Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0432%/8h= −47.3% APRpaid last 24h −0.076%

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

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

Long on Kalshi Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.033% dearer against Kalshi than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5158	0.0352	pay 0.0352% / 8h	1h 26m	$2.1M	$35.0M	2.9x
Short	Hotstuff XRP-PERP	1.5163	−0.0080	pay 0.0010% / 1h	26m 43s	$5K	$3K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Kalshi. 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 KalshibpFee HotstuffbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$90.76
Price spread: +0.033% → 0.000%: $3.3
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$102.46
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Hotstuff: 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 Kalshi live order book, 2 min ago	1.98 bp	8.8 bp −$9	13.3 bp −$133	21.3 bp −$2,132	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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-PERPshort	−0.0080%	1h	1.5163	+0.033%	$5K	$3K	20x
dYdX XRP-USD	0.0000%	1h	1.5158	−0.001%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5146	−0.078%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5150	−0.053%	$7.7M	$25.4M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.652%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0035% / S +0.0042%	1h	1.5146	−0.082%	$818K	—	200x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5153	−0.033%	$8K	$8K	10x	as long as short
Orderly PERP_XRP_USDC	+0.0076%	8h	1.5148	−0.066%	$62K	$935K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5161	+0.020%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5157	−0.007%	$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	1.5146	−0.079%	$10K	$309K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5151	−0.043%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5166	+0.053%	$281.1M	$221.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5158	−0.003%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	+0.022%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5161	+0.023%	$537.5M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5159	+0.007%	$344.0M	$926.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5161	+0.020%	$125.8M	$865.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5171	+0.086%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5165	+0.046%	$114K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5156	−0.012%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5154	−0.026%	$369.2M	$152.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5161	+0.020%	$293.4M	$899.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5161	+0.020%	$108.2M	$171.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5162	+0.026%	$268.2M	$379.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5161	+0.020%	—	$126.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5198	+0.266%	$5.8M	$36.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5184	+0.171%	$659K	$107.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5175	+0.110%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5208	+0.330%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5154	−0.029%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5150	−0.053%	$42K	$450K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5148	−0.065%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5149	−0.057%	$815K	$73K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5157	−0.003%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5148	−0.066%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5157	−0.003%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5154	−0.026%	$53.9M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5160	+0.015%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5149	−0.056%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5146	−0.077%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0186%	1h	1.5160	+0.013%	$1.9M	$1.3M	25x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5145	−0.087%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5153	−0.033%	$5.6M	$46.4M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5154	−0.026%	$24.2M	$74.8M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5184	+0.172%	$17K	$82K	7x	as long as short
Kraken Futures PF_XRPUSD	+0.0273%	1h	1.5147	−0.075%	$14.5M	$73.1M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0352%	8h	1.5158	long leg	$2.1M	$35.0M	2.9x
RISEx XRP/USDC	+0.0484%	1h	1.5172	+0.095%	$517K	$776K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5190	+0.211%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0685%	1h	1.5167	+0.059%	$2K	$14K	10x	as long as short