Funding you earn now, next payment 23:00 UTC−0.0281%/8h= −30.8% APRnext payment −$0.35 per $10,000 · paid last 24h −0.054%
Price spread now: Backpack against Hyperliquid−0.045%7-day average −0.112% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$210.211% of the position
Funding, last 7 days−0.058%−$6 on $10k
+Price spread, last 7 days−0.698%−$70 · spread now −0.045%, 7d avg −0.112%
=Together, before fees−0.757%+ Points / potential airdropHyperliquid: Season 2 · farm board−$76 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.067% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.045% now, against its 7-day average of −0.112%): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.058% in total) that is about 8.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 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 | Hyperliquid XRP | 1.5548 | 0.0579 | pay 0.0072% / 1h | 1m 26s | $292.1M | $206.1M | 20x |
| Short | Backpack XRP_USDC_PERP | 1.5541 | 0.0298 | get 0.0037% / 1h | 1m 26s | $1.7M | $1.0M | 25x |
Hyperliquid XRP
Backpack XRP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hyperliquid. 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
- −$59
- Price spread: −0.045% → −0.112%
- $6.69
- Slippage, 4 orders
- −$2.13
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$73.45
- Costs to cover
- 0.211%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 13 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 Hyperliquid live order book, 13 min ago | 0.64 bp | 5.1 bp −$5 | 6.6 bp −$66 | 12.3 bp −$1,227 | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.32 bp | 5.3 bp −$5 | 6.5 bp −$65 | 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 | 1.5531 | −0.109% | $7K | $2K | 20x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5535 | −0.085% | $1.1M | $113K | 10x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0002% / S +0.0111% | 1h | 1.5537 | −0.069% | $855K | — | 200x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5538 | −0.062% | $260K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0008% | 1h | 1.5535 | −0.084% | $9.6M | $25.2M | 50x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +0.077% | $2K | $107K | 30x | as long as short |
| Kraken Futures PF_XRPUSD | +0.0041% | 1h | 1.5534 | −0.093% | $15.5M | $68.5M | 50x | as long as short |
| Orderly PERP_XRP_USDC | +0.0055% | 8h | 1.5538 | −0.064% | $76K | $909K | 50x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5538 | −0.062% | $3.0M | $12.5M | 20x | as long as short |
| Lighter RH XRP | +0.0096% | 1h | 1.5536 | −0.077% | $443K | $3.2M | 20x | as long as short |
Hotstuff XRP-PERP
dYdX XRP-USD
GMX XRP/USD [ETH-USDC]
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Injective XRP/USDC PERP
Kraken Futures PF_XRPUSD
Orderly PERP_XRP_USDC
Lighter XRP
Lighter RH XRPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado XRP-PERP | +0.0100% | 1h | 1.5534 | −0.087% | $1.1M | $5.4M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5532 | −0.105% | $39.5M | $79.1M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5533 | −0.098% | $639K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5540 | −0.051% | $559.1M | $1.99B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5540 | −0.051% | $346.2M | $905.4M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5539 | −0.058% | $127.7M | $883.9M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5500 | −0.309% | $578K | $41K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5532 | −0.103% | $119K | $745K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5501 | −0.300% | $1.7M | $578K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5537 | −0.071% | $372.0M | $144.6M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5540 | −0.051% | $301.7M | $870.4M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5529 | −0.123% | $113.2M | $161.3M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5539 | −0.058% | $271.3M | $366.8M | 125x | as long as short |
| BingX XRP-USDT | +0.0100% | 8h | 1.5539 | −0.058% | — | $119.8M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5512 | −0.229% | $11.5M | $30.4M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5526 | −0.139% | $674K | $102.5M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5536 | −0.077% | $1.1M | $41.1M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5520 | −0.180% | $1.0M | $885K | 50x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5535 | −0.084% | $45K | $450K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5537 | −0.069% | $42K | $66K | 20x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5541 | −0.042% | $837K | $81K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5538 | −0.061% | $130K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5533 | −0.096% | $32K | $1.9M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5530 | −0.118% | $51.0M | $15.4M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5533 | −0.096% | $55.2M | $29.1M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5529 | −0.124% | — | $10K | 10x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5536 | −0.076% | $484K | $54K | 50x | as long as short |
| Katana Perps XRP-USD | +0.0101% | 8h | 1.5532 | −0.103% | $11K | $261K | 20x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5520 | −0.177% | $2.1M | $7.1M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5539 | −0.060% | $72K | $40K | 3x | as long as short |
| 01 Exchange XRPUSD | +0.0168% | 1h | 1.5539 | −0.058% | $8K | $8K | 10x | as long as short |
| Reya XRPRUSDPERP | +0.0212% | 1h | 1.5528 | −0.131% | $1.4M | $8K | 15x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0216% | 1h | 1.5541 | −0.045% | $5.9M | $47.6M | 50x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5518 | −0.193% | $24.5M | $73.8M | 125x | as long as short |
| Hibachi XRP/USDT-P | +0.0272% | 1h | 1.5536 | −0.077% | $18K | $82K | 7x | as long as short |
| Backpack XRP_USDC_PERPshort | +0.0298% | 1h | 1.5541 | −0.045% | $1.7M | $1.0M | 25x | |
| Kalshi KXXRPPERP | +0.0321% | 8h | 1.5535 | −0.084% | $2.0M | $33.3M | 2.9x | as long as short |
| Phoenix XRP | +0.0516% | 1h | 1.5530 | −0.116% | $69K | $90K | 15x | as long as short |
| RISEx XRP/USDC | +0.0527% | 1h | 1.5546 | −0.013% | $509K | $630K | 10x | as long as short |
| Hyperliquid XRPlong | +0.0579% | 1h | 1.5548 | long leg | $292.1M | $206.1M | 20x | |
| Aftermath Perps XRPUSD | +0.0771% | 1h | 1.5532 | −0.105% | $1K | $11K | 10x | as long as short |
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
Polymarket Perps XRP-USD
Bullet XRP-USD
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Vest XRP-PERP
Paradex XRP-USD-PERP
Katana Perps XRP-USD
Extended XRP-USD
Aevo XRP-PERP
01 Exchange XRPUSD
Reya XRPRUSDPERP
Coinbase International XRP-PERP-INTX
BloFin XRP-USDT
Hibachi XRP/USDT-P
Kalshi KXXRPPERP
Phoenix XRP
RISEx XRP/USDC
Aftermath Perps XRPUSD