Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0041%/8h= −4.5% APRpaid last 24h −0.058%

Price spread now: Kalshi against Hyperliquid−0.013%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

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

costs, in and out, $10k−$290.289% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 7 days+0.079%+$8 · spread now −0.013%, 7d avg +0.005%

Together, before fees−0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XRP	1.5265	0.0364	pay 0.0045% / 1h	3m 14s	$287.6M	$215.5M	20x
Short	Kalshi KXXRPPERP	1.5263	0.0323	get 0.0323% / 8h	3h 03m	$2.0M	$34.7M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.013%Rate

Funding earned: −$8.61
Price spread: −0.013% → +0.005%: −$1.77
Slippage, 4 orders: −$9.93
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$39.31
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	0.32 bp	4.8 bp −$5	5.2 bp −$52	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	1.95 bp	7.7 bp −$8	10.7 bp −$107	18.2 bp −$1,824	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	1.5249	−0.105%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5260	−0.030%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5250	−0.101%	$255K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0012%	1h	1.5256	−0.059%	$9.2M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0019% / S +0.0071%	1h	1.5245	−0.130%	$836K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.933%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0065%	8h	1.5253	−0.079%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5258	−0.046%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5247	−0.115%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5249	−0.105%	$511K	$3.3M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5261	−0.026%	$9K	$282K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5252	−0.082%	$476K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5252	−0.084%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5245	−0.132%	$38.5M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5257	−0.055%	$628K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5243	−0.144%	$538.5M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5247	−0.118%	$340.4M	$920.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5246	−0.124%	$123.2M	$864.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5215	−0.328%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5251	−0.092%	$115K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.555%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5250	−0.098%	$366.8M	$153.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5245	−0.131%	$300.3M	$917.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5240	−0.160%	$110.3M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5255	−0.066%	$267.6M	$376.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5252	−0.085%	—	$125.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5315	+0.325%	$6.5M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5348	+0.545%	$666K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5328	+0.411%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5318	+0.347%	$1.2M	$998K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5254	−0.072%	$46K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5250	−0.100%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5256	−0.057%	$821K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5263	−0.016%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5253	−0.079%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5251	−0.092%	$50.0M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5240	−0.164%	$54.1M	$29.5M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5264	−0.007%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5255	−0.067%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5256	−0.058%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5250	−0.097%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5232	−0.216%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5251	−0.092%	$5.7M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0245%	1h	1.5246	−0.125%	$14.4M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0302%	1h	1.5263	−0.013%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5315	+0.330%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0323%	8h	1.5263	−0.013%	$2.0M	$34.7M	2.9x
Hyperliquid XRPlong	+0.0364%	1h	1.5265	long leg	$287.6M	$215.5M	20x
Phoenix XRP	+0.0520%	1h	1.5330	+0.426%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5254	−0.073%	$539K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0857%	1h	1.5325	+0.394%	$2K	$13K	10x	as long as short