Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0256%/8h= −28.1% APRpaid last 24h −0.022%

Price spread now: Ondo Perps against Kalshi+0.013%7-day average −0.114% · you sell dearer than you buy

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

Long on Kalshi Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)−2.188%−$219 · spread now +0.013%, 7d avg −0.114%

Together, before fees−2.317%+ Points / potential airdropOndo Perps: Active · farm board−$232 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.127% dearer against Kalshi than usual: you sell high and buy low (spread +0.013% now, against its 7-day average of −0.114%): +$13 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.129% in total) that is about 6.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5107	0.0356	pay 0.0356% / 8h	1h 46m	$2.1M	$35.0M	2.9x
Short	Ondo Perps XRP-USD.P	1.5109	0.0100	get 0.0013% / 1h	46m 36s	$562K	$28K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$53.83
Price spread: +0.013% → −0.114%: $12.69
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$56.13
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Ondo 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 Kalshi live order book, 2 min ago	2.32 bp	10.3 bp −$10	11.8 bp −$118	18.6 bp −$1,859	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 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	1.5094	−0.086%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5095	−0.081%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5096	−0.073%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0027% / S +0.0049%	1h	1.5096	−0.075%	$797K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.999%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5094	−0.086%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5103	−0.026%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5094	−0.086%	$7.7M	$25.2M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5100	−0.045%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5104	−0.020%	$508K	$3.2M	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	1.5095	−0.079%	$10K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5111	+0.029%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5104	−0.017%	$279.7M	$221.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5094	−0.086%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5099	−0.050%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5110	+0.020%	$535.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5111	+0.026%	$342.3M	$924.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5113	+0.040%	$124.9M	$863.1M	100x	as long as short
Ondo Perps XRP-USD.Pshort	+0.0100%	1h	1.5109	+0.013%	$562K	$28K	5x
Arcus XRP-USD	+0.0100%	1h	1.5104	−0.020%	$114K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.136%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5096	−0.073%	$368.5M	$150.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5097	−0.066%	$293.2M	$893.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5095	−0.077%	$106.5M	$170.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5094	−0.086%	$265.6M	$379.9M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5097	−0.066%	—	$126.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5141	+0.222%	$6.0M	$36.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5108	+0.005%	$656K	$109.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5143	+0.235%	$1.1M	$35.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5110	+0.020%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5105	−0.015%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5102	−0.033%	$41K	$448K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5100	−0.046%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5095	−0.077%	$812K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5106	−0.005%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5089	−0.119%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5103	−0.027%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5092	−0.099%	$53.7M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5094	−0.088%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5095	−0.080%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5091	−0.103%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5098	−0.059%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5090	−0.113%	$5.6M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0217%	1h	1.5098	−0.060%	$1.9M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5093	−0.093%	—	$74.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5086	−0.141%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5109	+0.016%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0356%	8h	1.5107	long leg	$2.1M	$35.0M	2.9x
RISEx XRP/USDC	+0.0484%	1h	1.5108	+0.004%	$526K	$769K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	+0.152%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0722%	1h	1.5113	+0.038%	$2K	$14K	10x	as long as short