Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter−0.773%7-day average −0.001% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.752%+$75 · spread now −0.773%, 7d avg −0.001%

Together, before fees+0.749%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$75 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.772% cheaper against Lighter than usual: you would sell low and buy high, −$77 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XRP	1.5323	0.0096	pay 0.0012% / 1h	26m 32s	$3.0M	$11.4M	20x
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 Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.773%Rate

Funding earned: $0.84
Price spread: −0.773% → −0.001%: −$77.19
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$76.35
Costs to cover: 0.000%
Break-even: 643.2 days

Slippage unknown: Lighter: live order book, 7 min ago; 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 Lighter live order book, 7 min ago	1.31 bp	1.3 bp −$1	3.9 bp −$39	13.7 bp −$1,370	36.5 bp −$18.3K
Sell Variational Omni RFQ quote, 3 min ago	2.03 bp	doesn't fit	2.9 bp −$29	26.7 bp −$2,671	doesn't fit

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]	L −0.0210% / S +0.0297%	1h	1.5280	−0.281%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERP	−0.0080%	1h	1.5265	−0.380%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5316	−0.048%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5250	−0.478%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5281	−0.273%	$256K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5301	−0.145%	$9.2M	$24.0M	50x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−0.217%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5282	−0.269%	$178K	$788K	50x	as long as short
Lighter XRPlong	+0.0096%	1h	1.5323	long leg	$3.0M	$11.4M	20x
Lighter RH XRP	+0.0096%	1h	1.5320	−0.021%	$445K	$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	1.5305	−0.116%	$1.1M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5324	+0.005%	$38.9M	$71.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5322	−0.007%	$667K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5313	−0.067%	$547.7M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5314	−0.061%	$343.0M	$835.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5312	−0.074%	$123.6M	$831.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5297	−0.172%	$569K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5315	−0.054%	$114K	$647K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5201	−0.797%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5311	−0.080%	$364.7M	$130.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5322	−0.008%	$288.7M	$805.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5320	−0.019%	$113.6M	$147.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5312	−0.074%	$266.3M	$339.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5308	−0.100%	—	$113.1M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5205	−0.773%	$6.2M	$24.4M	—
edgeX XRPUSDC	+0.0100%	4h	1.5202	−0.792%	$661K	$95.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5221	−0.668%	$1.1M	$41.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5204	−0.778%	$1.0M	$848K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5304	−0.127%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5315	−0.054%	$49K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5320	−0.021%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5285	−0.247%	$823K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5259	−0.418%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5295	−0.185%	$28K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5275	−0.317%	$50.3M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5304	−0.126%	$54.7M	$28.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5302	−0.136%	$477K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5316	−0.048%	$11K	$235K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5308	−0.101%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5293	−0.201%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0136%	1h	1.5319	−0.028%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERP	+0.0143%	1h	1.5321	−0.015%	$1.7M	$919K	25x	as long as short
Kraken Futures PF_XRPUSD	+0.0170%	1h	1.5296	−0.175%	$15.3M	$63.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5302	−0.139%	$5.4M	$43.4M	50x	as long as short
Kalshi KXXRPPERP	+0.0208%	8h	1.5297	−0.172%	$1.7M	$31.5M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5311	−0.079%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5299	−0.158%	$23.9M	$66.7M	125x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5249	−0.485%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5320	−0.024%	$406K	$496K	10x	as long as short
Hyperliquid XRP	+0.0464%	1h	1.5331	+0.050%	$281.9M	$181.8M	20x	as long as short
Aftermath Perps XRPUSD	+0.0530%	1h	1.5253	−0.456%	$1K	$11K	10x	as long as short