Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0256%/8h= +28.1% APRpaid last 24h +0.022%

Price spread now: Kalshi against Ondo Perps−0.013%7-day average +0.114% · you buy dearer than you sell

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

Long on Ondo Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 4 days (all we have)+2.188%+$219 · spread now −0.013%, 7d avg +0.114%

Together, before fees+2.317%+ Points / potential airdropOndo Perps: Active · farm board+$232 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.127% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.114%). If the spread goes back, that is −$13 on $10k: about 40 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.129% in total) that is about 6.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.129% in total (about 6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5109	0.0100	pay 0.0013% / 1h	46m 24s	$562K	$28K	5x
Short	Kalshi KXXRPPERP	1.5107	0.0356	get 0.0356% / 8h	1h 46m	$2.1M	$35.0M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee KalshibpOrdersPrice spread, now −0.013%Rate

Funding earned: $53.83
Price spread: −0.013% → +0.114%: −$12.69
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $26.13
Costs to cover: 0.150%
Break-even: 3.6 days

Slippage unknown: Ondo Perps: no order-book sample; Kalshi: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	2.32 bp	11.5 bp −$11	13.1 bp −$131	19.9 bp −$1,991	doesn't fit

Ondo 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	1.5094	−0.099%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5095	−0.094%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5108	−0.007%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0027% / S +0.0048%	1h	1.5110	+0.007%	$798K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.985%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5113	+0.026%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5103	−0.040%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5094	−0.099%	$7.7M	$25.2M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5100	−0.059%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5104	−0.033%	$508K	$3.2M	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-USD	+0.0100%	8h	1.5095	−0.093%	$10K	$305K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5111	+0.016%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5120	+0.073%	$280.0M	$221.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5100	−0.057%	$38.3M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5099	−0.063%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5114	+0.033%	$535.8M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5114	+0.033%	$342.4M	$924.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5117	+0.053%	$125.0M	$863.3M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5109	long leg	$562K	$28K	5x
Arcus XRP-USD	+0.0100%	1h	1.5104	−0.033%	$114K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5087	−0.149%	$1.6M	$161K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5110	+0.007%	$368.8M	$150.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5114	+0.033%	$293.6M	$893.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5111	+0.017%	$106.5M	$170.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5110	+0.007%	$265.9M	$380.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5102	−0.046%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5141	+0.209%	$6.0M	$36.0M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5108	−0.008%	$656K	$109.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5143	+0.222%	$1.1M	$35.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5110	+0.007%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5109	+0.001%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5112	+0.020%	$42K	$448K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5113	+0.026%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5095	−0.090%	$812K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5106	−0.019%	$126K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5089	−0.132%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5103	−0.040%	$49.5M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5092	−0.113%	$53.7M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5094	−0.101%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5095	−0.093%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5114	+0.033%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5109	+0.001%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5090	−0.126%	$5.6M	$46.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0217%	1h	1.5098	−0.073%	$1.9M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5093	−0.106%	—	$74.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5086	−0.154%	$14.4M	$72.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5100	−0.062%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0356%	8h	1.5107	−0.013%	$2.1M	$35.0M	2.9x
RISEx XRP/USDC	+0.0484%	1h	1.5108	−0.009%	$526K	$769K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	+0.139%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0723%	1h	1.5116	+0.046%	$2K	$14K	10x	as long as short