Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0066%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: Katana Perps against Injective−2.802%7-day average +0.231% · you buy dearer than you sell

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

Long on Injective Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.200%−$20 on $10k

Price spread, last 3 days (all we have)+3.458%+$346 · spread now −2.802%, 7d avg +0.231%

Together, before fees+3.258%+$326 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 3.033% cheaper against Injective than usual: you would sell low and buy high (spread −2.802% now, against its 7-day average of +0.231%). If the spread goes back, that is −$303 on $10k: about 5 months of funding at the current rate (+$2 a day). Mind the row above: over the last 4 days funding on this pair cost −0.200%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	18m 10s	$2K	$107K	30x
Short	Katana Perps XRP-USD	1.5124	0.0100	get 0.0100% / 8h	6h 18m	$10K	$307K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Injective. 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 InjectivebpFee Katana PerpsbpOrdersPrice spread, now −2.802%Rate

Funding earned: $13.96
Price spread: −2.802% → +0.231%: −$303.27
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$293.14
Costs to cover: 0.038%
Break-even: 154.0 days

Slippage unknown: Injective: live order book, 50 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 Injective live order book, 50 min ago	22.76 bp	22.8 bp −$23	35.7 bp −$357	doesn't fit	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	1.5146	−2.661%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5152	−2.625%	$1.1M	$110K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−2.506%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5143	−2.682%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0022% / S +0.0057%	1h	1.5141	−2.695%	$800K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5141	−2.696%	$14.5M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5139	−2.706%	$62K	$953K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5146	−2.661%	$7.6M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5145	−2.668%	$2.8M	$14.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5146	−2.661%	$511K	$3.3M	20x	as long as short
Katana Perps XRP-USDshort	+0.0100%	8h	1.5124	−2.802%	$10K	$307K	20x
Nado XRP-PERP	+0.0100%	1h	1.5137	−2.715%	$934K	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5136	−2.727%	$38.5M	$84.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5156	−2.598%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5140	−2.696%	$537.0M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5131	−2.757%	$340.7M	$940.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5131	−2.757%	$124.2M	$871.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5130	−2.763%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5139	−2.706%	$114K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5190	−2.381%	$1.6M	$330K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5127	−2.783%	$368.0M	$152.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5129	−2.770%	$289.7M	$915.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5141	−2.695%	$107.0M	$171.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5128	−2.776%	$266.5M	$384.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5127	−2.783%	—	$126.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5151	−2.630%	$6.2M	$35.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5154	−2.611%	$658K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	−2.404%	$1.1M	$37.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5155	−2.603%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5141	−2.696%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5136	−2.725%	$44K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5144	−2.673%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5142	−2.684%	$815K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5142	−2.686%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5143	−2.680%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5145	−2.669%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5133	−2.744%	$53.8M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5156	−2.595%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5139	−2.703%	$2.0M	$6.9M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5139	−2.706%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5131	−2.757%	$8K	$8K	10x	as long as short
Hyperliquid XRP	+0.0190%	1h	1.5137	−2.719%	$280.2M	$222.0M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5133	−2.747%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5149	−2.641%	$5.7M	$46.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5132	−2.750%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0343%	1h	1.5138	−2.712%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0361%	8h	1.5146	−2.661%	$2.1M	$35.7M	2.9x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5134	−2.741%	$529K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0756%	1h	1.5153	−2.614%	$2K	$14K	10x	as long as short