Funding you earn now, next payment 00:00 UTC+0.0294%/8h= +32.2% APRnext payment +$0.37 per $10,000 · paid last 24h +0.015%
Price spread now: Backpack against Lighter−0.023%7-day average −0.070% · you buy dearer than you sell
Net, funding: paid 7d − costs−$1as in the Funding arb table
Net, price: spread back to 7d avg − costs−$10as in the Price arb table
costs, in and out, $10k−$150.146% of the position
Funding, last 7 days+0.131%+$13 on $10k
+Price spread, last 7 days−0.732%−$73 · spread now −0.023%, 7d avg −0.070%
=Together, before fees−0.600%+ Points / potential airdropLighter: Season 3 · farm board−$60 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.047% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.070%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.131% in total (about 6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 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 | Lighter XRP | 1.5651 | 0.0096 | pay 0.0012% / 1h | 55m 26s | $3.0M | $12.5M | 20x |
| Short | Backpack XRP_USDC_PERP | 1.5647 | 0.0390 | get 0.0049% / 1h | 55m 26s | $1.7M | $1.0M | 25x |
Lighter XRP
Backpack XRP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- $61.75
- Price spread: −0.023% → −0.070%
- $4.7
- Slippage, 4 orders
- −$4.62
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $51.82
- Costs to cover
- 0.146%
- Break-even
- 1.1 days
Slippage from Lighter: live order book, 8 min ago; Backpack: live order book, 4 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 Lighter live order book, 8 min ago | 1.35 bp | 1.5 bp −$2 | 4.6 bp −$46 | 14.7 bp −$1,475 | 36.6 bp −$18.3K |
| Sell Backpack live order book, 4 min ago | 0.32 bp | 5.3 bp −$5 | 6.9 bp −$69 | 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 | 1.5645 | −0.036% | $7K | $2K | 20x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5650 | −0.004% | $1.1M | $113K | 10x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0003% / S +0.0109% | 1h | 1.5621 | −0.187% | $859K | — | 200x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5623 | −0.175% | $261K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0006% | 1h | 1.5635 | −0.100% | $9.6M | $25.4M | 50x | as long as short |
| Kraken Futures PF_XRPUSD | +0.0031% | 1h | 1.5636 | −0.095% | $15.7M | $68.7M | 50x | as long as short |
| Orderly PERP_XRP_USDC | +0.0055% | 8h | 1.5628 | −0.145% | $77K | $909K | 50x | as long as short |
| ApeX Omni XRPUSDT | +0.0081% | 1h | 1.5590 | −0.387% | $1.0M | $886K | 50x | as long as short |
| Injective XRP/USDC PERP | +0.0089% | 1h | 1.5560 | −0.579% | $2K | $107K | 30x | as long as short |
| Lighter XRPlong | +0.0096% | 1h | 1.5651 | long leg | $3.0M | $12.5M | 20x |
Hotstuff XRP-PERP
dYdX XRP-USD
GMX XRP/USD [ETH-USDC]
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Kraken Futures PF_XRPUSD
Orderly PERP_XRP_USDC
ApeX Omni XRPUSDT
Injective XRP/USDC PERPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH XRP | +0.0096% | 1h | 1.5652 | +0.009% | $446K | $3.1M | 20x | as long as short |
| Nado XRP-PERP | +0.0100% | 1h | 1.5656 | +0.037% | $1.1M | $5.4M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5656 | +0.032% | $39.7M | $79.6M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5655 | +0.029% | $645K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5657 | +0.043% | $561.7M | $2.00B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5656 | +0.034% | $349.2M | $909.0M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5653 | +0.015% | $128.2M | $892.0M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5593 | −0.368% | $580K | $42K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5657 | +0.041% | $119K | $748K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5653 | +0.015% | $375.6M | $142.3M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5650 | −0.004% | $307.1M | $857.2M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5649 | −0.011% | $114.3M | $161.8M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5650 | −0.004% | $273.7M | $368.1M | 125x | as long as short |
| BingX XRP-USDC | +0.0100% | 8h | 1.5651 | +0.002% | — | $3.7M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5530 | −0.768% | $11.6M | $30.5M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5584 | −0.423% | $677K | $102.6M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5610 | −0.261% | $1.1M | $41.0M | 20x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5641 | −0.061% | — | $10K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5659 | +0.053% | $46K | $449K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5650 | −0.004% | $42K | $66K | 20x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5630 | −0.134% | $841K | $81K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5637 | −0.086% | $131K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5632 | −0.119% | $31K | $1.9M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5631 | −0.125% | $51.3M | $15.4M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5631 | −0.125% | $55.6M | $29.2M | 50x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5562 | −0.569% | $1.7M | $573K | 20x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5653 | +0.016% | $488K | $54K | 50x | as long as short |
| Katana Perps XRP-USD | +0.0101% | 8h | 1.5659 | +0.053% | $11K | $261K | 20x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5649 | −0.009% | $2.2M | $7.1M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5632 | −0.119% | $73K | $40K | 3x | as long as short |
| 01 Exchange XRPUSD | +0.0152% | 1h | 1.5663 | +0.079% | $9K | $8K | 10x | as long as short |
| Reya XRPRUSDPERP | +0.0212% | 1h | 1.5648 | −0.019% | $1.4M | $8K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5596 | −0.349% | $24.5M | $74.3M | 125x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0224% | 1h | 1.5642 | −0.055% | $6.0M | $48.0M | 50x | as long as short |
| Hibachi XRP/USDT-P | +0.0280% | 1h | 1.5591 | −0.382% | $18K | $82K | 7x | as long as short |
| Kalshi KXXRPPERP | +0.0319% | 8h | 1.5621 | −0.189% | $2.0M | $33.4M | 2.9x | as long as short |
| Backpack XRP_USDC_PERPshort | +0.0390% | 1h | 1.5647 | −0.023% | $1.7M | $1.0M | 25x | |
| Phoenix XRP | +0.0516% | 1h | 1.5600 | −0.324% | $69K | $90K | 15x | as long as short |
| Hyperliquid XRP | +0.0615% | 1h | 1.5669 | +0.117% | $296.1M | $208.4M | 20x | as long as short |
| RISEx XRP/USDC | +0.0761% | 1h | 1.5669 | +0.117% | $511K | $632K | 10x | as long as short |
| Aftermath Perps XRPUSD | +0.0771% | 1h | 1.5569 | −0.521% | $1K | $11K | 10x | as long as short |
Lighter RH XRP
Nado XRP-PERP
Aster XRPUSDT
Pacifica XRP
Binance XRPUSDT
Bybit XRPUSDT
OKX XRP-USDT-SWAP
Ondo Perps XRP-USD.P
Arcus XRP-USD
Gate XRP_USDT
MEXC XRP_USDT
KuCoin XRPUSDTM
Bitget XRPUSDT
BingX XRP-USDC
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Bulk XRP-USD
Paradex XRP-USD-PERP
Katana Perps XRP-USD
Extended XRP-USD
Aevo XRP-PERP
01 Exchange XRPUSD
Reya XRPRUSDPERP
BloFin XRP-USDT
Coinbase International XRP-PERP-INTX
Hibachi XRP/USDT-P
Kalshi KXXRPPERP
Phoenix XRP
Hyperliquid XRP
RISEx XRP/USDC
Aftermath Perps XRPUSD