Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h +0.009%

Price spread now: Reya against Kalshi−0.148%7-day average −0.071% · you buy dearer than you sell

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

Long on Kalshi Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.148%, 7d avg −0.071%

Together, before fees+0.093%+ Points / potential airdropReya: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 0.077% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXXRPPERP	1.5307	0.0314	pay 0.0314% / 8h	3h 46m	$2.0M	$35.2M	2.9x
Short	Reya XRPRUSDPERP	1.5284	0.0213	get 0.0027% / 1h	46m 05s	$1.4M	$7K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.148%Rate

Funding earned: −$21.28
Price spread: −0.148% → −0.071%: −$7.69
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$44.98
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; Reya: 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, 3 min ago	2.29 bp	8.6 bp −$9	11.8 bp −$118	19.7 bp −$1,969	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	1.5312	+0.033%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5308	+0.004%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5283	−0.159%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0010% / S +0.0085%	1h	1.5281	−0.171%	$838K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.653%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5285	−0.144%	$75K	$909K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5287	−0.131%	$9.3M	$25.4M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5288	−0.127%	$2.8M	$13.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5291	−0.105%	$511K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5304	−0.020%	$11K	$275K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XRP-USD-PERP	+0.0100%	8h	1.5309	+0.014%	$477K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5294	−0.082%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5288	−0.124%	$38.7M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5312	+0.033%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5294	−0.085%	$537.4M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5294	−0.085%	$340.4M	$927.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5295	−0.078%	$124.6M	$875.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5292	−0.098%	$569K	$48K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5306	−0.007%	$117K	$710K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5306	−0.010%	$1.6M	$562K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5288	−0.124%	$371.9M	$148.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5290	−0.111%	$295.2M	$895.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5290	−0.108%	$108.5M	$167.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5291	−0.105%	$267.6M	$376.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5290	−0.111%	—	$123.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5300	−0.045%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5308	+0.003%	$665K	$107.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5305	−0.010%	$1.1M	$39.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5310	+0.020%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5294	−0.082%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5294	−0.085%	$48K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5282	−0.163%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5286	−0.135%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5312	+0.031%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5286	−0.137%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5279	−0.182%	$50.1M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5288	−0.124%	$54.4M	$29.7M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5283	−0.154%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5285	−0.147%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5301	−0.039%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERPshort	+0.0213%	1h	1.5284	−0.148%	$1.4M	$7K	15x
BloFin XRP-USDT	+0.0220%	8h	1.5311	+0.026%	$24.0M	$74.4M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5292	−0.098%	$5.8M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0242%	1h	1.5295	−0.078%	$1.9M	$1.3M	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5284	−0.151%	$14.5M	$70.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5308	+0.008%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0314%	8h	1.5307	long leg	$2.0M	$35.2M	2.9x
Hyperliquid XRP	+0.0411%	1h	1.5303	−0.027%	$289.9M	$216.1M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5320	+0.085%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0801%	1h	1.5327	+0.128%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5304	−0.019%	$506K	$755K	10x	as long as short