	1h	1.5170	+0.505%	$1.9M	$1.3M	25x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.968%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0860%	1h	1.5226	+0.877%	$2K	$13K	10x	as long as short