XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0194%/8h= +21.3% APRnext payment +$0.24 per $10,000 · paid last 24h +0.043%

Price spread now: Backpack against Injective−2.763%72s7-day average +0.252% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as 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−$1031.031% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+3.772%+$377 · spread now −2.763%, 7d avg +0.252%

Together, before fees+3.733%+$373 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 3.015% cheaper against Injective than usual: you would sell low and buy high (spread −2.763% now, against its 7-day average of +0.252%). If the spread goes back, that is −$302 on $10k: about 52 days of funding at the current rate (+$6 a day). The two prices were read 72 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 -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 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	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	43m 58s	$2K	$107K	30x
Short	Backpack XRP_USDC_PERP	1.5130	0.0228	get 0.0028% / 1h	43m 58s	$1.9M	$1.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −2.763%Rate

Funding earned: $40.82
Price spread: −2.763% → +0.252%: −$301.52
Slippage, 4 orders: −$93.07
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$363.79
Costs to cover: 1.031%
Break-even: 69.4 days

Slippage from Injective: live order book, 20 min ago; Backpack: live order book, 5 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 Injective live order book, 20 min ago	46.21 bp	46.2 bp −$46	59.4 bp −$594	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.33 bp	5.3 bp −$5	7.5 bp −$75	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	1.5119	−2.834%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5126	−2.791%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5111	−2.884%	$253K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0031% / S +0.0048%	1h	1.5111	−2.886%	$816K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5118	−2.841%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5121	−2.821%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0081%	1h	1.5121	−2.821%	$7.6M	$25.3M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5123	−2.808%	$2.8M	$14.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5123	−2.808%	$508K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5111	−2.886%	$9K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5126	−2.792%	$997K	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5133	−2.744%	$280.2M	$221.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5129	−2.771%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5125	−2.794%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5138	−2.714%	$536.6M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5135	−2.731%	$343.1M	$925.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5137	−2.719%	$125.2M	$864.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5109	−2.898%	$562K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5122	−2.815%	$114K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5136	−2.728%	$1.6M	$88K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5132	−2.751%	$369.6M	$150.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5138	−2.712%	$293.1M	$894.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5134	−2.735%	$106.6M	$170.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5134	−2.738%	$266.4M	$380.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5129	−2.770%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5109	−2.899%	$5.9M	$36.1M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5101	−2.953%	$656K	$109.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5100	−2.957%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5110	−2.892%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5124	−2.801%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5121	−2.821%	$41K	$448K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5115	−2.859%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5121	−2.822%	$814K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5125	−2.794%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5119	−2.834%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5122	−2.815%	$49.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5121	−2.821%	$53.8M	$29.9M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5127	−2.780%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5126	−2.786%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5119	−2.835%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5116	−2.853%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5119	−2.834%	$5.6M	$46.3M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5138	−2.712%	—	$74.6M	125x	as long as short
Backpack XRP_USDC_PERPshort	+0.0228%	1h	1.5130	−2.763%	$1.9M	$1.3M	25x
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5116	−2.856%	$14.4M	$72.9M	50x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5136	−2.728%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0355%	8h	1.5128	−2.776%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5125	−2.798%	$527K	$769K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5130	−2.763%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0715%	1h	1.5122	−2.814%	$2K	$14K	10x	as long as short