Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Katana Perps−0.071%7-day average — · you buy dearer than you sell

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

Long on Katana Perps Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.071% cheaper against Katana Perps than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5591	0.0101	pay 0.0101% / 8h	44m 31s	$13K	$266K	20x
Short	Hotstuff XRP-PERP	1.5580	−0.0080	pay 0.0010% / 1h	44m 31s	$7K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$37.92
Price spread: −0.071% → 0.000%: −$7.06
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$53.78
Costs to cover: 0.088%
Break-even: never at this rate

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

Katana Perps and Hotstuff: 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-PERPshort	−0.0080%	1h	1.5580	−0.071%	$7K	$2K	20x
dYdX XRP-USD	0.0000%	1h	1.5578	−0.087%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5620	+0.186%	$70K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5600	+0.058%	$9.7M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5583	−0.049%	$261K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0105%	1h	1.5583	−0.054%	$857K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5598	+0.044%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5586	−0.032%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.199%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5581	−0.062%	$3.0M	$12.6M	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	1.5585	−0.038%	$444K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5587	−0.022%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5586	−0.030%	$39.6M	$80.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5581	−0.064%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5586	−0.033%	$558.1M	$2.02B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5585	−0.038%	$347.8M	$915.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5589	−0.013%	$127.4M	$891.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5568	−0.148%	$579K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5579	−0.077%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.270%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5586	−0.032%	$375.2M	$143.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5586	−0.032%	$300.2M	$869.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5586	−0.033%	$113.4M	$163.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5587	−0.026%	$272.6M	$370.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5586	−0.032%	—	$120.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5624	+0.209%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5593	+0.012%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	+0.090%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5567	−0.154%	$1.0M	$899K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5588	−0.022%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5588	−0.019%	$48K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5586	−0.035%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5600	+0.058%	$840K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5604	+0.081%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5598	+0.045%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5599	+0.051%	$51.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5593	+0.013%	$55.5M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5575	−0.102%	$486K	$54K	50x	as long as short
Katana Perps XRP-USDlong	+0.0101%	8h	1.5591	long leg	$13K	$266K	20x
Extended XRP-USD	+0.0104%	1h	1.5574	−0.111%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5598	+0.045%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5588	−0.019%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5585	−0.041%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5598	+0.045%	$24.5M	$74.6M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5607	+0.103%	$5.9M	$47.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5633	+0.268%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5613	+0.141%	$2.0M	$33.9M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0386%	1h	1.5600	+0.058%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0621%	1h	1.5604	+0.083%	$297.0M	$209.1M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5591	−0.002%	$508K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0813%	1h	1.5602	+0.073%	$1K	$11K	10x	as long as short