Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h +0.023%

Price spread now: Kalshi against Lighter RH−0.046%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Lighter RH Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 7 days+0.116%+$12 · spread now −0.046%, 7d avg +0.059%

Together, before fees+0.225%+ Points / potential airdropLighter RH: Points live · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.105% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.059%). If the spread goes back, that is −$10 on $10k: about 38 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.109% in total) that is about 6.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% 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 RH XRP	1.5151	0.0096	pay 0.0012% / 1h	11m 38s	$498K	$3.3M	20x
Short	Kalshi KXXRPPERP	1.5144	0.0314	get 0.0314% / 8h	11m 38s	$2.1M	$34.7M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter RH. 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 Lighter RHbpFee KalshibpOrdersPrice spread, now −0.046%Rate

Funding earned: $45.86
Price spread: −0.046% → +0.059%: −$10.49
Slippage, 4 orders: −$10.96
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $14.41
Costs to cover: 0.210%
Break-even: 4.8 days

Slippage from Lighter RH: live order book, 2 min ago; Kalshi: live order book, 2 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 RH live order book, 2 min ago	1.65 bp	1.7 bp −$2	4.9 bp −$49	41.1 bp −$4,115	doesn't fit
Sell Kalshi live order book, 2 min ago	1.98 bp	8.5 bp −$8	11.1 bp −$111	19.5 bp −$1,946	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	1.5141	−0.066%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5147	−0.026%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5145	−0.042%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5150	−0.007%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5147	−0.026%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5150	−0.007%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.699%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0045% / S +0.0022%	1h	1.5145	−0.037%	$790K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0090%	8h	1.5146	−0.033%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5148	−0.018%	$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 XRPlong	+0.0096%	1h	1.5151	long leg	$498K	$3.3M	20x
Katana Perps XRP-USD	+0.0098%	8h	1.5143	−0.053%	$11K	$329K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5135	−0.102%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5156	+0.033%	$280.4M	$227.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5147	−0.026%	$38.3M	$83.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5148	−0.023%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5145	−0.040%	$533.7M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5144	−0.046%	$346.7M	$935.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5143	−0.053%	$126.5M	$874.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5142	−0.059%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5150	−0.007%	$110K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5130	−0.136%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5143	−0.053%	$369.2M	$154.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5142	−0.059%	$294.4M	$902.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5149	−0.011%	$107.8M	$175.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5139	−0.079%	$267.9M	$384.7M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5144	−0.046%	—	$127.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5137	−0.093%	$5.2M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5141	−0.065%	$658K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5137	−0.095%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	+0.026%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5144	−0.045%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5146	−0.033%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5148	−0.023%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5149	−0.014%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5150	−0.005%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5148	−0.020%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5144	−0.044%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5149	−0.013%	$54.0M	$30.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5142	−0.059%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5143	−0.051%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5145	−0.039%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5149	−0.013%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0186%	1h	1.5158	+0.046%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5150	−0.007%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5144	−0.048%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5145	−0.039%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5142	−0.059%	$24.2M	$76.0M	125x	as long as short
Kalshi KXXRPPERPshort	+0.0314%	8h	1.5144	−0.046%	$2.1M	$34.7M	2.9x
RISEx XRP/USDC	+0.0352%	1h	1.5151	0.000%	$516K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0680%	1h	1.5155	+0.024%	$2K	$15K	10x	as long as short