Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0310%/8h= +34.0% APRpaid last 24h +0.094%

Price spread now: Variational Omni against GMX−0.494%7-day average −0.041% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.180%+$18 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.494%, 7d avg −0.041%

Together, before fees+0.132%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.453% cheaper against GMX than usual: you would sell low and buy high (spread −0.494% now, against its 7-day average of −0.041%). If the spread goes back, that is −$45 on $10k: about 4.9 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XRP/USD [ETH-USDC]	1.5280	L −0.0210% / S +0.0297%	get 0.0026% / 1h	26m 47s	$1.7M	—	200x
Short	Variational Omni XRP	1.5205	0.0100	get 0.0100% / 8h	2h 26m	$6.2M	$24.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.494%Rate

Funding earned: $65.17
Price spread: −0.494% → −0.041%: −$45.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $7.85
Costs to cover: 0.120%
Break-even: 6.2 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.03 bp	doesn't fit	2.9 bp −$29	26.7 bp −$2,671	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
GMX XRP/USD [ETH-USDC]long	L −0.0210% / S +0.0297%	1h	1.5280	long leg	$1.7M	—	200x
Hotstuff XRP-PERP	−0.0080%	1h	1.5265	−0.100%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5266	−0.090%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5250	−0.198%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5281	+0.007%	$256K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5301	+0.136%	$9.2M	$24.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.064%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5282	+0.011%	$178K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5307	+0.175%	$3.0M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5299	+0.122%	$444K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5269	−0.071%	$1.0M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5312	+0.208%	$38.9M	$71.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5275	−0.033%	$665K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5310	+0.194%	$547.6M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5313	+0.214%	$342.8M	$834.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5314	+0.221%	$123.6M	$831.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5228	−0.342%	$566K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5278	−0.015%	$114K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.518%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5306	+0.168%	$365.1M	$130.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5309	+0.188%	$289.6M	$804.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5309	+0.189%	$113.5M	$147.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5318	+0.247%	$266.7M	$338.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5308	+0.181%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5205	−0.494%	$6.2M	$24.4M	—
edgeX XRPUSDC	+0.0100%	4h	1.5202	−0.513%	$661K	$95.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.389%	$1.1M	$41.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5204	−0.499%	$1.0M	$848K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5281	+0.005%	$49K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5277	−0.022%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5285	+0.034%	$823K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5259	−0.137%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5295	+0.096%	$28K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5275	−0.037%	$50.3M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5304	+0.155%	$54.7M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5274	−0.038%	$476K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5269	−0.074%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5277	−0.022%	$11K	$235K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5308	+0.180%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5293	+0.080%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5278	−0.015%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0143%	1h	1.5321	+0.266%	$1.7M	$919K	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5296	+0.106%	$15.3M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5302	+0.142%	$5.4M	$43.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0208%	8h	1.5297	+0.109%	$1.7M	$31.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5276	−0.027%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5299	+0.122%	$23.9M	$66.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5249	−0.205%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5282	+0.011%	$405K	$496K	10x	as long as short
Hyperliquid XRP	+0.0462%	1h	1.5329	+0.319%	$281.7M	$181.7M	20x	as long as short
Aftermath Perps XRPUSD	+0.0538%	1h	1.5243	−0.242%	$1K	$11K	10x	as long as short