Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0214%/8h= −23.5% APRpaid last 24h −0.022%

Price spread now: SoDEX against Kalshi−0.118%55s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.257% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.025%+$3 · spread now −0.118%, 7d avg −0.045%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SoDEX is 0.073% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.045%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.067% in total (about -7.7% 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	1.5307	0.0314	pay 0.0314% / 8h	3h 45m	$2.0M	$35.2M	2.9x
Short	SoDEX XRP-USD	1.5289	0.0100	get 0.0013% / 1h	45m 18s	$29K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$44.99
Price spread: −0.118% → −0.045%: −$7.26
Slippage, 4 orders: −$7.73
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$77.98
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; SoDEX: live order book, 4 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, 4 min ago	2.29 bp	8.6 bp −$9	11.8 bp −$118	19.7 bp −$1,969	doesn't fit
Sell SoDEX live order book, 4 min ago	0.33 bp	4.3 bp −$4	7.1 bp −$71	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5292	−0.098%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5289	−0.119%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5283	−0.154%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0010% / S +0.0085%	1h	1.5282	−0.165%	$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	1.5291	−0.105%	$57K	$909K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0077%	1h	1.5291	−0.105%	$9.3M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5296	−0.075%	$2.8M	$13.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5298	−0.059%	$511K	$3.2M	20x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5299	−0.052%	$11K	$274K	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	1.5297	−0.068%	$477K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5295	−0.075%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5294	−0.082%	$38.7M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5300	−0.047%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5288	−0.124%	$537.2M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5289	−0.118%	$340.2M	$927.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5288	−0.124%	$124.6M	$874.1M	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	1.5302	−0.033%	$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	1.5285	−0.144%	$371.9M	$148.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5288	−0.124%	$295.7M	$896.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5294	−0.082%	$108.5M	$167.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5287	−0.131%	$267.5M	$376.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5284	−0.150%	—	$3.7M	—	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	1.5300	−0.046%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5288	−0.124%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5290	−0.111%	$48K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5286	−0.134%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5289	−0.115%	$823K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5294	−0.086%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USDshort	+0.0100%	1h	1.5289	−0.118%	$29K	$1.8M	10x
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	1.5285	−0.141%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5288	−0.125%	$59K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5300	−0.046%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5285	−0.142%	$1.4M	$7K	15x	as long as short
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	1.5293	−0.091%	$5.8M	$46.2M	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	1.5286	−0.137%	$14.5M	$70.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5285	−0.145%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPlong	+0.0314%	8h	1.5307	long leg	$2.0M	$35.2M	2.9x
Hyperliquid XRP	+0.0405%	1h	1.5301	−0.039%	$289.8M	$216.2M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5310	+0.020%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0790%	1h	1.5320	+0.084%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5300	−0.046%	$505K	$755K	10x	as long as short