XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0092%/8h= −10.1% APRnext payment −$0.12 per $10,000 · paid last 24h −0.009%

Price spread now: Backpack against Coinbase International−0.092%52s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as 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−$260.256% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)+0.277%+$28 · spread now −0.092%, 7d avg +0.015%

Together, before fees+0.330%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.107% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.015%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XRP-PERP-INTX	1.5217	0.0192	pay 0.0024% / 1h	48m 08s	$5.3M	$42.4M	50x
Short	Backpack XRP_USDC_PERP	1.5203	0.0100	get 0.0013% / 1h	48m 08s	$1.7M	$919K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$19.32
Price spread: −0.092% → +0.015%: −$10.7
Slippage, 4 orders: −$5.57
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.59
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Backpack: 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 Coinbase International live order book, 1 min ago	0.99 bp	7.3 bp −$7	10.3 bp −$103	27.8 bp −$2,783	doesn't fit
Sell Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	7.3 bp −$73	doesn't fit	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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5201	−0.103%	$1.6M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5209	−0.053%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5200	−0.112%	$1.1M	$100K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5290	+0.480%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5205	−0.079%	$9.3M	$23.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5200	−0.108%	$254K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.480%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5193	−0.158%	$177K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5207	−0.065%	$2.9M	$11.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5209	−0.053%	$442K	$3.1M	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	1.5192	−0.161%	$1.1M	$5.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5196	−0.141%	$38.6M	$71.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5195	−0.147%	$661K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5205	−0.079%	$543.6M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5203	−0.092%	$339.7M	$833.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5203	−0.092%	$122.5M	$821.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5215	−0.013%	$568K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5201	−0.105%	$115K	$644K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5195	−0.145%	$353.8M	$128.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5204	−0.085%	$293.2M	$790.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5203	−0.091%	$111.1M	$145.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5206	−0.072%	$264.3M	$336.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5196	−0.138%	—	$3.7M	—	as long as short
Backpack XRP_USDC_PERPshort	+0.0100%	1h	1.5203	−0.092%	$1.7M	$919K	25x
Variational Omni XRP	+0.0100%	8h	1.5293	+0.497%	$6.3M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5297	+0.524%	$665K	$94.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5276	+0.388%	$1.1M	$42.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5294	+0.506%	$1.0M	$823K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5197	−0.131%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5195	−0.145%	$51K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5197	−0.131%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5197	−0.135%	$818K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5202	−0.099%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5205	−0.079%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5193	−0.160%	$50.0M	$14.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5207	−0.066%	$54.3M	$28.0M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5279	+0.407%	$1.6M	$350K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5194	−0.150%	$474K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5193	−0.158%	$11K	$244K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5194	−0.149%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5199	−0.119%	$71K	$40K	3x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5211	−0.036%	$15.1M	$62.7M	50x	as long as short
Coinbase International XRP-PERP-INTXlong	+0.0192%	1h	1.5217	long leg	$5.3M	$42.4M	50x
01 Exchange XRPUSD	+0.0200%	1h	1.5119	−0.644%	$8K	$8K	10x	as long as short
Kalshi KXXRPPERP	+0.0205%	8h	1.5205	−0.079%	$1.7M	$31.9M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5193	−0.157%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5198	−0.125%	$23.8M	$65.1M	125x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5216	−0.007%	$19K	$55K	7x	as long as short
Hyperliquid XRP	+0.0405%	1h	1.5209	−0.053%	$278.9M	$177.3M	20x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5203	−0.093%	$402K	$503K	10x	as long as short
Aftermath Perps XRPUSD	+0.0568%	1h	1.5267	+0.325%	$1K	$10K	10x	as long as short