Funding you earn now, next payment 05:00 UTC−0.0154%/8h= −16.9% APRnext payment −$0.19 per $10,000 · paid last 24h −0.058%
Price spread now: Backpack against Hyperliquid−0.026%7-day average −0.086% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$200.204% of the position
Funding, last 7 days−0.062%−$6 on $10k
+Price spread, last 7 days+0.338%+$34 · spread now −0.026%, 7d avg −0.086%
=Together, before fees+0.276%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.060% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.026% now, against its 7-day average of −0.086%): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.062% in total) that is about 6.8 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid XRP | 1.5137 | 0.0394 | pay 0.0049% / 1h | 9m 57s | $296.4M | $252.5M | 20x |
| Short | Backpack XRP_USDC_PERP | 1.5133 | 0.0240 | get 0.0030% / 1h | 9m 57s | $2.0M | $1.4M | 25x |
Hyperliquid XRP
Backpack XRP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hyperliquid. 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
- −$32.39
- Price spread: −0.026% → −0.086%
- $5.99
- Slippage, 4 orders
- −$1.36
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$46.77
- Costs to cover
- 0.204%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 4 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 Hyperliquid live order book, 4 min ago | 0.33 bp | 4.8 bp −$5 | 5.7 bp −$57 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.33 bp | 5.3 bp −$5 | 6.7 bp −$67 | 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 | 1.5130 | −0.046% | $5K | $3K | 20x | as long as short |
| dYdX XRP-USD | 0.0000% | 1h | 1.5132 | −0.031% | $1.1M | $115K | 10x | as long as short |
| gTrade (Gains Network) XRP/USD | L +0.0003% / S −0.0004% | 1h | 1.5124 | −0.085% | $258K | — | 150x | as long as short |
| Deribit XRP_USDC-PERPETUAL | +0.0014% | 1h | 1.5132 | −0.033% | $7.7M | $25.6M | 50x | as long as short |
| Kraken Futures PF_XRPUSD | +0.0022% | 1h | 1.5127 | −0.063% | $14.4M | $74.6M | 50x | as long as short |
| Injective XRP/USDC PERP | +0.0033% | 1h | 1.5560 | +2.794% | $2K | $107K | 30x | as long as short |
| GMX XRP/USD [ETH-USDC] | L +0.0054% / S +0.0009% | 1h | 1.5122 | −0.097% | $793K | — | 200x | as long as short |
| Lighter XRP | +0.0096% | 1h | 1.5132 | −0.033% | $2.8M | $14.8M | 20x | as long as short |
| Lighter RH XRP | +0.0096% | 1h | 1.5132 | −0.033% | $495K | $3.3M | 20x | as long as short |
| Katana Perps XRP-USD | +0.0098% | 8h | 1.5127 | −0.066% | $10K | $351K | 20x | as long as short |
Hotstuff XRP-PERP
dYdX XRP-USD
gTrade (Gains Network) XRP/USD
Deribit XRP_USDC-PERPETUAL
Kraken Futures PF_XRPUSD
Injective XRP/USDC PERP
GMX XRP/USD [ETH-USDC]
Lighter XRP
Lighter RH XRP
Katana Perps XRP-USDShow all 51 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado XRP-PERP | +0.0100% | 1h | 1.5128 | −0.063% | $962K | $6.1M | 20x | as long as short |
| Aster XRPUSDT | +0.0100% | 8h | 1.5123 | −0.091% | $38.9M | $85.8M | 100x | as long as short |
| Pacifica XRP | +0.0100% | 1h | 1.5132 | −0.034% | $607K | $1.1M | 20x | as long as short |
| Binance XRPUSDT | +0.0100% | 8h | 1.5124 | −0.087% | $533.1M | $2.16B | 100x | as long as short |
| Bybit XRPUSDT | +0.0100% | 8h | 1.5126 | −0.073% | $343.8M | $945.7M | 100x | as long as short |
| OKX XRP-USDT-SWAP | +0.0100% | 8h | 1.5126 | −0.073% | $125.3M | $883.4M | 100x | as long as short |
| Ondo Perps XRP-USD.P | +0.0100% | 1h | 1.5148 | +0.073% | $563K | $27K | 5x | as long as short |
| Arcus XRP-USD | +0.0100% | 1h | 1.5134 | −0.020% | $137K | $721K | 20x | as long as short |
| Bulk XRP-USD | +0.0100% | 1h | 1.5138 | +0.009% | $1.6M | $29K | 20x | as long as short |
