Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter RH−0.073%7-day average −0.027% · you buy dearer than you sell

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

Long on Lighter RH Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.073%, 7d avg −0.027%

Together, before fees+0.034%+ Points / potential airdropLighter RH: Points live · farm board+$3 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 0.046% cheaper against Lighter RH than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XRP	1.5104	0.0096	pay 0.0012% / 1h	47m 37s	$508K	$3.2M	20x
Short	Katana Perps XRP-USD	1.5093	0.0100	get 0.0100% / 8h	5h 47m	$10K	$305K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0.8
Price spread: −0.073% → −0.027%: −$4.59
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.6
Costs to cover: 0.038%
Break-even: 73.8 days

Slippage unknown: Lighter RH: live order book, 6 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 RH live order book, 6 min ago	1.32 bp	1.3 bp −$1	5.4 bp −$54	43.5 bp −$4,350	doesn't fit
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 50 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	1.5105	+0.007%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5104	+0.001%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5106	+0.013%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0027% / S +0.0049%	1h	1.5107	+0.017%	$798K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+3.019%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5112	+0.053%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5095	−0.060%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5106	+0.012%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRPlong	+0.0096%	1h	1.5104	long leg	$508K	$3.2M	20x
Katana Perps XRP-USDshort	+0.0100%	8h	1.5093	−0.073%	$10K	$305K	20x

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5110	+0.043%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5114	+0.066%	$279.8M	$220.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5107	+0.022%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5103	−0.010%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5103	−0.005%	$535.4M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5100	−0.026%	$341.9M	$924.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5102	−0.013%	$124.9M	$862.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5109	+0.033%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5104	0.000%	$114K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.116%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5100	−0.026%	$368.5M	$150.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5100	−0.026%	$293.6M	$893.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5102	−0.013%	$106.5M	$170.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5099	−0.033%	$265.9M	$379.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5101	−0.020%	—	$126.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5141	+0.242%	$6.0M	$36.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5102	−0.012%	$657K	$108.9M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5143	+0.255%	$1.1M	$35.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5108	+0.026%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5111	+0.049%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5114	+0.066%	$41K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5111	+0.049%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5113	+0.063%	$813K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5126	+0.148%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5115	+0.073%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5113	+0.062%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5123	+0.126%	$53.8M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5099	−0.032%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5099	−0.036%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5111	+0.046%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0147%	1h	1.5119	+0.099%	$7.7M	$25.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5110	+0.039%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5123	+0.126%	$5.6M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0224%	1h	1.5117	+0.086%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5115	+0.076%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5109	+0.036%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0356%	8h	1.5116	+0.079%	$2.1M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5100	−0.029%	$526K	$769K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	+0.172%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0717%	1h	1.5115	+0.070%	$2K	$14K	10x	as long as short