Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h 0.000%

Price spread now: Derive against Katana Perps+0.053%7-day average +0.019% · you sell dearer than you buy

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$4 on $10k

Price spread, last 4 days (all we have)−0.195%−$19 · spread now +0.053%, 7d avg +0.019%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.034% dearer against Katana Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5152	0.0099	pay 0.0099% / 8h	2h 03m	$11K	$361K	20x
Short	Derive XRP-PERP	1.5160	0.0100	get 0.0013% / 1h	3m 38s	$816K	$73K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Katana Perps. 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 Katana PerpsbpFee DerivebpOrdersPrice spread, now +0.053%Rate

Funding earned: $0.22
Price spread: +0.053% → +0.019%: $3.42
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$6.15
Costs to cover: 0.098%
Break-even: 198.7 days

Slippage unknown: Katana Perps: no order-book sample; Derive: 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Katana Perps and Derive: 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	1.5166	+0.092%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5158	+0.038%	$14.4M	$74.9M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5160	+0.053%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5180	+0.185%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5159	+0.046%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.693%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0074% / S −0.0020%	1h	1.5160	+0.052%	$799K	—	200x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5163	+0.073%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5163	+0.073%	$7.7M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5162	+0.063%	$2.8M	$15.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5164	+0.079%	$548K	$3.3M	20x	as long as short
Katana Perps XRP-USDlong	+0.0099%	8h	1.5152	long leg	$11K	$361K	20x
Nado XRP-PERP	+0.0100%	1h	1.5159	+0.049%	$1.0M	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5157	+0.036%	$38.5M	$87.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5164	+0.077%	$603K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5162	+0.066%	$527.1M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5162	+0.066%	$344.2M	$966.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5162	+0.066%	$126.4M	$890.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5159	+0.046%	$564K	$35K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5168	+0.106%	$143K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5132	−0.133%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5160	+0.053%	$374.6M	$162.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5161	+0.059%	$298.1M	$929.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5159	+0.049%	$107.2M	$181.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5159	+0.046%	$266.7M	$399.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5160	+0.053%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5166	+0.091%	$4.7M	$38.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5167	+0.098%	$659K	$114.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5163	+0.072%	$1.1M	$36.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5174	+0.145%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5164	+0.079%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5165	+0.086%	$51K	$487K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5161	+0.061%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5159	+0.046%	$62K	$932K	50x	as long as short
Derive XRP-PERPshort	+0.0100%	1h	1.5160	+0.053%	$816K	$73K	10x
SunX XRP-USDT	+0.0100%	8h	1.5160	+0.053%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5156	+0.026%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5162	+0.069%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5158	+0.040%	$54.1M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5168	+0.108%	$473K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5157	+0.034%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5157	+0.036%	$58K	$25K	3x	as long as short
Hyperliquid XRP	+0.0145%	1h	1.5169	+0.112%	$289.5M	$264.2M	20x	as long as short
Hibachi XRP/USDT-P	+0.0184%	1h	1.5164	+0.080%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5164	+0.079%	$5.7M	$48.6M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0207%	1h	1.5169	+0.112%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0215%	8h	1.5171	+0.125%	$1.7M	$35.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5157	+0.033%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5159	+0.046%	$23.2M	$77.6M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5166	+0.093%	$517K	$792K	10x	as long as short
Aftermath Perps XRPUSD	+0.0573%	1h	1.5153	+0.004%	$2K	$16K	10x	as long as short