Diphosphoinositol phosphates (PP-InsPs) are inositol phosphates (InsPs) that contain PP (diphosphate) groups. Converting a phosphate group in an InsP into a diphosphate has been reported to enhance affinity for some binding proteins. We synthesised 1-PP-Ins(4,5)P<sub>2</sub>, the first diphosphate analogue of the intracellular signalling molecule InsP<sub>3</sub>, and examined its effects on InsP<sub>3</sub> receptors, which are intracellular Ca<sup>2+</sup> channels. 1-PP-Ins(4,5)P<sub>2</sub> was indistinguishable from InsP<sub>3</sub> in its ability to bind to and activate type 1 InsP<sub>3</sub> receptors, indicating that the diphosphate modification of InsP<sub>3</sub> affected neither affinity nor efficacy. Nevertheless, 1-PP-Ins(4,5)P<sub>2</sub> is the most potent 1-phosphate modified analogue of InsP<sub>3</sub> yet identified. PP-InsPs are generally hydrolysed by diphosphoinositol phosphate phosphohydrolases (DIPPs), but 1-PP-Ins(4,5)P<sub>2</sub> was not readily metabolised by human DIPPs. Differential scanning fluorimetry showed that 1-PP-Ins(4,5)P<sub>2</sub> stabilises DIPP proteins, but to a lesser extent than naturally occurring substrates 1-PP-InsP<sub>5</sub> and 5-PP-InsP<sub>5</sub>. The non-hydrolysable InsP<sub>7</sub> analogues 1-PCP-InsP<sub>5</sub> and 5-PCP-InsP<sub>5</sub> showed comparable stabilising abilities to their natural counterparts and may therefore be promising substrate analogues for co-crystallisation with DIPPs.