Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.055%

Price spread now: Injective against Kalshi+2.207%7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs+$116as in the Price arb table

costs, in and out, $10k−$1091.088% of the position

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−3.300%−$330 · spread now +2.207%, 7d avg −0.043%

Together, before fees−3.259%−$326 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.250% dearer against Kalshi than usual: you sell high and buy low (spread +2.207% now, against its 7-day average of −0.043%): +$225 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 54 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5224	0.0171	pay 0.0171% / 8h	3h 37m	$1.7M	$33.3M	2.9x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	37m 09s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +2.207%Rate

Funding earned: −$28.96
Price spread: +2.207% → −0.043%: $225.05
Slippage, 4 orders: −$98.76
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $87.3
Costs to cover: 1.088%
Break-even: from the start

Slippage from Kalshi: live order book, 2 min ago; Injective: live order book, 61 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 Kalshi live order book, 2 min ago	1.97 bp	7.5 bp −$7	11.0 bp −$110	18.8 bp −$1,881	doesn't fit
Sell Injective live order book, 61 min ago	39.42 bp	51.9 bp −$52	69.9 bp −$699	doesn't fit	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	−0.0171%	1h	1.5211	−0.087%	$14.7M	$75.3M	50x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5218	−0.039%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5216	−0.052%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	−0.026%	$68K	$110K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5213	−0.072%	$7.7M	$23.8M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5211	−0.084%	$247K	—	150x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.207%	$2K	$107K	30x
Hibachi XRP/USDT-P	+0.0072%	1h	1.5204	−0.134%	$17K	$78K	7x	as long as short
Lighter XRP	+0.0096%	1h	1.5210	−0.089%	$2.8M	$14.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5213	−0.072%	$620K	$3.1M	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	1.5216	−0.053%	$20K	$380K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5215	−0.056%	$995K	$6.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5209	−0.099%	$38.5M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5221	−0.019%	$613K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5208	−0.108%	$530.1M	$2.18B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5207	−0.112%	$354.8M	$943.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5207	−0.112%	$126.8M	$854.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5173	−0.335%	$566K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5225	+0.007%	$144K	$709K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.151%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5208	−0.105%	$374.9M	$153.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5210	−0.092%	$313.3M	$914.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5212	−0.077%	$106.2M	$183.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5208	−0.105%	$269.3M	$382.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5210	−0.092%	—	$108.8M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5191	−0.217%	$4.8M	$38.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5194	−0.197%	$662K	$112.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5186	−0.247%	$1.1M	$33.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5199	−0.164%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5220	−0.029%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5219	−0.033%	$52K	$511K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5216	−0.051%	$41K	$68K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5213	−0.072%	$78K	$648K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5214	−0.066%	$818K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5223	−0.005%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5209	−0.099%	$30K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5211	−0.085%	$49.7M	$15.2M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5211	−0.085%	$54.3M	$32.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5224	0.000%	$475K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5203	−0.135%	$2.1M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5211	−0.086%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0118% / S −0.0083%	1h	1.5212	−0.076%	$789K	—	200x	as long as short
01 Exchange XRPUSD	+0.0120%	1h	1.5221	−0.020%	$9K	$2K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0160%	1h	1.5210	−0.092%	$5.5M	$47.8M	50x	as long as short
Kalshi KXXRPPERPlong	+0.0171%	8h	1.5224	long leg	$1.7M	$33.3M	2.9x
Hyperliquid XRP	+0.0188%	1h	1.5223	−0.007%	$290.9M	$267.2M	20x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5209	−0.099%	$23.7M	$78.0M	125x	as long as short
Reya XRPRUSDPERP	+0.0221%	1h	1.5213	−0.070%	$1.3M	$4K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0233%	1h	1.5220	−0.026%	$2.0M	$1.4M	25x	as long as short
RISEx XRP/USDC	+0.0337%	1h	1.5224	+0.002%	$522K	$798K	10x	as long as short
Aftermath Perps XRPUSD	+0.0549%	1h	1.5214	−0.068%	$3K	$16K	10x	as long as short