XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0249%/8h= +27.3% APRnext payment +$0.31 per $10,000 · paid last 24h +0.044%

Price spread now: Backpack against Deribit+0.033%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.065%+$6 · spread now +0.033%, 7d avg +0.018%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 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	Deribit XRP_USDC-PERPETUAL	1.5312	0.0011	pay 0.0001% / 1h	6m 32s	$9.3M	$25.6M	50x
Short	Backpack XRP_USDC_PERP	1.5317	0.0260	get 0.0032% / 1h	6m 32s	$1.7M	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.033%Rate

Funding earned: $52.28
Price spread: +0.033% → +0.018%: $1.42
Slippage, 4 orders: −$3.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $32.99
Costs to cover: 0.207%
Break-even: 2.6 days

Slippage from Deribit: live order book, 3 min ago; Backpack: 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 Deribit live order book, 3 min ago	0.98 bp	5.2 bp −$5	7.2 bp −$72	41.4 bp −$4,138	doesn't fit
Sell Backpack live order book, 3 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5307	−0.033%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5298	−0.089%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	+0.183%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5308	−0.025%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0092%	1h	1.5307	−0.030%	$839K	—	200x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0011%	1h	1.5312	long leg	$9.3M	$25.6M	50x
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5313	+0.010%	$14.9M	$69.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5311	−0.007%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.620%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5308	−0.028%	$2.9M	$13.5M	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	1.5306	−0.039%	$504K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5300	−0.075%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5303	−0.062%	$38.7M	$82.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5306	−0.039%	$630K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5300	−0.077%	$543.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5293	−0.124%	$338.0M	$928.6M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5292	−0.131%	$124.8M	$878.6M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5309	−0.020%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5304	−0.052%	$115K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	+0.138%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5303	−0.059%	$361.1M	$148.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5303	−0.059%	$296.8M	$896.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5301	−0.074%	$108.3M	$166.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5286	−0.170%	$266.9M	$376.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5302	−0.065%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5318	+0.041%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5337	+0.165%	$666K	$105.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5343	+0.202%	$1.1M	$40.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5338	+0.170%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5298	−0.091%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5301	−0.072%	$47K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5311	−0.007%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5312	0.000%	$824K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5355	+0.281%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5312	0.000%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5306	−0.038%	$50.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5311	−0.007%	$54.6M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5303	−0.061%	$477K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5301	−0.072%	$11K	$269K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5299	−0.088%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5309	−0.017%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5308	−0.026%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5285	−0.180%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5314	+0.013%	$24.1M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5317	+0.033%	$5.8M	$46.7M	50x	as long as short
Backpack XRP_USDC_PERPshort	+0.0260%	1h	1.5317	+0.033%	$1.7M	$1.0M	25x
Hibachi XRP/USDT-P	+0.0296%	1h	1.5345	+0.215%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5312	0.000%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRP	+0.0563%	1h	1.5320	+0.052%	$290.5M	$215.3M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5305	−0.045%	$539K	$738K	10x	as long as short
Aftermath Perps XRPUSD	+0.0780%	1h	1.5338	+0.172%	$1K	$11K	10x	as long as short