Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0224%/8h= +24.5% APRpaid last 24h +0.022%

Price spread now: Kalshi against Polymarket Perps−0.092%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now −0.092%, 7d avg +0.019%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.111% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of +0.019%). If the spread goes back, that is −$11 on $10k: about 40 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.084% in total) that is about 9.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.084% in total (about 4.4% 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	Polymarket Perps XRP-USD	1.5215	0.0100	pay 0.0013% / 1h	57m 57s	$44K	$449K	20x
Short	Kalshi KXXRPPERP	1.5201	0.0324	get 0.0324% / 8h	2h 57m	$2.0M	$34.9M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now −0.092%Rate

Funding earned: $46.96
Price spread: −0.092% → +0.019%: −$11.12
Slippage, 4 orders: −$15.98
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $1.86
Costs to cover: 0.340%
Break-even: 6.7 days

Slippage from Polymarket Perps: live order book, 10 min ago; Kalshi: live order book, 1 min ago.

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 Polymarket Perps live order book, 10 min ago	1.95 bp	6.5 bp −$7	9.8 bp −$98	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	2.30 bp	10.2 bp −$10	14.3 bp −$143	20.5 bp −$2,048	doesn't fit

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	1.5181	−0.223%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5165	−0.326%	$1.1M	$116K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5188	−0.177%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0069%	1h	1.5194	−0.140%	$834K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.267%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5194	−0.140%	$14.2M	$70.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0066%	8h	1.5198	−0.112%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5214	−0.007%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5200	−0.101%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5201	−0.092%	$507K	$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	1.5207	−0.053%	$11K	$288K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5186	−0.188%	$473K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5220	+0.033%	$923K	$5.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5196	−0.126%	$38.4M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5177	−0.251%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5199	−0.103%	$536.0M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5203	−0.079%	$339.1M	$925.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5202	−0.085%	$122.6M	$866.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5190	−0.164%	$567K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5206	−0.059%	$115K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.885%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5198	−0.112%	$367.6M	$147.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5199	−0.105%	$296.6M	$886.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5196	−0.123%	$109.1M	$168.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5202	−0.085%	$266.3M	$378.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5206	−0.059%	—	$125.9M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5216	+0.006%	$6.4M	$35.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5260	+0.294%	$663K	$107.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5199	−0.103%	$1.1M	$37.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.243%	$1.2M	$999K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5213	−0.014%	—	$10K	10x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5215	long leg	$44K	$449K	20x
Bullet XRP-USD	+0.0100%	1h	1.5203	−0.077%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5195	−0.128%	$818K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5205	−0.069%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5196	−0.125%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	−0.084%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5196	−0.125%	$53.9M	$29.4M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5198	−0.113%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5198	−0.113%	$58K	$25K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0145%	1h	1.5198	−0.112%	$9.2M	$24.6M	50x	as long as short
Hyperliquid XRP	+0.0194%	1h	1.5208	−0.046%	$283.1M	$220.1M	20x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5211	−0.025%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5197	−0.118%	$5.7M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	+0.072%	$24.1M	$74.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5221	+0.040%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERPshort	+0.0324%	8h	1.5201	−0.092%	$2.0M	$34.9M	2.9x
RISEx XRP/USDC	+0.0456%	1h	1.5206	−0.060%	$537K	$777K	10x	as long as short
Phoenix XRP	+0.0520%	1h	1.5240	+0.164%	$68K	$110K	15x	as long as short
Backpack XRP_USDC_PERP	+0.0522%	1h	1.5212	−0.020%	$1.9M	$1.3M	25x	as long as short
Aftermath Perps XRPUSD	+0.0827%	1h	1.5257	+0.278%	$2K	$13K	10x	as long as short