Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Katana Perps+0.112%7-day average +0.023% · you sell dearer than you buy

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

Long on Katana Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.101%+$10 on $10k

Price spread, last 3 days (all we have)−0.160%−$16 · spread now +0.112%, 7d avg +0.023%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.089% dearer against Katana Perps than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.023%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days. Mind the row above: over the last 4 days funding on this pair paid +0.101%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5137	0.0100	pay 0.0100% / 8h	6h 34m	$11K	$307K	20x
Short	Kraken Futures PF_XRPUSD	1.5154	0.0040	get 0.0005% / 1h	34m 19s	$14.6M	$72.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$12.61
Price spread: +0.112% → +0.023%: $8.91
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$17.5
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Kraken Futures: live order book, 5 min ago. 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 Kraken Futures live order book, 5 min ago	3.65 bp	11.7 bp −$12	15.0 bp −$150	22.6 bp −$2,259	56.9 bp −$28.5K

Katana 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	1.5139	+0.013%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5143	+0.038%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5100	−0.244%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5149	+0.081%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0019% / S +0.0062%	1h	1.5148	+0.074%	$802K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.794%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSDshort	+0.0040%	1h	1.5154	+0.112%	$14.6M	$72.7M	50x
Orderly PERP_XRP_USDC	+0.0071%	8h	1.5155	+0.119%	$59K	$949K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5148	+0.070%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5147	+0.066%	$517K	$3.3M	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-USDlong	+0.0100%	8h	1.5137	long leg	$11K	$307K	20x
Nado XRP-PERP	+0.0100%	1h	1.5153	+0.109%	$816K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5152	+0.100%	$38.5M	$84.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5147	+0.066%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5156	+0.126%	$538.2M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5153	+0.106%	$340.7M	$942.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5154	+0.112%	$123.9M	$873.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5069	−0.449%	$561K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5152	+0.099%	$115K	$723K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5101	−0.238%	$1.6M	$307K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5153	+0.106%	$367.3M	$151.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5154	+0.112%	$291.5M	$908.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5155	+0.120%	$106.8M	$171.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5150	+0.086%	$266.0M	$385.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5155	+0.119%	—	$127.6M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5126	−0.072%	$6.2M	$35.8M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5093	−0.291%	$655K	$108.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5084	−0.352%	$1.1M	$38.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5107	−0.198%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5149	+0.082%	—	$12K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5156	+0.126%	$44K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5155	+0.119%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5157	+0.130%	$816K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5160	+0.152%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5154	+0.112%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5156	+0.126%	$49.7M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5131	−0.040%	$53.8M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5147	+0.063%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5147	+0.069%	$2.0M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5150	+0.083%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5146	+0.059%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0146%	1h	1.5153	+0.106%	$7.7M	$25.3M	50x	as long as short
Hyperliquid XRP	+0.0214%	1h	1.5164	+0.178%	$280.9M	$222.1M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5152	+0.096%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5160	+0.152%	$5.7M	$46.7M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5193	+0.370%	$24.0M	$75.2M	125x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5128	−0.058%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0342%	8h	1.5137	0.000%	$2.1M	$36.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0344%	1h	1.5144	+0.046%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5153	+0.106%	$537K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0793%	1h	1.5126	−0.072%	$2K	$14K	10x	as long as short