Funding you earn now, next payment 02:00 UTC−0.0309%/8h= −33.8% APRpaid last 24h −0.021%
Price spread now: Katana Perps against Backpack−0.112%7-day average +0.030% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.051%−$5 on $10k
+Price spread, last 7 days+0.896%+$90 · spread now −0.112%, 7d avg +0.030%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Katana Perps is 0.141% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.030%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.051% in total (about -5.0% 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 | Backpack XRP_USDC_PERP | 1.5200 | 0.0409 | pay 0.0051% / 1h | 49m 55s | $1.9M | $1.3M | 25x |
| Short | Katana Perps XRP-USD | 1.5183 | 0.0100 | get 0.0100% / 8h | 6h 49m | $10K | $296K | 20x |
Backpack XRP_USDC_PERP
Katana Perps XRP-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Katana Perps against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$64.91
- Price spread: −0.112% → +0.030%
- −$14.14
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Katana Perps: 1.9 bp × 2 orders
- −$3.8
- Net
- −$92.85
- Costs to cover
- 0.138%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 4 min ago; Katana Perps: 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 Backpack live order book, 4 min ago | 0.33 bp | 5.3 bp −$5 | 6.6 bp −$66 | doesn't fit | doesn't fit |
| Sell Katana Perps no order-book sample | — | — | — | — | — |
Katana 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 | 1.5156 | −0.289% | $5K | $2K | 20x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5194 | −0.040% | $1.1M | $120K | 10x | as long as short |
| Phoenix XRP | 0.0000% | 1h | 1.5150 | −0.329% | $67K | $110K | 15x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5176 | −0.158% | $253K | — | 150x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0022% / S +0.0067% | 1h | 1.5177 | −0.150% | $832K | — | 200x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +2.368% | $2K | $107K | 30x | as long as short |
| Kraken Futures PF_XRPUSD | +0.0040% | 1h | 1.5183 | −0.110% | $14.8M | $72.1M | 50x | as long as short |
| Orderly PERP_XRP_USDC | +0.0067% | 8h | 1.5190 | −0.066% | $57K | $945K | 50x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0079% | 1h | 1.5190 | −0.066% | $9.1M | $25.0M | 50x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5188 | −0.082% | $2.8M | $14.0M | 20x | as long as short |
Hotstuff XRP-PERP
dYdX XRP-USD
Phoenix XRP
gTrade (Gains Network) XRP/USD
GMX XRP/USD [ETH-USDC]
Injective XRP/USDC PERP
Kraken Futures PF_XRPUSD
Orderly PERP_XRP_USDC
Deribit XRP_USDC-PERPETUAL
Lighter XRPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH XRP | +0.0096% | 1h | 1.5188 | −0.079% | $519K | $3.3M | 20x | as long as short |
| Katana Perps XRP-USDshort | +0.0100% | 8h | 1.5183 | −0.112% | $10K | $296K | 20x | |
| Nado XRP-PERP | +0.0100% | 1h | 1.5188 | −0.076% | $885K | $5.7M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5191 | −0.059% | $38.5M | $84.2M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5198 | −0.013% | $617K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5196 | −0.026% | $537.2M | $2.09B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5194 | −0.039% | $337.7M | $936.5M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5199 | −0.007% | $123.1M | $871.5M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5172 | −0.184% | $564K | $28K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5195 | −0.033% | $116K | $721K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5203 | +0.020% | $1.6M | $305K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5192 | −0.053% | $368.5M | $149.3M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5196 | −0.026% | $293.2M | $896.3M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5195 | −0.035% | $109.5M | $170.7M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5198 | −0.013% | $265.3M | $383.6M | 125x | as long as short |
| BingX XRP-USDT | +0.0100% | 8h | 1.5194 | −0.039% | — | $126.8M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5167 | −0.216% | $6.2M | $35.8M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5148 | −0.340% | $658K | $107.9M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5185 | −0.101% | $1.1M | $38.3M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5169 | −0.204% | $1.2M | $1.0M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5180 | −0.128% | — | $12K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5188 | −0.079% | $45K | $453K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5184 | −0.106% | $41K | $70K | 20x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5190 | −0.063% | $818K | $74K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5187 | −0.086% | $127K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5188 | −0.079% | $29K | $1.8M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5197 | −0.022% | $49.8M | $15.5M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5187 | −0.086% | $53.9M | $29.6M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5195 | −0.031% | $474K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5193 | −0.046% | $2.1M | $7.2M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5188 | −0.082% | $58K | $25K | 3x | as long as short |
| 01 Exchange XRPUSD | +0.0128% | 1h | 1.5191 | −0.059% | $8K | $8K | 10x | as long as short |
| Hyperliquid XRP | +0.0184% | 1h | 1.5204 | +0.026% | $281.6M | $222.2M | 20x | as long as short |
| Reya XRPRUSDPERP | +0.0214% | 1h | 1.5179 | −0.136% | $1.3M | $7K | 15x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0216% | 1h | 1.5189 | −0.072% | $5.7M | $46.5M | 50x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5174 | −0.171% | $24.0M | $75.1M | 125x | as long as short |
| Kalshi KXXRPPERP | +0.0327% | 8h | 1.5189 | −0.072% | $1.9M | $35.7M | 2.9x | as long as short |
| Hibachi XRP/USDT-P | +0.0336% | 1h | 1.5160 | −0.260% | $17K | $82K | 7x | as long as short |
| Backpack XRP_USDC_PERPlong | +0.0409% | 1h | 1.5200 | long leg | $1.9M | $1.3M | 25x | |
| RISEx XRP/USDC | +0.0456% | 1h | 1.5194 | −0.042% | $538K | $782K | 10x | as long as short |
| Aftermath Perps XRPUSD | +0.0806% | 1h | 1.5183 | −0.111% | $2K | $14K | 10x | as long as short |
Lighter RH XRP
Nado XRP-PERP
Aster XRPUSDT
Pacifica XRP
Binance XRPUSDT
Bybit XRPUSDT
OKX XRP-USDT-SWAP
Ondo Perps XRP-USD.P
Arcus XRP-USD
Bulk XRP-USD
Gate XRP_USDT
MEXC XRP_USDT
KuCoin XRPUSDTM
Bitget XRPUSDT
BingX XRP-USDT
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
ApeX Omni XRPUSDT
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
Aevo XRP-PERP
01 Exchange XRPUSD
Hyperliquid XRP
Reya XRPRUSDPERP
Coinbase International XRP-PERP-INTX
BloFin XRP-USDT
Kalshi KXXRPPERP
Hibachi XRP/USDT-P
RISEx XRP/USDC
Aftermath Perps XRPUSD