Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Katana Perps+0.065%7-day average +0.040% · you sell dearer than you buy

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

Long on Katana Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.030%+$3 on $10k

Price spread, last 7 days−0.008%−$1 · spread now +0.065%, 7d avg +0.040%

Together, before fees+0.022%+ Points / potential airdropLighter: Season 3 · farm board+$2 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: Lighter is 0.024% dearer against Katana Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5179	0.0099	pay 0.0099% / 8h	8m 53s	$20K	$382K	20x
Short	Lighter XRP	1.5189	0.0096	get 0.0012% / 1h	8m 53s	$2.8M	$15.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$0.69
Price spread: +0.065% → +0.040%: $2.44
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.05
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter: 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 Lighter live order book, 5 min ago	0.96 bp	2.1 bp −$2	5.7 bp −$57	17.5 bp −$1,745	40.0 bp −$20.0K

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	1.5187	+0.053%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5185	+0.041%	$1.1M	$148K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5190	+0.072%	$247K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5190	+0.072%	$7.7M	$24.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.510%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0078%	1h	1.5187	+0.053%	$14.6M	$73.6M	50x	as long as short
Hibachi XRP/USDT-P	+0.0088%	1h	1.5194	+0.097%	$17K	$78K	7x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5189	+0.065%	$2.8M	$15.2M	20x
Lighter RH XRP	+0.0096%	1h	1.5193	+0.092%	$605K	$3.2M	20x	as long as short
Katana Perps XRP-USDlong	+0.0099%	8h	1.5179	long leg	$20K	$382K	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5190	+0.071%	$1.0M	$6.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5192	+0.083%	$38.6M	$86.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5188	+0.056%	$611K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5189	+0.067%	$529.9M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5185	+0.040%	$350.0M	$948.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5187	+0.053%	$127.4M	$863.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5172	−0.046%	$564K	$33K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5191	+0.079%	$144K	$714K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5178	−0.006%	$1.6M	$13K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5187	+0.053%	$378.3M	$162.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5190	+0.072%	$310.0M	$929.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5188	+0.060%	$106.7M	$183.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5189	+0.066%	$269.0M	$388.7M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5183	+0.026%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5163	−0.108%	$4.8M	$38.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5164	−0.101%	$660K	$113.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5172	−0.046%	$1.1M	$34.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5168	−0.072%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5193	+0.092%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5194	+0.099%	$52K	$514K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5191	+0.079%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5192	+0.086%	$77K	$689K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5189	+0.067%	$817K	$77K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5189	+0.068%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5187	+0.053%	$30K	$1.5M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5183	+0.024%	$49.6M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5190	+0.072%	$54.1M	$32.6M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5193	+0.095%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5185	+0.038%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5190	+0.072%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5188	+0.056%	$58K	$25K	3x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0109% / S −0.0070%	1h	1.5190	+0.076%	$785K	—	200x	as long as short
Hyperliquid XRP	+0.0143%	1h	1.5200	+0.139%	$290.2M	$268.1M	20x	as long as short
Kalshi KXXRPPERP	+0.0166%	8h	1.5190	+0.072%	$1.8M	$33.7M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5189	+0.066%	$5.6M	$48.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0179%	1h	1.5200	+0.138%	$2.0M	$1.4M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5184	+0.033%	$23.6M	$77.7M	125x	as long as short
Reya XRPRUSDPERP	+0.0220%	1h	1.5189	+0.064%	$1.3M	$4K	15x	as long as short
RISEx XRP/USDC	+0.0394%	1h	1.5190	+0.072%	$521K	$798K	10x	as long as short
Phoenix XRP	+0.0526%	1h	1.5170	−0.059%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0582%	1h	1.5176	−0.022%	$2K	$16K	10x	as long as short