XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0044%/8h= −4.9% APRnext payment −$0.06 per $10,000 · paid last 24h −0.010%

Price spread now: Backpack against Kraken Futures+0.067%51s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as 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−$290.287% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now +0.067%, 7d avg +0.037%

Together, before fees+0.188%+$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of +0.037%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.2 days. The two prices were read 51 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	Kraken Futures PF_XRPUSD	1.5250	0.0171	pay 0.0021% / 1h	28m 17s	$15.3M	$63.3M	50x
Short	Backpack XRP_USDC_PERP	1.5260	0.0126	get 0.0016% / 1h	28m 17s	$1.7M	$915K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$9.33
Price spread: +0.067% → +0.037%: $2.94
Slippage, 4 orders: −$8.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$35.06
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 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 Kraken Futures live order book, 6 min ago	0.33 bp	8.2 bp −$8	8.9 bp −$89	17.8 bp −$1,779	57.9 bp −$29.0K
Sell Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	6.2 bp −$62	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 −0.0210% / S +0.0297%	1h	1.5244	−0.037%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5251	+0.008%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5249	−0.007%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5220	−0.196%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5253	+0.021%	$9.2M	$24.0M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5245	−0.032%	$255K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.263%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5244	−0.038%	$178K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5259	+0.063%	$2.9M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5256	+0.040%	$443K	$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	1.5243	−0.047%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5247	−0.021%	$38.7M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5250	+0.001%	$664K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5257	+0.047%	$545.7M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5262	+0.080%	$341.7M	$834.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5245	−0.032%	$122.9M	$827.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5228	−0.143%	$566K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5251	+0.008%	$114K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.319%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5242	−0.051%	$356.0M	$129.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5245	−0.032%	$288.5M	$803.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5243	−0.045%	$113.1M	$147.1M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5248	−0.012%	$265.5M	$338.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5244	−0.038%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5205	−0.295%	$6.2M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5202	−0.314%	$661K	$95.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.190%	$1.1M	$41.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5204	−0.301%	$1.0M	$848K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5243	−0.048%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5248	−0.012%	$49K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5243	−0.043%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5247	−0.017%	$821K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5253	+0.023%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5248	−0.012%	$27K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5232	−0.116%	$50.1M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5256	+0.040%	$54.5M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5249	−0.007%	$475K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5253	+0.021%	$11K	$235K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5246	−0.026%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5246	−0.022%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERPshort	+0.0126%	1h	1.5260	+0.067%	$1.7M	$915K	25x
01 Exchange XRPUSD	+0.0136%	1h	1.5251	+0.008%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSDlong	+0.0171%	1h	1.5250	long leg	$15.3M	$63.3M	50x
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5253	+0.021%	$5.4M	$43.3M	50x	as long as short
Kalshi KXXRPPERP	+0.0208%	8h	1.5258	+0.054%	$1.7M	$31.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5243	−0.044%	$1.3M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5233	−0.110%	$23.8M	$66.4M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5244	−0.036%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5255	+0.037%	$404K	$496K	10x	as long as short
Hyperliquid XRP	+0.0451%	1h	1.5262	+0.080%	$279.8M	$181.1M	20x	as long as short
Aftermath Perps XRPUSD	+0.0543%	1h	1.5237	−0.087%	$1K	$11K	10x	as long as short