Funding you earn now, next payment 03:00 UTC+0.0172%/8h= +18.9% APRnext payment +$0.22 per $10,000 · paid last 24h +0.029%
Price spread now: Backpack against Phoenix+0.356%7-day average +0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$51as in the Price arb table
costs, in and out, $10k−$840.838% of the position
Funding, last 7 days+0.257%+$26 on $10k
+Price spread, last 4 days (all we have)−0.846%−$85 · spread now +0.356%, 7d avg +0.032%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.324% dearer against Phoenix than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.032%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix XRP | 1.5170 | 0 | get 0.0000% / 1h | 29m 13s | $67K | $110K | 15x |
| Short | Backpack XRP_USDC_PERP | 1.5224 | 0.0172 | get 0.0022% / 1h | 29m 13s | $1.9M | $1.3M | 25x |
Phoenix XRP
Backpack XRP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- $36.18
- Price spread: +0.356% → +0.032%
- $32.37
- Slippage, 4 orders
- −$66.79
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$15.24
- Costs to cover
- 0.838%
- Break-even
- 9.9 days
Slippage from Phoenix: live order book, 9 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 Phoenix live order book, 9 min ago | 6.59 bp | 35.9 bp −$36 | 95.2 bp −$952 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 5 min ago | 0.33 bp | 5.3 bp −$5 | 6.3 bp −$63 | 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 | 1.5203 | +0.218% | $5K | $3K | 20x | as long as short |
| Kraken Futures PF_XRPUSD | −0.0071% | 1h | 1.5197 | +0.179% | $14.3M | $73.8M | 50x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5199 | +0.192% | $1.1M | $111K | 10x | as long as short |
| Phoenix XRPlong | 0.0000% | 1h | 1.5170 | long leg | $67K | $110K | 15x | |
| Deribit XRP_USDC-PERPETUAL | 0.0000% | 1h | 1.5200 | +0.198% | $7.7M | $25.5M | 50x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5198 | +0.186% | $254K | — | 150x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +2.571% | $2K | $107K | 30x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0041% / S +0.0027% | 1h | 1.5197 | +0.179% | $791K | — | 200x | as long as short |
| Orderly PERP_XRP_USDC | +0.0083% | 8h | 1.5200 | +0.198% | $62K | $934K | 50x | as long as short |
| 01 Exchange XRPUSD | +0.0088% | 1h | 1.5200 | +0.198% | $8K | $8K | 10x | as long as short |
Hotstuff XRP-PERP
Kraken Futures PF_XRPUSD
dYdX XRP-USD
Deribit XRP_USDC-PERPETUAL
gTrade (Gains Network) XRP/USD
Injective XRP/USDC PERP
GMX XRP/USD [ETH-USDC]
Orderly PERP_XRP_USDC
01 Exchange XRPUSDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter XRP | +0.0096% | 1h | 1.5194 | +0.159% | $2.8M | $14.6M | 20x | as long as short |
| Lighter RH XRP | +0.0096% | 1h | 1.5201 | +0.204% | $499K | $3.3M | 20x | as long as short |
| Katana Perps XRP-USD | +0.0097% | 8h | 1.5187 | +0.112% | $10K | $325K | 20x | as long as short |
| Nado XRP-PERP | +0.0100% | 1h | 1.5202 | +0.211% | $1.0M | $5.9M | 20x | as long as short |
| Hyperliquid XRP | +0.0100% | 1h | 1.5215 | +0.297% | $282.3M | $225.8M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5204 | +0.227% | $38.5M | $83.2M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5202 | +0.212% | $610K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5193 | +0.149% | $535.7M | $2.11B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5187 | +0.112% | $345.5M | $932.1M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5183 | +0.086% | $126.3M | $876.0M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5202 | +0.211% | $565K | $28K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5202 | +0.211% | $110K | $713K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5115 | −0.360% | $1.6M | $49K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5199 | +0.191% | $370.6M | $153.8M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5204 | +0.224% | $289.9M | $899.6M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5203 | +0.214% | $107.9M | $174.4M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5199 | +0.191% | $269.1M | $384.4M | 125x | as long as short |
| BingX XRP-USDC | +0.0100% | 8h | 1.5201 | +0.204% | — | $4.2M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5201 | +0.203% | $5.2M | $37.5M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5199 | +0.194% | $661K | $108.5M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5207 | +0.244% | $1.1M | $36.0M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5166 | −0.026% | $1.2M | $1.1M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5204 | +0.225% | — | $11K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5206 | +0.237% | $44K | $452K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5203 | +0.218% | $41K | $68K | 20x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5199 | +0.189% | $818K | $72K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5208 | +0.252% | $128K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5199 | +0.191% | $28K | $1.7M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5195 | +0.164% | $49.7M | $15.7M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5195 | +0.165% | $54.2M | $30.6M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5198 | +0.185% | $474K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5196 | +0.168% | $2.0M | $6.8M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5198 | +0.183% | $58K | $25K | 3x | as long as short |
| Backpack XRP_USDC_PERPshort | +0.0172% | 1h | 1.5224 | +0.356% | $1.9M | $1.3M | 25x | |
| Hibachi XRP/USDT-P | +0.0176% | 1h | 1.5201 | +0.207% | $17K | $82K | 7x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0192% | 1h | 1.5206 | +0.237% | $5.6M | $47.2M | 50x | as long as short |
| Reya XRPRUSDPERP | +0.0216% | 1h | 1.5203 | +0.219% | $1.3M | $7K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5194 | +0.158% | $24.2M | $76.3M | 125x | as long as short |
| Kalshi KXXRPPERP | +0.0312% | 8h | 1.5208 | +0.250% | $2.1M | $34.4M | 2.9x | as long as short |
| RISEx XRP/USDC | +0.0352% | 1h | 1.5202 | +0.208% | $518K | $777K | 10x | as long as short |
| Aftermath Perps XRPUSD | +0.0632% | 1h | 1.5181 | +0.073% | $2K | $15K | 10x | as long as short |
Lighter XRP
Lighter RH XRP
Katana Perps XRP-USD
Nado XRP-PERP
Hyperliquid XRP
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-USDC
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
ApeX Omni XRPUSDT
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
Aevo XRP-PERP
Hibachi XRP/USDT-P
Coinbase International XRP-PERP-INTX
Reya XRPRUSDPERP
BloFin XRP-USDT
Kalshi KXXRPPERP
RISEx XRP/USDC
Aftermath Perps XRPUSD