XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0160%/8h= +17.5% APRnext payment +$0.20 per $10,000 · paid last 24h +0.017%

Price spread now: Backpack against Polymarket Perps+0.065%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)−0.311%−$31 · spread now +0.065%, 7d avg +0.013%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.052% dearer against Polymarket Perps than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XRP-USD	1.5348	0.0100	pay 0.0013% / 1h	7m 35s	$47K	$455K	20x
Short	Backpack XRP_USDC_PERP	1.5358	0.0260	get 0.0032% / 1h	7m 35s	$1.7M	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.065%Rate

Funding earned: $33.6
Price spread: +0.065% → +0.013%: $5.18
Slippage, 4 orders: −$6.36
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $14.42
Costs to cover: 0.244%
Break-even: 4.0 days

Slippage from Polymarket Perps: live order book, 5 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 Polymarket Perps live order book, 5 min ago	1.63 bp	8.1 bp −$8	10.7 bp −$107	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	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	1.5339	−0.059%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5324	−0.154%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5340	−0.052%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5347	−0.005%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0092%	1h	1.5344	−0.029%	$841K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5349	+0.007%	$9.3M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5348	+0.003%	$15.0M	$69.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5348	0.000%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.381%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5331	−0.108%	$2.9M	$13.5M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5335	−0.085%	$486K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5347	−0.003%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5323	−0.162%	$38.8M	$82.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5328	−0.130%	$631K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5300	−0.310%	$543.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5317	−0.202%	$339.0M	$927.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5315	−0.215%	$125.6M	$878.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5328	−0.130%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5312	−0.235%	$115K	$701K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	−0.097%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5325	−0.150%	$361.3M	$148.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5314	−0.222%	$297.7M	$895.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5333	−0.095%	$109.1M	$166.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5311	−0.241%	$267.4M	$376.3M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5309	−0.254%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5318	−0.194%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5337	−0.070%	$666K	$105.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5343	−0.033%	$1.1M	$40.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5338	−0.065%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5343	−0.033%	—	$10K	10x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5348	long leg	$47K	$455K	20x
Bullet XRP-USD	+0.0100%	1h	1.5347	−0.007%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5350	+0.012%	$826K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5347	−0.007%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5348	0.000%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5345	−0.017%	$50.4M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5349	+0.007%	$54.7M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5317	−0.199%	$478K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5292	−0.365%	$11K	$269K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5308	−0.264%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5347	−0.005%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5299	−0.319%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5346	−0.016%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5338	−0.065%	$24.1M	$74.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5357	+0.059%	$5.8M	$46.8M	50x	as long as short
Backpack XRP_USDC_PERPshort	+0.0260%	1h	1.5358	+0.065%	$1.7M	$1.0M	25x
Hibachi XRP/USDT-P	+0.0296%	1h	1.5346	−0.013%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5353	+0.033%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRP	+0.0565%	1h	1.5349	+0.007%	$291.0M	$215.2M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5299	−0.322%	$497K	$708K	10x	as long as short
Aftermath Perps XRPUSD	+0.0772%	1h	1.5349	+0.009%	$1K	$11K	10x	as long as short