Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0001%/8h= +0.2% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Katana Perps+0.092%7-day average +0.048% · you sell dearer than you buy

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

Long on Katana Perps Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.261%+$26 · spread now +0.092%, 7d avg +0.048%

Together, before fees+0.290%+$29 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: Polymarket Perps is 0.045% dearer against Katana Perps than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5141	0.0099	pay 0.0099% / 8h	3h 05m	$10K	$355K	20x
Short	Polymarket Perps XRP-USD	1.5155	0.0100	get 0.0013% / 1h	5m 56s	$49K	$489K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.092%Rate

Funding earned: $0.31
Price spread: +0.092% → +0.048%: $4.47
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$7.01
Costs to cover: 0.118%
Break-even: 165.0 days

Slippage unknown: Katana Perps: no order-book sample; Polymarket Perps: live order book, 47 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 Polymarket Perps live order book, 47 min ago	1.64 bp	8.6 bp −$9	10.6 bp −$106	doesn't fit	doesn't fit

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	1.5133	−0.053%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5147	+0.041%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5149	+0.050%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5155	+0.092%	$7.7M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5152	+0.072%	$14.3M	$74.7M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.767%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5149	+0.050%	$795K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5154	+0.086%	$2.8M	$14.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5156	+0.099%	$496K	$3.3M	20x	as long as short
Katana Perps XRP-USDlong	+0.0099%	8h	1.5141	long leg	$10K	$355K	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	1.5149	+0.050%	$979K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5150	+0.059%	$39.0M	$86.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5155	+0.092%	$608K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5152	+0.073%	$533.8M	$2.17B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5154	+0.086%	$343.9M	$947.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5154	+0.086%	$125.3M	$886.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5145	+0.026%	$563K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5154	+0.086%	$137K	$721K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5138	−0.017%	$1.6M	$29K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5154	+0.086%	$373.6M	$158.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5152	+0.073%	$294.2M	$910.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5154	+0.089%	$109.2M	$178.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5153	+0.079%	$269.0M	$391.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5153	+0.079%	—	$128.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5147	+0.039%	$4.8M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5113	−0.182%	$656K	$111.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5106	−0.231%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5119	−0.145%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5148	+0.048%	—	$11K	10x	as long as short
Polymarket Perps XRP-USDshort	+0.0100%	1h	1.5155	+0.092%	$49K	$489K	20x
Bullet XRP-USD	+0.0100%	1h	1.5149	+0.053%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5148	+0.046%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5149	+0.053%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5154	+0.089%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5150	+0.059%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5153	+0.079%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5154	+0.086%	$53.9M	$31.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5151	+0.068%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5149	+0.051%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5148	+0.044%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5149	+0.053%	$8K	$8K	10x	as long as short
Kalshi KXXRPPERP	+0.0179%	8h	1.5158	+0.112%	$1.8M	$35.3M	2.9x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5157	+0.106%	$5.7M	$48.2M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5150	+0.059%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5139	−0.013%	$24.2M	$75.8M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0236%	1h	1.5162	+0.139%	$2.0M	$1.4M	25x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5132	−0.058%	$17K	$82K	7x	as long as short
RISEx XRP/USDC	+0.0358%	1h	1.5153	+0.080%	$517K	$777K	10x	as long as short
Hyperliquid XRP	+0.0376%	1h	1.5165	+0.159%	$290.9M	$255.8M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5110	−0.205%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0635%	1h	1.5143	+0.013%	$2K	$15K	10x	as long as short