Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter+0.004%7-day average −0.041% · you sell dearer than you buy

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

Long on Lighter Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.027%−$3 on $10k

Price spread, last 7 days−0.091%−$9 · spread now +0.004%, 7d avg −0.041%

Together, before fees−0.118%+ Points / potential airdropLighter: Season 3 · farm board−$12 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: Katana Perps is 0.045% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5149	0.0096	pay 0.0012% / 1h	14m 10s	$2.8M	$14.8M	20x
Short	Katana Perps XRP-USD	1.5150	0.0098	get 0.0098% / 8h	3h 14m	$9K	$351K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now +0.004%Rate

Funding earned: $0.51
Price spread: +0.004% → −0.041%: $4.5
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $1.21
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Katana Perps: 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 Lighter live order book, 4 min ago	1.76 bp	2.8 bp −$3	7.7 bp −$77	15.3 bp −$1,526	37.7 bp −$18.8K
Sell Katana Perps no order-book sample	—	—	—	—	—

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	1.5160	+0.070%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5149	−0.001%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5144	−0.036%	$258K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5148	−0.009%	$7.7M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5146	−0.022%	$14.4M	$74.6M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.710%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5144	−0.036%	$795K	—	200x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5149	long leg	$2.8M	$14.8M	20x
Lighter RH XRP	+0.0096%	1h	1.5151	+0.011%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USDshort	+0.0098%	8h	1.5150	+0.004%	$9K	$351K	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5148	−0.006%	$975K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5147	−0.016%	$39.0M	$85.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5151	+0.009%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5145	−0.029%	$533.8M	$2.16B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5145	−0.029%	$344.4M	$945.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5148	−0.009%	$125.8M	$883.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5148	−0.009%	$564K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5155	+0.037%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5164	+0.100%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5149	−0.003%	$372.0M	$157.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5145	−0.029%	$297.6M	$907.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5148	−0.007%	$109.2M	$178.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5146	−0.022%	$269.0M	$390.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5147	−0.016%	—	$127.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	+0.010%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5166	+0.113%	$659K	$110.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5154	+0.033%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5169	+0.129%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5151	+0.009%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5152	+0.017%	$45K	$479K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5147	−0.016%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5145	−0.029%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5145	−0.026%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5152	+0.018%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5145	−0.029%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5152	+0.018%	$49.5M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5148	−0.009%	$53.9M	$31.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5147	−0.018%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5140	−0.061%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5143	−0.040%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5156	+0.044%	$8K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5153	+0.024%	$5.7M	$48.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5148	−0.008%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5156	+0.044%	$24.2M	$75.7M	125x	as long as short
Kalshi KXXRPPERP	+0.0233%	8h	1.5156	+0.044%	$1.9M	$35.3M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0249%	1h	1.5156	+0.044%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5163	+0.090%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5154	+0.028%	$516K	$776K	10x	as long as short
Hyperliquid XRP	+0.0405%	1h	1.5163	+0.090%	$297.7M	$251.6M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5160	+0.070%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0648%	1h	1.5166	+0.108%	$2K	$15K	10x	as long as short