Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.031%

Price spread now: Reya against Katana Perps−0.036%7-day average +0.014% · you buy dearer than you sell

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

Long on Katana Perps Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.137%+$14 on $10k

Price spread, last 7 days−0.033%−$3 · spread now −0.036%, 7d avg +0.014%

Together, before fees+0.105%+ Points / potential airdropReya: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.050% cheaper against Katana Perps than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.014%). If the spread goes back, that is −$5 on $10k: about 35 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps XRP-USD	1.5325	0.0100	pay 0.0100% / 8h	12m 44s	$11K	$271K	20x
Short	Reya XRPRUSDPERP	1.5320	0.0212	get 0.0027% / 1h	12m 44s	$1.4M	$8K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.036%Rate

Funding earned: $23.52
Price spread: −0.036% → +0.014%: −$4.95
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Reya: 3 bp × 2 orders: −$6
Net: $8.77
Costs to cover: 0.098%
Break-even: 4.4 days

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

Katana Perps and Reya: 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	1.5341	+0.104%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5330	+0.031%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5350	+0.163%	$68K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5323	−0.013%	$9.3M	$25.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5317	−0.050%	$265K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0094%	1h	1.5316	−0.059%	$842K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5319	−0.037%	$14.9M	$69.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5322	−0.020%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.533%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5334	+0.060%	$3.0M	$13.4M	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	1.5335	+0.065%	$486K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5326	+0.010%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5334	+0.059%	$38.8M	$81.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5339	+0.092%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5335	+0.065%	$544.9M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5330	+0.033%	$339.1M	$927.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5332	+0.046%	$125.3M	$878.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5350	+0.163%	$571K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5331	+0.039%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5373	+0.310%	$1.7M	$571K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5334	+0.059%	$360.9M	$148.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5331	+0.039%	$296.8M	$892.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5316	−0.060%	$109.0M	$165.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5330	+0.033%	$267.6M	$376.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5336	+0.072%	—	$122.0M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5350	+0.165%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5346	+0.137%	$666K	$105.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5353	+0.182%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5347	+0.144%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5327	+0.010%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5325	0.000%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5320	−0.033%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5324	−0.008%	$825K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5328	+0.020%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5322	−0.020%	$31K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5319	−0.039%	$50.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5321	−0.026%	$54.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5328	+0.021%	$478K	$54K	50x	as long as short
Katana Perps XRP-USDlong	+0.0100%	8h	1.5325	long leg	$11K	$271K	20x
Extended XRP-USD	+0.0104%	1h	1.5314	−0.074%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5319	−0.039%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5331	+0.039%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERPshort	+0.0212%	1h	1.5320	−0.036%	$1.4M	$8K	15x
BloFin XRP-USDT	+0.0220%	8h	1.5324	−0.007%	$24.1M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5327	+0.013%	$5.8M	$46.8M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0253%	1h	1.5323	−0.013%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0296%	1h	1.5337	+0.078%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0310%	8h	1.5329	+0.026%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRP	+0.0576%	1h	1.5347	+0.144%	$291.0M	$215.4M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5333	+0.050%	$499K	$707K	10x	as long as short
Aftermath Perps XRPUSD	+0.0784%	1h	1.5353	+0.183%	$1K	$11K	10x	as long as short