XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0286%/8h= −31.3% APRnext payment −$0.36 per $10,000 · paid last 24h −0.042%

Price spread now: Deribit against Backpack−0.039%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$200.205% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now −0.039%, 7d avg −0.018%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Deribit is 0.021% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 per $10,000. 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	Backpack XRP_USDC_PERP	1.5506	0.0294	pay 0.0037% / 1h	11m 12s	$1.7M	$1.0M	25x
Short	Deribit XRP_USDC-PERPETUAL	1.5500	0.0008	get 0.0001% / 1h	11m 12s	$9.5M	$25.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Backpack. 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 BackpackbpFee DeribitbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$60.01
Price spread: −0.039% → −0.018%: −$2.07
Slippage, 4 orders: −$3.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$82.57
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Deribit: live order book, 3 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 Backpack live order book, 3 min ago	0.32 bp	5.3 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.96 bp	4.9 bp −$5	6.4 bp −$64	42.0 bp −$4,196	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	1.5524	+0.116%	$7K	$2K	20x	as long as short
GMX XRP/USD [ETH-USDC]	L −0.0002% / S +0.0115%	1h	1.5497	−0.056%	$848K	—	200x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5508	+0.013%	$1.1M	$113K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5498	−0.052%	$259K	—	150x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0008%	1h	1.5500	−0.039%	$9.5M	$25.2M	50x
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+0.348%	$2K	$107K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5499	−0.046%	$15.5M	$68.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0054%	8h	1.5501	−0.032%	$78K	$910K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5499	−0.045%	$3.0M	$12.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5501	−0.032%	$440K	$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
Nado XRP-PERP	+0.0100%	1h	1.5512	+0.042%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5499	−0.047%	$39.3M	$78.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5513	+0.045%	$639K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5498	−0.052%	$557.9M	$1.99B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5497	−0.058%	$344.5M	$902.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5498	−0.052%	$127.3M	$880.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5556	+0.322%	$578K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5509	+0.019%	$119K	$745K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5567	+0.391%	$1.7M	$578K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5498	−0.052%	$371.9M	$141.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5499	−0.045%	$298.4M	$864.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5498	−0.050%	$113.2M	$160.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5496	−0.064%	$270.7M	$364.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5493	−0.084%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5575	+0.442%	$11.8M	$30.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5525	+0.121%	$674K	$101.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5528	+0.142%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5520	+0.090%	$1.0M	$884K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5506	0.000%	$46K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5500	−0.039%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5501	−0.030%	$834K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5507	+0.008%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5498	−0.052%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5501	−0.032%	$50.9M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5496	−0.064%	$55.1M	$29.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5508	+0.011%	—	$10K	10x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5517	+0.071%	$484K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5510	+0.026%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5492	−0.088%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5499	−0.048%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5510	+0.026%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5500	−0.042%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5506	0.000%	$5.9M	$47.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5498	−0.052%	$24.5M	$73.5M	125x	as long as short
Hibachi XRP/USDT-P	+0.0240%	1h	1.5530	+0.153%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0294%	1h	1.5506	long leg	$1.7M	$1.0M	25x
Kalshi KXXRPPERP	+0.0322%	8h	1.5515	+0.058%	$1.9M	$33.2M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5560	+0.348%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5513	+0.047%	$508K	$631K	10x	as long as short
Hyperliquid XRP	+0.0588%	1h	1.5515	+0.058%	$289.9M	$204.5M	20x	as long as short
Aftermath Perps XRPUSD	+0.0770%	1h	1.5540	+0.222%	$1K	$11K	10x	as long as short