| Gate XRP_USDT | +0.0100% | 8h | 1.5124 | −0.086% | $371.3M | $157.1M | 100x | as long as short |
| MEXC XRP_USDT | +0.0100% | 8h | 1.5128 | −0.059% | $297.1M | $908.2M | 300x | as long as short |
| KuCoin XRPUSDTM | +0.0100% | 8h | 1.5128 | −0.063% | $109.0M | $178.2M | 75x | as long as short |
| Bitget XRPUSDT | +0.0100% | 8h | 1.5129 | −0.053% | $268.7M | $390.7M | 125x | as long as short |
| BingX XRP-USDT | +0.0100% | 8h | 1.5128 | −0.059% | — | $127.9M | — | as long as short |
| Variational Omni XRP | +0.0100% | 8h | 1.5130 | −0.048% | $4.8M | $38.3M | — | as long as short |
| edgeX XRPUSDC | +0.0100% | 4h | 1.5144 | +0.046% | $658K | $110.7M | 30x | as long as short |
| GRVT XRP_USDT_Perp | +0.0100% | 8h | 1.5137 | +0.002% | $1.1M | $36.8M | 20x | as long as short |
| ApeX Omni XRPUSDT | +0.0100% | 1h | 1.5150 | +0.086% | $1.2M | $1.1M | 50x | as long as short |
| Vest XRP-PERP | +0.0100% | 1h | 1.5127 | −0.065% | — | $11K | 10x | as long as short |
| Polymarket Perps XRP-USD | +0.0100% | 1h | 1.5126 | −0.073% | $45K | $479K | 20x | as long as short |
| Bullet XRP-USD | +0.0100% | 1h | 1.5122 | −0.100% | $41K | $69K | 20x | as long as short |
| Orderly PERP_XRP_USDC | +0.0100% | 8h | 1.5124 | −0.086% | $62K | $934K | 50x | as long as short |
| Derive XRP-PERP | +0.0100% | 1h | 1.5125 | −0.077% | $814K | $72K | 10x | as long as short |
| SunX XRP-USDT | +0.0100% | 8h | 1.5130 | −0.044% | $126K | $1.8M | 30x | as long as short |
| SoDEX XRP-USD | +0.0100% | 1h | 1.5128 | −0.059% | $30K | $1.7M | 10x | as long as short |
| HTX XRP-USDT | +0.0100% | 8h | 1.5126 | −0.075% | $49.4M | $15.7M | 75x | as long as short |
| Phemex XRPUSDT | +0.0100% | 8h | 1.5129 | −0.053% | $53.8M | $31.3M | 50x | as long as short |
| Paradex XRP-USD-PERP | +0.0100% | 8h | 1.5130 | −0.045% | $472K | $55K | 50x | as long as short |
| Extended XRP-USD | +0.0104% | 1h | 1.5123 | −0.090% | $2.0M | $6.8M | 50x | as long as short |
| Aevo XRP-PERP | +0.0104% | 1h | 1.5126 | −0.075% | $58K | $25K | 3x | as long as short |
| 01 Exchange XRPUSD | +0.0168% | 1h | 1.5134 | −0.020% | $8K | $8K | 10x | as long as short |
| Coinbase International XRP-PERP-INTX | +0.0184% | 1h | 1.5135 | −0.013% | $5.7M | $48.1M | 50x | as long as short |
| Kalshi KXXRPPERP | +0.0197% | 8h | 1.5139 | +0.013% | $1.9M | $35.3M | 2.9x | as long as short |
| Reya XRPRUSDPERP | +0.0217% | 1h | 1.5123 | −0.093% | $1.3M | $7K | 15x | as long as short |
| BloFin XRP-USDT | +0.0220% | 8h | 1.5132 | −0.033% | $24.3M | $75.6M | 125x | as long as short |
| Backpack XRP_USDC_PERPshort | +0.0240% | 1h | 1.5133 | −0.026% | $2.0M | $1.4M | 25x | |
| Hibachi XRP/USDT-P | +0.0288% | 1h | 1.5137 | −0.001% | $17K | $82K | 7x | as long as short |
| RISEx XRP/USDC | +0.0358% | 1h | 1.5131 | −0.039% | $515K | $775K | 10x | as long as short |
| Hyperliquid XRPlong | +0.0394% | 1h | 1.5137 | long leg | $296.4M | $252.5M | 20x | |
| Phoenix XRP | +0.0528% | 1h | 1.5140 | +0.020% | $67K | $110K | 15x | as long as short |
| Aftermath Perps XRPUSD | +0.0656% | 1h | 1.5149 | +0.076% | $2K | $15K | 10x | as long as short |
Nado XRP-PERP
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-USDT
Variational Omni XRP
edgeX XRPUSDC
GRVT XRP_USDT_Perp
ApeX Omni XRPUSDT
Vest XRP-PERP
Polymarket Perps XRP-USD
Bullet XRP-USD
Orderly PERP_XRP_USDC
Derive XRP-PERP
SunX XRP-USDT
SoDEX XRP-USD
HTX XRP-USDT
Phemex XRPUSDT
Paradex XRP-USD-PERP
Extended XRP-USD
Aevo XRP-PERP
01 Exchange XRPUSD
Coinbase International XRP-PERP-INTX
Kalshi KXXRPPERP
Reya XRPRUSDPERP
BloFin XRP-USDT
Hibachi XRP/USDT-P
RISEx XRP/USDC
Phoenix XRP
Aftermath Perps XRPUSD