Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.097%

Price spread now: Kalshi against RISEx+0.036%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.262%−$26 on $10k

Price spread, last 4 days (all we have)+0.317%+$32 · spread now +0.036%, 7d avg +0.011%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.025% dearer against RISEx than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of +0.011%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 4 days (−0.262% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XRP/USDC	1.5136	0.0352	pay 0.0044% / 1h	8m 06s	$515K	$773K	10x
Short	Kalshi KXXRPPERP	1.5141	0.0315	get 0.0315% / 8h	8m 06s	$2.1M	$34.7M	2.9x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now +0.036%Rate

Funding earned: −$7.8
Price spread: +0.036% → +0.011%: $2.46
Slippage, 4 orders: −$9.91
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31.25
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from RISEx: live order book, 50 min ago; Kalshi: live order book, 6 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 RISEx live order book, 50 min ago	1.42 bp	4.4 bp −$4	9.2 bp −$92	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	1.98 bp	8.5 bp −$8	11.1 bp −$111	19.5 bp −$1,946	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	1.5136	+0.003%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5129	−0.041%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5134	−0.008%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5140	+0.029%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5131	−0.031%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0014%	1h	1.5138	+0.016%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.804%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0046% / S +0.0021%	1h	1.5130	−0.037%	$789K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0091%	8h	1.5132	−0.024%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5139	+0.020%	$2.8M	$14.6M	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	1.5134	−0.011%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5127	−0.057%	$10K	$330K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5136	+0.006%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5141	+0.036%	$280.3M	$227.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5133	−0.019%	$38.3M	$83.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5138	+0.018%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5127	−0.057%	$533.0M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5128	−0.050%	$345.1M	$936.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5130	−0.037%	$126.8M	$874.5M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5133	−0.017%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5134	−0.011%	$110K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5130	−0.034%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5132	−0.024%	$368.8M	$154.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5130	−0.037%	$292.7M	$903.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5135	−0.007%	$107.8M	$175.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5127	−0.057%	$267.7M	$384.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5129	−0.044%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5139	+0.020%	$5.2M	$37.7M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5141	+0.039%	$658K	$108.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5130	−0.037%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5147	+0.075%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5134	−0.014%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5130	−0.037%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5133	−0.017%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5135	−0.002%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5137	+0.012%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5136	+0.003%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5126	−0.067%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5134	−0.011%	$53.8M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5134	−0.009%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5132	−0.022%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5133	−0.015%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5133	−0.017%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0187%	1h	1.5138	+0.016%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5141	+0.036%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0208%	1h	1.5140	+0.032%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5128	−0.049%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5134	−0.011%	$24.2M	$76.0M	125x	as long as short
Kalshi KXXRPPERPshort	+0.0315%	8h	1.5141	+0.036%	$2.1M	$34.7M	2.9x
RISEx XRP/USDClong	+0.0352%	1h	1.5136	long leg	$515K	$773K	10x
Aftermath Perps XRPUSD	+0.0685%	1h	1.5141	+0.034%	$2K	$15K	10x	as long as short