Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0301%/8h= +32.9% APRpaid last 24h +0.047%

Price spread now: Kalshi against Deribit+0.033%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$380.385% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now +0.033%, 7d avg +0.013%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: +$9 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 -0.048% in total (about -2.5% 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	Deribit XRP_USDC-PERPETUAL	1.5151	0.0014	pay 0.0002% / 1h	37m 13s	$7.7M	$25.5M	50x
Short	Kalshi KXXRPPERP	1.5156	0.0315	get 0.0315% / 8h	37m 13s	$2.1M	$34.5M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.033%Rate

Funding earned: $63.13
Price spread: +0.033% → +0.013%: $1.96
Slippage, 4 orders: −$21.47
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $26.62
Costs to cover: 0.385%
Break-even: 4.0 days

Slippage from Deribit: 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 Deribit live order book, 2 min ago	3.63 bp	12.1 bp −$12	20.6 bp −$206	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	1.98 bp	8.9 bp −$9	11.9 bp −$119	18.3 bp −$1,830	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	1.5162	+0.073%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5151	+0.003%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5161	+0.066%	$1.1M	$114K	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	1.5148	−0.018%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0014%	1h	1.5151	long leg	$7.7M	$25.5M	50x
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.699%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0040% / S +0.0029%	1h	1.5148	−0.020%	$788K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5156	+0.033%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0081%	8h	1.5145	−0.040%	$62K	$935K	50x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5155	+0.029%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5156	+0.033%	$510K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5148	−0.020%	$9K	$324K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5146	−0.030%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5152	+0.007%	$281.3M	$225.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5154	+0.021%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5162	+0.072%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5152	+0.007%	$533.9M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5150	−0.007%	$344.5M	$931.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5146	−0.033%	$125.7M	$874.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5175	+0.158%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5148	−0.020%	$110K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5146	−0.035%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5149	−0.013%	$369.7M	$153.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5149	−0.013%	$289.2M	$897.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5135	−0.105%	$107.8M	$173.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5148	−0.020%	$267.7M	$384.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5150	−0.007%	—	$126.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5148	−0.022%	$5.4M	$37.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5152	+0.008%	$658K	$108.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5180	+0.191%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5153	+0.013%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5149	−0.013%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5155	+0.026%	$44K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5150	−0.007%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5146	−0.034%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5158	+0.048%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5151	0.000%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5149	−0.016%	$49.6M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5149	−0.013%	$54.0M	$30.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5163	+0.082%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5145	−0.041%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5146	−0.033%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0160%	1h	1.5162	+0.069%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0164%	1h	1.5171	+0.132%	$1.9M	$1.3M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5152	+0.007%	$5.6M	$47.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5146	−0.032%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5152	+0.007%	$24.1M	$76.1M	125x	as long as short
Kalshi KXXRPPERPshort	+0.0315%	8h	1.5156	+0.033%	$2.1M	$34.5M	2.9x
RISEx XRP/USDC	+0.0352%	1h	1.5158	+0.047%	$516K	$779K	10x	as long as short
Aftermath Perps XRPUSD	+0.0652%	1h	1.5157	+0.040%	$2K	$15K	10x	as long as short