Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Variational Omni against Lighter RH+0.350%7-day average +0.009% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 7 days−0.367%−$37 · spread now +0.350%, 7d avg +0.009%

Together, before fees−0.372%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$37 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 0.341% dearer against Lighter RH than usual: you sell high and buy low, +$34 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XRP	1.5579	0.0096	pay 0.0012% / 1h	47m 27s	$444K	$3.1M	20x
Short	Variational Omni XRP	1.5634	0.0100	get 0.0100% / 8h	47m 27s	$11.7M	$30.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. 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 Lighter RHbpFee Variational OmnibpOrdersPrice spread, now +0.350%Rate

Funding earned: $0.84
Price spread: +0.350% → +0.009%: $34.12
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $34.96
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 1 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 Lighter RH live order book, 1 min ago	0.96 bp	1.0 bp −$1	5.9 bp −$59	38.5 bp −$3,850	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.02 bp	doesn't fit	7.5 bp −$75	21.0 bp −$2,100	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
Hotstuff XRP-PERP	−0.0080%	1h	1.5571	−0.051%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5574	−0.032%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5650	+0.456%	$70K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5576	−0.019%	$9.7M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5567	−0.078%	$260K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0106%	1h	1.5573	−0.036%	$856K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5575	−0.024%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5574	−0.032%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.122%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5576	−0.019%	$3.0M	$12.5M	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 XRPlong	+0.0096%	1h	1.5579	long leg	$444K	$3.1M	20x
Nado XRP-PERP	+0.0100%	1h	1.5571	−0.054%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5569	−0.066%	$39.5M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5579	−0.003%	$641K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5569	−0.062%	$557.5M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5566	−0.083%	$346.2M	$912.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5566	−0.083%	$127.1M	$889.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5568	−0.071%	$582K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5572	−0.045%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.347%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5567	−0.077%	$372.0M	$143.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5570	−0.058%	$300.9M	$866.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5565	−0.092%	$113.3M	$162.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5565	−0.090%	$272.2M	$369.6M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5568	−0.071%	—	$120.3M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5634	+0.350%	$11.7M	$30.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5593	+0.089%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	+0.167%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5640	+0.392%	$1.0M	$887K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5569	−0.065%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5570	−0.058%	$48K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5571	−0.052%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5576	−0.020%	$838K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5582	+0.017%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5574	−0.032%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5574	−0.035%	$51.1M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5575	−0.026%	$55.4M	$29.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5570	−0.060%	$485K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5574	−0.032%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5563	−0.102%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5576	−0.019%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5571	−0.051%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5562	−0.111%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5584	+0.032%	$24.4M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5583	+0.026%	$5.9M	$47.7M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5580	+0.009%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5599	+0.128%	$2.0M	$33.7M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0383%	1h	1.5583	+0.026%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0601%	1h	1.5586	+0.045%	$297.0M	$208.6M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5579	−0.003%	$508K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0831%	1h	1.5606	+0.173%	$1K	$11K	10x	as long as short