Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Variational Omni against Hotstuff−0.472%7-day average — · you buy dearer than you sell

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

Long on Hotstuff 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 airdropHotstuff: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.472% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.472% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$47 on $10k: about 8.7 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff XRP-PERP	1.5604	−0.0080	get 0.0010% / 1h	56m 14s	$7K	$2K	20x
Short	Variational Omni XRP	1.5530	0.0100	get 0.0100% / 8h	56m 14s	$11.6M	$30.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hotstuff. 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 HotstuffbpFee Variational OmnibpOrdersPrice spread, now −0.472%Rate

Funding earned: $37.8
Price spread: −0.472% → 0.000%: −$47.17
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$14.37
Costs to cover: 0.050%
Break-even: 9.7 days

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 3 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	2.03 bp	doesn't fit	5.5 bp −$55	21.8 bp −$2,182	doesn't fit

Hotstuff: 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-PERPlong	−0.0080%	1h	1.5604	long leg	$7K	$2K	20x
dYdX XRP-USD	0.0000%	1h	1.5606	+0.012%	$1.1M	$113K	10x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0003% / S +0.0109%	1h	1.5621	+0.111%	$859K	—	200x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5623	+0.124%	$261K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0006%	1h	1.5635	+0.199%	$9.6M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5636	+0.203%	$15.7M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0055%	8h	1.5628	+0.154%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.282%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5634	+0.189%	$3.0M	$12.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5638	+0.218%	$446K	$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	1.5614	+0.067%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5632	+0.180%	$39.7M	$79.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5613	+0.058%	$643K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5636	+0.203%	$562.1M	$2.00B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5637	+0.211%	$349.1M	$908.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5636	+0.205%	$128.0M	$890.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5593	−0.070%	$580K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5614	+0.064%	$119K	$748K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5624	+0.128%	$374.6M	$142.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5637	+0.211%	$307.8M	$856.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5625	+0.137%	$114.1M	$161.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5637	+0.211%	$273.5M	$368.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5640	+0.231%	—	$120.0M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5530	−0.472%	$11.6M	$30.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5558	−0.296%	$679K	$102.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5558	−0.293%	$1.1M	$41.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5549	−0.352%	$1.0M	$884K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5606	+0.013%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5626	+0.141%	$46K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5623	+0.121%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5630	+0.165%	$841K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5637	+0.212%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5632	+0.179%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5631	+0.173%	$51.3M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5631	+0.173%	$55.6M	$29.2M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5562	−0.272%	$1.7M	$573K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5610	+0.040%	$487K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5617	+0.083%	$11K	$261K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5627	+0.145%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5632	+0.179%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5618	+0.090%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5624	+0.131%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5596	−0.051%	$24.5M	$74.3M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5642	+0.244%	$6.0M	$48.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5591	−0.084%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5621	+0.109%	$2.0M	$33.4M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0390%	1h	1.5647	+0.276%	$1.7M	$1.0M	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5530	−0.474%	$69K	$89K	15x	as long as short
Hyperliquid XRP	+0.0592%	1h	1.5640	+0.231%	$295.8M	$208.0M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5623	+0.119%	$509K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0771%	1h	1.5569	−0.223%	$1K	$11K	10x	as long as short