Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.083%

Price spread now: Kalshi against RISEx−0.157%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.235%−$23 on $10k

Price spread, last 4 days (all we have)+0.246%+$25 · spread now −0.157%, 7d avg +0.011%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kalshi is 0.168% cheaper against RISEx than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XRP/USDC	1.5201	0.0358	pay 0.0045% / 1h	38m 23s	$518K	$774K	10x
Short	Kalshi KXXRPPERP	1.5177	0.0277	get 0.0277% / 8h	7h 38m	$2.0M	$35.1M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now −0.157%Rate

Funding earned: −$16.99
Price spread: −0.157% → +0.011%: −$16.81
Slippage, 4 orders: −$9.91
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$59.72
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from RISEx: live order book, 15 min ago; Kalshi: live order book, 6 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 RISEx live order book, 15 min ago	1.61 bp	4.6 bp −$5	10.2 bp −$102	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	1.64 bp	8.4 bp −$8	11.4 bp −$114	18.7 bp −$1,871	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	1.5188	−0.085%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5190	−0.072%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5198	−0.018%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5175	−0.170%	$7.8M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5173	−0.181%	$14.4M	$74.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.362%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0052% / S +0.0012%	1h	1.5198	−0.018%	$805K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5191	−0.068%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5189	−0.078%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5192	−0.059%	$12K	$343K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5170	−0.203%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5185	−0.101%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5195	−0.041%	$38.4M	$84.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5191	−0.065%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5203	+0.013%	$534.1M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5203	+0.014%	$346.6M	$940.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5201	+0.001%	$127.2M	$886.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5151	−0.328%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5199	−0.013%	$118K	$688K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5203	+0.014%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5192	−0.059%	$370.8M	$154.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5200	−0.006%	$294.7M	$900.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5201	−0.002%	$109.1M	$177.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5199	−0.013%	$269.3M	$388.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5202	+0.007%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5173	−0.185%	$4.9M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5161	−0.260%	$658K	$109.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5181	−0.131%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5209	+0.053%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5193	−0.052%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5200	−0.006%	$45K	$476K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5201	−0.002%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5173	−0.183%	$816K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5182	−0.122%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5173	−0.184%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5177	−0.159%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5174	−0.177%	$54.1M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5190	−0.070%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5189	−0.077%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5170	−0.203%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5203	+0.014%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5178	−0.151%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5198	−0.018%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5170	−0.203%	$24.2M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5175	−0.167%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0277%	8h	1.5177	−0.157%	$2.0M	$35.1M	2.9x
Backpack XRP_USDC_PERP	+0.0292%	1h	1.5178	−0.151%	$2.0M	$1.4M	25x	as long as short
Hyperliquid XRP	+0.0328%	1h	1.5213	+0.079%	$292.5M	$235.3M	20x	as long as short
RISEx XRP/USDClong	+0.0358%	1h	1.5201	long leg	$518K	$774K	10x
Phoenix XRP	+0.0528%	1h	1.5170	−0.203%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0665%	1h	1.5197	−0.027%	$2K	$15K	10x	as long as short