Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: Variational Omni against Injective−2.621%7-day average +0.230% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.014%+$1 on $10k

Price spread, last 3 days (all we have)+3.109%+$311 · spread now −2.621%, 7d avg +0.230%

Together, before fees+3.123%+ Points / potential airdropVariational Omni: Active · farm board+$312 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 2.851% cheaper against Injective than usual: you would sell low and buy high (spread −2.621% now, against its 7-day average of +0.230%). If the spread goes back, that is −$285 on $10k: about 5 months of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.014% in total) that is about 24 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XRP/USDC PERP	1.5560	0.0033	pay 0.0004% / 1h	27m 16s	$2K	$107K	30x
Short	Variational Omni XRP	1.5152	0.0100	get 0.0100% / 8h	6h 27m	$6.2M	$35.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −2.621%Rate

Funding earned: $14
Price spread: −2.621% → +0.230%: −$285.06
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$271.08
Costs to cover: 0.000%
Break-even: 142.5 days

Slippage unknown: Injective: live order book, 41 min ago; 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 Injective live order book, 41 min ago	22.76 bp	22.8 bp −$23	35.7 bp −$357	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.05 bp	doesn't fit	7.4 bp −$74	25.3 bp −$2,535	doesn't fit

XRP on 50 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	1.5184	−2.416%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5177	−2.459%	$1.1M	$120K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5160	−2.571%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5184	−2.416%	$254K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0020% / S +0.0060%	1h	1.5184	−2.419%	$804K	—	200x	as long as short
Injective XRP/USDC PERPlong	+0.0033%	1h	1.5560	long leg	$2K	$107K	30x
Kraken Futures PF_XRPUSD	+0.0040%	1h	1.5184	−2.419%	$14.6M	$72.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0072%	8h	1.5189	−2.384%	$62K	$953K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5185	−2.410%	$2.8M	$14.2M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5184	−2.416%	$517K	$3.3M	20x	as long as short

Show all 50 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5173	−2.487%	$11K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5188	−2.389%	$890K	$5.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5192	−2.368%	$38.7M	$84.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5189	−2.385%	$610K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5179	−2.449%	$538.4M	$2.10B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5183	−2.423%	$342.3M	$940.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5185	−2.410%	$124.6M	$873.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5174	−2.481%	$564K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5186	−2.404%	$115K	$700K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5101	−2.950%	$1.6M	$307K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5189	−2.384%	$369.6M	$152.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5190	−2.378%	$291.1M	$911.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5189	−2.384%	$107.3M	$171.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5189	−2.384%	$266.3M	$383.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5182	−2.429%	—	$4.1M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5152	−2.621%	$6.2M	$35.7M	—
edgeX XRPUSDC	+0.0100%	4h	1.5164	−2.545%	$658K	$108.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5164	−2.545%	$1.1M	$38.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5179	−2.449%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5187	−2.394%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5191	−2.371%	$44K	$446K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5189	−2.384%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5191	−2.373%	$817K	$76K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5187	−2.397%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5184	−2.416%	$30K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5186	−2.406%	$49.8M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5178	−2.455%	$54.0M	$29.8M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5188	−2.392%	$474K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5186	−2.406%	$2.1M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5185	−2.408%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0128%	1h	1.5190	−2.378%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0211%	1h	1.5190	−2.378%	$7.7M	$25.3M	50x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5188	−2.390%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5193	−2.359%	$5.7M	$46.8M	50x	as long as short
Hyperliquid XRP	+0.0222%	1h	1.5199	−2.320%	$281.3M	$223.2M	20x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5174	−2.479%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0355%	8h	1.5191	−2.371%	$2.1M	$35.8M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0362%	1h	1.5193	−2.359%	$1.9M	$1.3M	25x	as long as short
RISEx XRP/USDC	+0.0456%	1h	1.5192	−2.366%	$538K	$783K	10x	as long as short
Aftermath Perps XRPUSD	+0.0757%	1h	1.5159	−2.578%	$2K	$14K	10x	as long as short