{"url":"https://etfiq.com/funds/xrpi/trading/","section":"funds","title":"XRPI Bid-Ask Spread, Liquidity and NAV Premium | ETFIQ","description":"XRPI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","as_of":"May 14, 2026","structured_data":[{"@type":"Dataset","@id":"https://etfiq.com/funds/xrpi/trading/#data","name":"XRPI trading costs and liquidity","description":"XRPI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/xrpi/trading/","dateModified":"2026-05-14","creator":{"@id":"https://etfiq.com/#org"},"license":"https://etfiq.com/license/","isAccessibleForFree":true,"creditText":"ETFIQ (etfiq.com)","variableMeasured":["30-day median bid-ask spread","Premium or discount to NAV","Capacity","Active authorized participants","IQ Liquidity Score","Cost to trade by order size"],"distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/trading-score.json"}],"publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who is the AP for XRPI?","acceptedAnswer":{"@type":"Answer","text":"XRPI\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 7 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (57.8%), Virtu Americas LLC (21.4%), Goldman Sachs & Co. LLC (15.7%) of the dollars its APs created and redeemed."}},{"@type":"Question","name":"Who is the LMM for XRPI?","acceptedAnswer":{"@type":"Answer","text":"XRPI\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026."}}]},{"@type":"InvestmentFund","@id":"https://etfiq.com/funds/xrpi#fund","name":"Volatility Shares Trust XRP ETF","alternateName":"XRPI","url":"https://etfiq.com/funds/xrpi","identifier":[{"@type":"PropertyValue","propertyID":"tickerSymbol","value":"XRPI"}],"mainEntityOfPage":{"@id":"https://etfiq.com/funds/xrpi#webpage"}},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"XRPI","item":"https://etfiq.com/funds/xrpi"},{"@type":"ListItem","position":3,"name":"Trading","item":"https://etfiq.com/funds/xrpi/trading/"}]},{"@type":"WebPage","name":"XRPI Bid-Ask Spread, Liquidity and NAV Premium","description":"XRPI trading costs and liquidity: spread, premium to NAV, capacity and dealers, from ETFIQ. Spread, premium to NAV, capacity and dealers, dated.","url":"https://etfiq.com/funds/xrpi/trading/","dateModified":"2026-05-14","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":3401,"truncated":false,"content":"ETFIQ / XRPI / Trading \n \n As of May 14, 2026. Rebuilt every trading night.\n XRPI bid-ask spread and liquidity\n IQ Liquidity Score\n Not scored, 1 of 6 measured.\n A fixed 0 to 100 scale of trading conditions, the same anchors for every fund; 100 is the easiest to trade. It measures how cheaply and reliably the fund can be bought and sold, not whether to own it. How the score is built \n Cost to trade Not measured: the issuer's 30-day median spread is not read for this fund Capacity Not measured: a spot crypto fund: no volume source here yet Price fidelity Not measured: no closing premium is held for this fund Primary market, 85.0 5 active dealers of 7; largest 58% of creations and redemptions, N-CEN to Feb 28, 2026 Bad-day behaviour Not measured: no daily closing premium is held for this fund Depth Not measured: needs trade and quote data (Phase 2) \n Capacity\n Not measured: a spot crypto fund: no volume source here yet.\n Dealers\n 5 active of 7 authorized participants; the largest did 58% of creations and redemptions, in the year to Feb 28, 2026 (Form N-CEN filed May 14, 2026).\n The active authorized participants, largest first, by share of the dollars created and redeemed: Jane Street Capital, LLC (57.8%), Virtu Americas LLC (21.4%), Goldman Sachs & Co. LLC (15.7%), Macquarie Capital (USA) Inc. (4.7%), ABN AMRO Clearing USA LLC (0.4%). 2 more were listed and created or redeemed nothing.\n How to trade XRPI\n When ETF spreads are usually widest in the first minutes after the open and the last minutes before the close. ETFIQ measures this fund\u2019s own day once it has trade data. Coming with trade data\n Spread through the day, buyers against sellers, an estimate of retail flow, large trades and the closing auction\u2019s share, each once ETFIQ has trade and quote data.\n Questions people ask\n Who is the AP for XRPI? XRPI\u2019s latest Form N-CEN, for the period ending Feb 28, 2026, lists 7 authorized participants (APs), and 5 created or redeemed shares. The largest were Jane Street Capital, LLC (57.8%), Virtu Americas LLC (21.4%), Goldman Sachs & Co. LLC (15.7%) of the dollars its APs created and redeemed. Who is the LMM for XRPI? XRPI\u2019s lead market maker (LMM) on Nasdaq is Jane Street Capital, LLC. Lead market maker per Nasdaq, as of Oct 23, 2026. Sources and dates\n Dealers: Form N-CEN, the year to Feb 28, 2026, accession 0001193125-26-223855.\n Where to next\n XRPI fund page ETF trading costs and liquidity Limit orders vs market orders for ETFs Why low volume does not mean illiquid How the IQ Liquidity Score is built Compare XRPI with another fund The score measures trading conditions, not the fund. ETFIQ is an independent publisher, not an adviser, and makes no recommendations. Standards and sources \n Cite this page. ETFIQ, XRPI trading: cost, capacity, premium and dealers, data as of May 14, 2026. https://etfiq.com/funds/xrpi/trading/ Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, XRPI trading: cost, capacity, premium and dealers, data as of May 14, 2026. https://etfiq.com/funds/xrpi/trading/ APA ETFIQ. (May 14, 2026). XRPI trading: cost, capacity, premium and dealers. Retrieved from https://etfiq.com/funds/xrpi/trading/ Markdown [XRPI trading: cost, capacity, premium and dealers (ETFIQ, May 14, 2026)](https://etfiq.com/funds/xrpi/trading/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, XRPI trading: cost, capacity, premium and dealers, data as of May 14, 2026. https://etfiq.com/funds/xrpi/trading/"}