Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.034%

Price spread now: Variational Omni against Hibachi+0.114%7-day average — · you sell dearer than you buy

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.114% dearer against Hibachi than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi XRP/USDT-P	1.5415	0.0256	pay 0.0032% / 1h	27m 07s	$18K	$82K	7x
Short	Variational Omni XRP	1.5433	0.0100	get 0.0100% / 8h	27m 07s	$11.5M	$30.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hibachi. 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 HibachibpFee Variational OmnibpOrdersPrice spread, now +0.114%Rate

Funding earned: −$32.76
Price spread: +0.114% → 0.000%: $11.38
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$30.38
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hibachi: 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 Hibachi no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.05 bp	doesn't fit	2.7 bp −$27	20.3 bp −$2,029	doesn't fit

Hibachi: 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
Hotstuff XRP-PERP	−0.0080%	1h	1.5413	−0.014%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5403	−0.079%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5420	+0.031%	$69K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5406	−0.060%	$267K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0098%	1h	1.5405	−0.067%	$833K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5410	−0.034%	$9.5M	$25.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5406	−0.059%	$15.1M	$69.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0058%	8h	1.5409	−0.040%	$76K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+0.939%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5415	0.000%	$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	−0.014%	$439K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5395	−0.128%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5407	−0.053%	$39.2M	$81.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5404	−0.074%	$634K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5412	−0.019%	$548.8M	$2.03B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5408	−0.047%	$343.1M	$923.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5408	−0.047%	$125.7M	$882.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5382	−0.215%	$574K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5409	−0.040%	$116K	$757K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5410	−0.034%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5407	−0.053%	$362.1M	$147.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5408	−0.047%	$296.8M	$882.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5412	−0.020%	$111.8M	$164.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5405	−0.066%	$268.9M	$373.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5405	−0.066%	—	$121.2M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5433	+0.114%	$11.5M	$30.6M	—
edgeX XRPUSDC	+0.0100%	4h	1.5405	−0.067%	$669K	$104.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5414	−0.006%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5406	−0.060%	$1.0M	$900K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5405	−0.066%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5406	−0.060%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5404	−0.069%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5411	−0.025%	$830K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5410	−0.032%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5408	−0.047%	$32K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5400	−0.097%	$50.5M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5412	−0.021%	$54.8M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5407	−0.055%	$480K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5407	−0.053%	$11K	$268K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5405	−0.068%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5408	−0.045%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5409	−0.040%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5402	−0.087%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5416	+0.005%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5417	+0.012%	$5.8M	$47.3M	50x	as long as short
Hibachi XRP/USDT-Plong	+0.0256%	1h	1.5415	long leg	$18K	$82K	7x
Backpack XRP_USDC_PERP	+0.0267%	1h	1.5414	−0.008%	$1.7M	$1.0M	25x	as long as short
Kalshi KXXRPPERP	+0.0305%	8h	1.5414	−0.008%	$2.0M	$34.3M	2.9x	as long as short
Hyperliquid XRP	+0.0587%	1h	1.5423	+0.051%	$293.3M	$212.2M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5415	−0.001%	$501K	$634K	10x	as long as short
Aftermath Perps XRPUSD	+0.0788%	1h	1.5435	+0.126%	$1K	$11K	10x	as long as short