Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.066%

Price spread now: Kalshi against gTrade (Gains Network)+0.065%71s7-day average +0.045% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2952.945% of the position

Long on gTrade (Gains Network)Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.182%+$18 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.065%, 7d avg +0.045%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kalshi is 0.020% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.045%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XRP/USD	1.5287	L +0.0003% / S −0.0004%	pay 0.0000% / 1h	20m 41s	$248K	—	150x
Short	Kalshi KXXRPPERP	1.5297	0.0169	get 0.0169% / 8h	3h 20m	$1.7M	$33.1M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee KalshibpOrdersPrice spread, now +0.065%Rate

Funding earned: $34.88
Price spread: +0.065% → +0.045%: $2.05
Slippage, 4 orders: −$274.52
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$257.59
Costs to cover: 2.945%
Break-even: 58.7 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 13 min ago; Kalshi: live order book, 3 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 gTrade (Gains Network) virtual book (oracle venue), 13 min ago	130.05 bp	135.0 bp −$135	208.0 bp −$2,080	1906.1 bp −$190.6K	9819.7 bp −$4.91M
Sell Kalshi live order book, 3 min ago	3.94 bp	8.9 bp −$9	9.2 bp −$92	16.1 bp −$1,614	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
Kraken Futures PF_XRPUSD	−0.0170%	1h	1.5317	+0.195%	$14.8M	$74.0M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5286	−0.007%	$5K	$3K	20x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	−0.635%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USDlong	L +0.0003% / S −0.0004%	1h	1.5287	long leg	$248K	—	150x
dYdX XRP-USD	+0.0008%	1h	1.5286	−0.009%	$1.1M	$160K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5320	+0.216%	$7.8M	$23.1M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.786%	$2K	$107K	30x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5285	−0.013%	$9K	$2K	10x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5283	−0.028%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5283	−0.024%	$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 XRP	+0.0096%	1h	1.5296	+0.059%	$622K	$3.1M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5290	+0.020%	$20K	$379K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5286	−0.005%	$1.0M	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5291	+0.027%	$38.7M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5292	+0.036%	$615K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5292	+0.033%	$533.1M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5294	+0.046%	$357.0M	$921.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5292	+0.033%	$126.7M	$842.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5302	+0.098%	$561K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5299	+0.078%	$144K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5141	−0.952%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5292	+0.033%	$374.7M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5292	+0.033%	$316.5M	$923.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5293	+0.039%	$107.6M	$181.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5294	+0.046%	$270.6M	$372.2M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5290	+0.020%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5309	+0.146%	$4.8M	$38.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5245	−0.273%	$662K	$112.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5273	−0.090%	$1.1M	$32.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5249	−0.249%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5296	+0.059%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5292	+0.033%	$52K	$509K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5304	+0.113%	$41K	$67K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5311	+0.157%	$78K	$647K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5150	−0.899%	$815K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5320	+0.219%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5315	+0.183%	$29K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5316	+0.189%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5312	+0.164%	$54.4M	$33.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5298	+0.069%	$477K	$53K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5289	+0.012%	$2.1M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5313	+0.169%	$59K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0131% / S −0.0092%	1h	1.5312	+0.161%	$782K	—	200x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5312	+0.164%	$5.4M	$47.3M	50x	as long as short
Kalshi KXXRPPERPshort	+0.0169%	8h	1.5297	+0.065%	$1.7M	$33.1M	2.9x
Hyperliquid XRP	+0.0179%	1h	1.5295	+0.052%	$292.7M	$264.0M	20x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5329	+0.275%	$2.0M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5313	+0.170%	$24.0M	$77.8M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5292	+0.036%	$1.4M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5278	−0.060%	$523K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0533%	1h	1.5220	−0.440%	$3K	$16K	10x	as long as short