XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0257%/8h= −28.2% APRnext payment −$0.32 per $10,000 · paid last 24h −0.044%

Price spread now: Deribit against Backpack−0.214%50s7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.234% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.214%, 7d avg −0.018%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.196% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.018%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.019% in total (about 1.0% 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	1.5414	0.0267	pay 0.0033% / 1h	26m 12s	$1.7M	$1.0M	25x
Short	Deribit XRP_USDC-PERPETUAL	1.5381	0.0010	get 0.0001% / 1h	26m 12s	$9.4M	$25.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.214%Rate

Funding earned: −$54.01
Price spread: −0.214% → −0.018%: −$19.57
Slippage, 4 orders: −$6.4
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$96.98
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Deribit: 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, 3 min ago	0.32 bp	5.3 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	1.62 bp	7.0 bp −$7	14.7 bp −$147	45.3 bp −$4,533	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	1.5388	−0.169%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5384	−0.194%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5420	+0.039%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5378	−0.232%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0098%	1h	1.5377	−0.237%	$831K	—	200x	as long as short
Deribit XRP_USDC-PERPETUALshort	+0.0010%	1h	1.5381	−0.214%	$9.4M	$25.6M	50x
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5377	−0.237%	$15.0M	$69.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0058%	8h	1.5382	−0.208%	$76K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+0.947%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5388	−0.171%	$3.0M	$12.7M	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	1.5384	−0.195%	$438K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5382	−0.210%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5384	−0.196%	$39.2M	$81.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5388	−0.169%	$633K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5381	−0.212%	$547.7M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5380	−0.221%	$342.4M	$922.9M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5380	−0.221%	$125.5M	$880.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5382	−0.208%	$573K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5390	−0.156%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5410	−0.026%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5381	−0.214%	$361.5M	$147.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5382	−0.208%	$294.9M	$883.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5383	−0.203%	$111.7M	$164.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5377	−0.240%	$268.3M	$373.5M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5381	−0.214%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5385	−0.190%	$11.4M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5405	−0.060%	$669K	$104.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5414	+0.002%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	−0.052%	$1.0M	$900K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5385	−0.188%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5381	−0.213%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5380	−0.218%	$828K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5388	−0.167%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5380	−0.221%	$31K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5379	−0.228%	$50.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5384	−0.195%	$54.7M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5384	−0.198%	$480K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5389	−0.165%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5386	−0.182%	$11K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5376	−0.248%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5379	−0.230%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5387	−0.175%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5381	−0.215%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5416	+0.013%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5386	−0.182%	$5.8M	$47.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5406	−0.049%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERPlong	+0.0267%	1h	1.5414	long leg	$1.7M	$1.0M	25x
Kalshi KXXRPPERP	+0.0305%	8h	1.5404	−0.065%	$2.0M	$34.3M	2.9x	as long as short
Hyperliquid XRP	+0.0586%	1h	1.5401	−0.084%	$292.9M	$212.3M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5397	−0.112%	$500K	$635K	10x	as long as short
Aftermath Perps XRPUSD	+0.0786%	1h	1.5427	+0.085%	$1K	$11K	10x	as long as short