XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0294%/8h= −32.2% APRnext payment −$0.37 per $10,000 · paid last 24h −0.015%

Price spread now: Lighter against Backpack+0.036%54s7-day average +0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.146% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 7 days+0.719%+$72 · spread now +0.036%, 7d avg +0.070%

Together, before fees+0.588%+ Points / potential airdropLighter: Season 3 · farm board+$59 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 Lighter is 0.035% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.070%). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.131% in total (about -6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 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	1.5647	0.0390	pay 0.0049% / 1h	55m 17s	$1.7M	$1.0M	25x
Short	Lighter XRP	1.5653	0.0096	get 0.0012% / 1h	55m 17s	$3.0M	$12.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$61.75
Price spread: +0.036% → +0.070%: −$3.45
Slippage, 4 orders: −$4.62
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$79.82
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Lighter: live order book, 8 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, 4 min ago	0.32 bp	5.4 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	1.35 bp	2.4 bp −$2	6.4 bp −$64	18.4 bp −$1,837	39.3 bp −$19.6K

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	1.5645	−0.013%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5650	+0.019%	$1.1M	$113K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5653	+0.038%	$9.7M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5650	+0.019%	$262K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0003% / S +0.0109%	1h	1.5646	−0.007%	$860K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5654	+0.042%	$15.7M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0055%	8h	1.5650	+0.019%	$77K	$909K	50x	as long as short
ApeX Omni XRPUSDT	+0.0081%	1h	1.5590	−0.364%	$1.0M	$886K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.556%	$2K	$107K	30x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5653	+0.036%	$3.0M	$12.5M	20x

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5652	+0.032%	$446K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5656	+0.060%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5657	+0.066%	$39.8M	$79.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5655	+0.052%	$645K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5651	+0.025%	$561.5M	$2.00B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5653	+0.038%	$349.1M	$909.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5651	+0.026%	$128.2M	$892.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5593	−0.345%	$580K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5657	+0.064%	$119K	$748K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5650	+0.019%	$375.4M	$142.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5650	+0.019%	$307.1M	$857.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5650	+0.021%	$114.3M	$161.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5651	+0.026%	$273.6M	$368.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5649	+0.013%	—	$120.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5607	−0.253%	$11.7M	$30.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5584	−0.400%	$677K	$102.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5610	−0.238%	$1.1M	$41.0M	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5641	−0.037%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5659	+0.077%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5650	+0.019%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5654	+0.043%	$843K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5654	+0.045%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5650	+0.019%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5643	−0.022%	$51.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5655	+0.051%	$55.7M	$29.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5562	−0.546%	$1.7M	$573K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5653	+0.039%	$488K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5659	+0.077%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5650	+0.016%	$2.2M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5651	+0.025%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0152%	1h	1.5663	+0.102%	$9K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5648	+0.004%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5649	+0.013%	$24.5M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5659	+0.077%	$6.0M	$48.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5591	−0.359%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5621	−0.166%	$2.0M	$33.4M	2.9x	as long as short
Backpack XRP_USDC_PERPlong	+0.0390%	1h	1.5647	long leg	$1.7M	$1.0M	25x
Phoenix XRP	+0.0516%	1h	1.5600	−0.300%	$69K	$90K	15x	as long as short
Hyperliquid XRP	+0.0615%	1h	1.5669	+0.141%	$296.1M	$208.4M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5669	+0.140%	$511K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0770%	1h	1.5583	−0.412%	$1K	$11K	10x	as long as short