XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0292%/8h= −32.0% APRnext payment −$0.37 per $10,000 · paid last 24h −0.004%

Price spread now: Kraken Futures against Backpack−0.082%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now −0.082%, 7d avg −0.038%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Kraken Futures is 0.043% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.028% in total (about -1.5% 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	Backpack XRP_USDC_PERP	1.5211	0.0314	pay 0.0039% / 1h	46m 36s	$2.0M	$1.4M	25x
Short	Kraken Futures PF_XRPUSD	1.5199	0.0021	get 0.0003% / 1h	46m 36s	$14.4M	$74.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$61.38
Price spread: −0.082% → −0.038%: −$4.34
Slippage, 4 orders: −$10.18
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$95.89
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Kraken Futures: live order book, 3 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, 2 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	0.33 bp	10.0 bp −$10	12.5 bp −$125	25.2 bp −$2,523	50.4 bp −$25.2K

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	1.5206	−0.033%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5203	−0.054%	$1.1M	$111K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5207	−0.025%	$262K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5203	−0.053%	$7.8M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSDshort	+0.0021%	1h	1.5199	−0.082%	$14.4M	$74.1M	50x
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.294%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0051% / S +0.0015%	1h	1.5206	−0.034%	$780K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5203	−0.053%	$2.8M	$14.6M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5210	−0.007%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5197	−0.092%	$12K	$343K	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_XRP_USDC	+0.0099%	8h	1.5205	−0.039%	$62K	$934K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5206	−0.030%	$1.0M	$6.0M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5207	−0.026%	$38.5M	$84.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5203	−0.053%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5204	−0.044%	$534.6M	$2.14B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5209	−0.013%	$347.2M	$941.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5205	−0.039%	$127.3M	$887.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5232	+0.138%	$566K	$29K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5201	−0.066%	$118K	$702K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5181	−0.197%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5197	−0.092%	$371.4M	$153.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5198	−0.085%	$292.9M	$899.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5201	−0.066%	$108.8M	$176.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5196	−0.099%	$269.1M	$388.4M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5198	−0.085%	—	$127.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5243	+0.209%	$4.8M	$38.2M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5208	−0.020%	$660K	$109.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5208	−0.019%	$1.1M	$36.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5214	+0.020%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5214	+0.021%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5212	+0.007%	$44K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5210	−0.006%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5207	−0.026%	$818K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5214	+0.021%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5202	−0.059%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5222	+0.072%	$49.8M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5203	−0.053%	$54.2M	$31.1M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5200	−0.075%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5195	−0.104%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5200	−0.072%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5204	−0.046%	$9K	$8K	10x	as long as short
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5210	−0.007%	$5.6M	$47.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5209	−0.012%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5212	+0.007%	$24.1M	$76.0M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5214	+0.018%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0262%	8h	1.5222	+0.072%	$2.0M	$35.0M	2.9x	as long as short
Hyperliquid XRP	+0.0290%	1h	1.5223	+0.079%	$292.8M	$234.6M	20x	as long as short
Backpack XRP_USDC_PERPlong	+0.0314%	1h	1.5211	long leg	$2.0M	$1.4M	25x
RISEx XRP/USDC	+0.0358%	1h	1.5203	−0.055%	$518K	$773K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5220	+0.059%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0650%	1h	1.5212	+0.003%	$2K	$15K	10x	as long as short