XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0253%/8h= −27.7% APRnext payment −$0.32 per $10,000 · paid last 24h −0.045%

Price spread now: Injective against Backpack+2.180%7-day average −0.180% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs+$133as in the Price arb table

costs, in and out, $10k−$1031.028% of the position

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−2.944%−$294 · spread now +2.180%, 7d avg −0.180%

Together, before fees−2.907%−$291 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.360% dearer against Backpack than usual: you sell high and buy low (spread +2.180% now, against its 7-day average of −0.180%): +$236 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 31 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 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	Backpack XRP_USDC_PERP	1.5228	0.0286	pay 0.0036% / 1h	28m 15s	$2.0M	$1.4M	25x
Short	Injective XRP/USDC PERP	1.5560	0.0033	get 0.0004% / 1h	28m 15s	$2K	$107K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. 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 BackpackbpFee InjectivebpOrdersPrice spread, now +2.180%Rate

Funding earned: −$53.07
Price spread: +2.180% → −0.180%: $236.02
Slippage, 4 orders: −$92.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $80.17
Costs to cover: 1.028%
Break-even: from the start

Slippage from Backpack: live order book, 1 min ago; Injective: live order book, 25 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 Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell Injective live order book, 25 min ago	46.05 bp	46.1 bp −$46	59.2 bp −$592	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	1.5218	−0.066%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5216	−0.079%	$1.1M	$115K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5199	−0.190%	$7.8M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5196	−0.212%	$254K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0022%	1h	1.5195	−0.218%	$14.4M	$74.5M	50x	as long as short
Injective XRP/USDC PERPshort	+0.0033%	1h	1.5560	+2.180%	$2K	$107K	30x
GMX XRP/USD [ETH-USDC]	L +0.0054% / S +0.0009%	1h	1.5196	−0.211%	$793K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5201	−0.178%	$2.9M	$14.7M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5222	−0.039%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5208	−0.131%	$10K	$347K	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	1.5205	−0.151%	$990K	$6.1M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5199	−0.193%	$38.5M	$85.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5221	−0.048%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5194	−0.226%	$535.2M	$2.15B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5196	−0.210%	$347.2M	$943.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5196	−0.210%	$127.1M	$887.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5212	−0.105%	$566K	$27K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5222	−0.039%	$134K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5212	−0.105%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5198	−0.197%	$369.8M	$155.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5197	−0.204%	$294.8M	$903.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5200	−0.181%	$109.3M	$177.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5195	−0.217%	$269.6M	$389.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5209	−0.125%	—	$4.1M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5245	+0.111%	$4.9M	$38.3M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5233	+0.032%	$662K	$110.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5244	+0.105%	$1.1M	$36.8M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5252	+0.158%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5208	−0.130%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5205	−0.151%	$45K	$477K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5196	−0.212%	$41K	$69K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5196	−0.210%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5198	−0.199%	$818K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5210	−0.118%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5198	−0.197%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5202	−0.170%	$49.7M	$15.8M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5197	−0.204%	$54.1M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5210	−0.121%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5192	−0.236%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5193	−0.228%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5222	−0.039%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5204	−0.158%	$5.7M	$47.8M	50x	as long as short
Reya XRPRUSDPERP	+0.0217%	1h	1.5196	−0.211%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5226	−0.013%	$24.2M	$76.3M	125x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5231	+0.022%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0286%	1h	1.5228	long leg	$2.0M	$1.4M	25x
RISEx XRP/USDC	+0.0358%	1h	1.5213	−0.098%	$518K	$776K	10x	as long as short
Kalshi KXXRPPERP	+0.0359%	8h	1.5226	−0.013%	$1.9M	$35.2M	2.9x	as long as short
Hyperliquid XRP	+0.0392%	1h	1.5223	−0.035%	$301.3M	$245.9M	20x	as long as short
Phoenix XRP	+0.0528%	1h	1.5240	+0.079%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0679%	1h	1.5217	−0.071%	$2K	$15K	10x	as long as short