XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0075%/8h= −8.3% APRnext payment −$0.09 per $10,000 · paid last 24h −0.025%

Price spread now: Polymarket Perps against Backpack+0.040%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 4 days (all we have)+0.431%+$43 · spread now +0.040%, 7d avg −0.016%

Together, before fees+0.313%+$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.055% dearer against Backpack than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.016%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5183	0.0175	pay 0.0022% / 1h	22m 15s	$2.0M	$1.4M	25x
Short	Polymarket Perps XRP-USD	1.5189	0.0100	get 0.0013% / 1h	22m 15s	$44K	$452K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$15.85
Price spread: +0.040% → −0.016%: $5.5
Slippage, 4 orders: −$7.81
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$36.16
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Polymarket Perps: live order book, 35 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	5.9 bp −$6	7.7 bp −$77	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 35 min ago	2.31 bp	7.6 bp −$8	10.5 bp −$105	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	1.5174	−0.059%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5178	−0.033%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5176	−0.049%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5190	+0.046%	$68K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5181	−0.012%	$254K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0013%	1h	1.5186	+0.020%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.483%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0043% / S +0.0025%	1h	1.5180	−0.021%	$792K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0086%	8h	1.5184	+0.007%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5182	−0.006%	$2.8M	$14.6M	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	1.5181	−0.013%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0097%	8h	1.5182	−0.007%	$11K	$326K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5185	+0.010%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5199	+0.107%	$281.2M	$226.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5188	+0.034%	$38.4M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5184	+0.009%	$609K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5174	−0.058%	$535.5M	$2.11B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5170	−0.086%	$347.0M	$934.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5170	−0.086%	$126.4M	$874.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−0.059%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5192	+0.059%	$110K	$713K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5174	−0.059%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5184	+0.007%	$370.3M	$154.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5184	+0.007%	$291.5M	$901.1M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5189	+0.042%	$108.4M	$174.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5184	+0.007%	$268.7M	$384.4M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5185	+0.013%	—	$4.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5179	−0.028%	$5.2M	$37.5M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5183	−0.002%	$661K	$108.3M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5178	−0.036%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5192	+0.059%	$1.2M	$1.1M	50x	as long as short
Polymarket Perps XRP-USDshort	+0.0100%	1h	1.5189	+0.040%	$44K	$452K	20x
Bullet XRP-USD	+0.0100%	1h	1.5182	−0.008%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5186	+0.021%	$817K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5193	+0.068%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5182	−0.007%	$28K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5176	−0.049%	$49.6M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5173	−0.066%	$54.2M	$30.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5186	+0.021%	$473K	$55K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5184	+0.008%	—	$11K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5181	−0.016%	$2.0M	$6.8M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5193	+0.066%	$8K	$8K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5183	0.000%	$58K	$25K	3x	as long as short
Backpack XRP_USDC_PERPlong	+0.0175%	1h	1.5183	long leg	$2.0M	$1.4M	25x
Hibachi XRP/USDT-P	+0.0192%	1h	1.5174	−0.061%	$17K	$82K	7x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5188	+0.033%	$5.6M	$47.1M	50x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5183	0.000%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5179	−0.026%	$24.2M	$76.2M	125x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5184	+0.007%	$2.1M	$34.5M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5193	+0.065%	$517K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0647%	1h	1.5184	+0.008%	$2K	$15K	10x	as long as short