XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0196%/8h= −21.5% APRnext payment −$0.24 per $10,000 · paid last 24h −0.020%

Price spread now: Lighter against Backpack−0.039%7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$150.155% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 7 days+0.845%+$85 · spread now −0.039%, 7d avg +0.069%

Together, before fees+0.709%+ Points / potential airdropLighter: Season 3 · farm board+$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.108% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.069%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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	1.5345	0.0292	pay 0.0036% / 1h	28m 16s	$1.9M	$1.3M	25x
Short	Lighter XRP	1.5339	0.0096	get 0.0012% / 1h	28m 16s	$2.8M	$14.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$41.15
Price spread: −0.039% → +0.069%: −$10.79
Slippage, 4 orders: −$5.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$67.43
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Lighter: 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 Backpack live order book, 1 min ago	0.33 bp	5.3 bp −$5	6.4 bp −$64	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.43 bp	1.4 bp −$1	5.1 bp −$51	14.6 bp −$1,456	34.8 bp −$17.4K

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	1.5345	0.000%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5335	−0.068%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5332	−0.085%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0014% / S +0.0079%	1h	1.5332	−0.083%	$840K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.401%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5339	−0.039%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5341	−0.026%	$9.3M	$25.1M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5329	−0.104%	$8K	$8K	10x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5339	−0.039%	$2.8M	$14.0M	20x
Lighter RH XRP	+0.0096%	1h	1.5342	−0.020%	$515K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5338	−0.046%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5351	+0.037%	$479K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5340	−0.029%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5333	−0.078%	$38.7M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5346	+0.006%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5338	−0.043%	$541.0M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5335	−0.065%	$341.9M	$919.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5334	−0.072%	$125.0M	$867.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5345	0.000%	$570K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5346	+0.007%	$118K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.069%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5337	−0.052%	$374.4M	$149.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5336	−0.059%	$312.1M	$904.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5336	−0.057%	$108.8M	$165.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5335	−0.065%	$268.4M	$375.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5334	−0.072%	—	$123.4M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5328	−0.110%	$6.3M	$35.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5333	−0.081%	$666K	$107.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.072%	$1.1M	$38.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5321	−0.156%	$1.0M	$892K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5330	−0.098%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5337	−0.052%	$49K	$441K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5336	−0.059%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5340	−0.035%	$826K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5334	−0.072%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5340	−0.033%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5333	−0.080%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5338	−0.046%	$54.6M	$29.5M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5335	−0.064%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5338	−0.043%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5332	−0.083%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5329	−0.104%	$24.0M	$73.6M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5345	0.000%	$5.8M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5338	−0.048%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERPlong	+0.0292%	1h	1.5345	long leg	$1.9M	$1.3M	25x
Kalshi KXXRPPERP	+0.0309%	8h	1.5345	0.000%	$2.1M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5319	−0.172%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0397%	1h	1.5349	+0.026%	$289.9M	$214.6M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5340	−0.033%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0805%	1h	1.5334	−0.073%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5344	−0.007%	$507K	$754K	10x	as long as short