XRP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0167%/8h= +18.3% APRnext payment +$0.21 per $10,000 · paid last 24h +0.017%

Price spread now: Backpack against Polymarket Perps+0.052%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)−0.297%−$30 · spread now +0.052%, 7d avg +0.013%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.039% dearer against Polymarket Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XRP-USD	1.5406	0.0100	pay 0.0013% / 1h	26m 49s	$47K	$455K	20x
Short	Backpack XRP_USDC_PERP	1.5414	0.0267	get 0.0033% / 1h	26m 49s	$1.7M	$1.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.052%Rate

Funding earned: $35.11
Price spread: +0.052% → +0.013%: $3.86
Slippage, 4 orders: −$8.33
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $12.64
Costs to cover: 0.263%
Break-even: 4.5 days

Slippage from Polymarket Perps: live order book, 51 min ago; Backpack: live order book, 2 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 Polymarket Perps live order book, 51 min ago	2.25 bp	7.5 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.32 bp	5.4 bp −$5	7.8 bp −$78	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	1.5413	+0.045%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5403	−0.019%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5420	+0.091%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5406	0.000%	$267K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0098%	1h	1.5405	−0.008%	$833K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5410	+0.026%	$9.5M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5406	+0.001%	$15.1M	$69.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0058%	8h	1.5409	+0.019%	$76K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.000%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5415	+0.060%	$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	1.5413	+0.045%	$439K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5395	−0.068%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5406	+0.001%	$39.2M	$81.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5404	−0.014%	$634K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5401	−0.030%	$548.5M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5399	−0.045%	$342.9M	$922.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5400	−0.039%	$125.6M	$881.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5382	−0.156%	$574K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5409	+0.019%	$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	1.5402	−0.026%	$362.0M	$147.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5403	−0.019%	$297.7M	$882.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5407	+0.006%	$111.9M	$164.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5399	−0.045%	$268.8M	$373.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5400	−0.039%	—	$121.2M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5433	+0.173%	$11.5M	$30.6M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5405	−0.008%	$669K	$104.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5414	+0.054%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	0.000%	$1.0M	$900K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5405	−0.006%	—	$10K	10x	as long as short
Polymarket Perps XRP-USDlong	+0.0100%	1h	1.5406	long leg	$47K	$455K	20x
Bullet XRP-USD	+0.0100%	1h	1.5404	−0.010%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5411	+0.035%	$830K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5410	+0.028%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5408	+0.013%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5400	−0.037%	$50.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5412	+0.039%	$54.8M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5407	+0.005%	$480K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5407	+0.006%	$11K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5399	−0.047%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5408	+0.014%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5409	+0.019%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5402	−0.027%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5416	+0.065%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5417	+0.071%	$5.8M	$47.3M	50x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5415	+0.060%	$18K	$82K	7x	as long as short
Backpack XRP_USDC_PERPshort	+0.0267%	1h	1.5414	+0.052%	$1.7M	$1.0M	25x
Kalshi KXXRPPERP	+0.0305%	8h	1.5414	+0.052%	$2.0M	$34.3M	2.9x	as long as short
Hyperliquid XRP	+0.0587%	1h	1.5417	+0.071%	$293.2M	$212.3M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5415	+0.059%	$501K	$634K	10x	as long as short
Aftermath Perps XRPUSD	+0.0788%	1h	1.5435	+0.186%	$1K	$11K	10x	as long as short