Funding you earn now, next payment 04:00 UTC+0.0078%/8h= +8.6% APRnext payment +$0.10 per $10,000 · paid last 24h +0.025%
Price spread now: Backpack against Derive−0.028%7-day average +0.042% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.028%+$3 on $10k
+Price spread, last 4 days (all we have)+0.274%+$27 · spread now −0.028%, 7d avg +0.042%
=Funding pays, the price is against you. Backpack is 0.069% cheaper against Derive than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.042%). If the spread goes back, that is −$7 on $10k: about 3.0 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.028% in total) that is about 17 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive XRP-PERP | 1.5186 | 0.0100 | pay 0.0013% / 1h | 21m 32s | $817K | $72K | 10x |
| Short | Backpack XRP_USDC_PERP | 1.5182 | 0.0178 | get 0.0022% / 1h | 21m 32s | $2.0M | $1.4M | 25x |
Derive XRP-PERP
Backpack XRP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Derive. 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
- $16.45
- Price spread: −0.028% → +0.042%
- −$6.94
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$6.5
- Costs to cover
- 0.160%
- Break-even
- 9.8 days
Slippage unknown: Derive: no order-book sample; Backpack: live order book, 3 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 3 min ago | 0.33 bp | 5.3 bp −$5 | 6.4 bp −$64 | doesn't fit | doesn't fit |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 1.5190 | +0.025% | $5K | $3K | 20x | as long as short |
| Kraken Futures PF_XRPUSD | −0.0071% | 1h | 1.5178 | −0.054% | $14.3M | $73.8M | 50x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5177 | −0.064% | $1.1M | $111K | 10x | as long as short |
| Phoenix XRP | 0.0000% | 1h | 1.5190 | +0.025% | $68K | $110K | 15x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5181 | −0.033% | $254K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0013% | 1h | 1.5186 | −0.001% | $7.7M | $25.5M | 50x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +2.461% | $2K | $107K | 30x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0043% / S +0.0025% | 1h | 1.5180 | −0.042% | $792K | — | 200x | as long as short |
| Orderly PERP_XRP_USDC | +0.0086% | 8h | 1.5184 | −0.015% | $62K | $934K | 50x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5175 | −0.073% | $2.8M | $14.6M | 20x | as long as short |
Hotstuff XRP-PERP
Kraken Futures PF_XRPUSD
dYdX XRP-USD
Phoenix XRP
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Injective XRP/USDC PERP
GMX XRP/USD [ETH-USDC]
Orderly PERP_XRP_USDC
Lighter XRPShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH XRP | +0.0096% | 1h | 1.5178 | −0.054% | $499K | $3.3M | 20x | as long as short |
| Katana Perps XRP-USD | +0.0097% | 8h | 1.5160 | −0.173% | $11K | $326K | 20x | as long as short |
| Nado XRP-PERP | +0.0100% | 1h | 1.5171 | −0.097% | $1.1M | $6.0M | 20x | as long as short |
| Hyperliquid XRP | +0.0100% | 1h | 1.5191 | +0.034% | $281.0M | $226.9M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5178 | −0.052% | $38.4M | $83.3M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5175 | −0.076% | $609K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5169 | −0.113% | $535.3M | $2.11B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5169 | −0.113% | $347.6M | $934.3M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5170 | −0.107% | $126.2M | $875.0M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5176 | −0.067% | $565K | $28K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5169 | −0.113% | $110K | $713K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5174 | −0.080% | $1.6M | $49K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5170 | −0.107% | $370.0M | $154.1M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5170 | −0.107% | $291.1M | $901.1M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5180 | −0.038% | $108.3M | $174.5M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5171 | −0.100% | $268.5M | $384.4M | 125x | as long as short |
| BingX XRP-USDC | +0.0100% | 8h | 1.5167 | −0.127% | — | $4.2M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5179 | −0.050% | $5.2M | $37.5M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5172 | −0.094% | $659K | $108.4M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5174 | −0.080% | $1.1M | $36.0M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5192 | +0.038% | $1.2M | $1.1M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5174 | −0.083% | — | $11K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5172 | −0.094% | $44K | $452K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5182 | −0.030% | $41K | $68K | 20x | as long as short |
| Derive XRP-PERPlong | +0.0100% | 1h | 1.5186 | long leg | $817K | $72K | 10x | |
| SunX XRP-USDT | +0.0100% | 8h | 1.5193 | +0.047% | $127K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5182 | −0.028% | $28K | $1.7M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5176 | −0.070% | $49.6M | $15.6M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5173 | −0.087% | $54.2M | $30.7M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5170 | −0.109% | $473K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5160 | −0.176% | $2.0M | $6.8M | 50x | as long as short |
| 01 Exchange XRPUSD | +0.0104% | 1h | 1.5170 | −0.107% | $8K | $8K | 10x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5183 | −0.022% | $58K | $25K | 3x | as long as short |
| Backpack XRP_USDC_PERPshort | +0.0178% | 1h | 1.5182 | −0.028% | $2.0M | $1.4M | 25x | |
| Coinbase International XRP-PERP-INTX | +0.0192% | 1h | 1.5188 | +0.012% | $5.6M | $47.1M | 50x | as long as short |
| Hibachi XRP/USDT-P | +0.0200% | 1h | 1.5185 | −0.007% | $17K | $82K | 7x | as long as short |
| Reya XRPRUSDPERP | +0.0216% | 1h | 1.5170 | −0.107% | $1.3M | $7K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5179 | −0.048% | $24.2M | $76.2M | 125x | as long as short |
| Kalshi KXXRPPERP | +0.0313% | 8h | 1.5184 | −0.015% | $2.1M | $34.5M | 2.9x | as long as short |
| RISEx XRP/USDC | +0.0352% | 1h | 1.5170 | −0.107% | $517K | $777K | 10x | as long as short |
| Aftermath Perps XRPUSD | +0.0647% | 1h | 1.5184 | −0.013% | $2K | $15K | 10x | as long as short |
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
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
01 Exchange XRPUSD
Aevo XRP-PERP
Coinbase International XRP-PERP-INTX
Hibachi XRP/USDT-P
Reya XRPRUSDPERP
BloFin XRP-USDT
Kalshi KXXRPPERP
RISEx XRP/USDC
Aftermath Perps XRPUSD