Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Ondo Perps+0.092%7-day average +0.061% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.240%+$24 · spread now +0.092%, 7d avg +0.061%

Together, before fees+0.256%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$26 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 0.031% dearer against Ondo Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5593	0.0100	pay 0.0013% / 1h	51m 54s	$580K	$42K	5x
Short	Variational Omni XRP	1.5607	0.0100	get 0.0100% / 8h	51m 54s	$11.7M	$30.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.092%Rate

Funding earned: $0
Price spread: +0.092% → +0.061%: $3.09
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.91
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	2.01 bp	doesn't fit	4.1 bp −$41	21.0 bp −$2,103	doesn't fit

Ondo Perps: 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	1.5671	+0.500%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5663	+0.452%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5600	+0.045%	$69K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5666	+0.468%	$9.7M	$25.5M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5657	+0.408%	$262K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0004% / S +0.0108%	1h	1.5664	+0.456%	$861K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5664	+0.454%	$15.7M	$68.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5660	+0.430%	$77K	$909K	50x	as long as short
ApeX Omni XRPUSDT	+0.0081%	1h	1.5590	−0.019%	$1.0M	$886K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.212%	$2K	$107K	30x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XRP	+0.0096%	1h	1.5665	+0.462%	$3.0M	$12.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5668	+0.481%	$446K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5672	+0.510%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5664	+0.455%	$39.8M	$79.8M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5663	+0.449%	$645K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5653	+0.385%	$561.5M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5655	+0.398%	$349.9M	$912.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5662	+0.443%	$128.2M	$894.1M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5593	long leg	$580K	$42K	5x
Arcus XRP-USD	+0.0100%	1h	1.5668	+0.481%	$119K	$748K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5661	+0.436%	$374.8M	$142.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5659	+0.423%	$305.3M	$861.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5664	+0.457%	$114.2M	$162.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5660	+0.430%	$273.6M	$369.3M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5662	+0.443%	—	$120.1M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5607	+0.092%	$11.7M	$30.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5645	+0.335%	$679K	$102.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5674	+0.521%	$1.1M	$41.0M	20x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5669	+0.487%	$45K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5670	+0.494%	$42K	$66K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5664	+0.453%	$843K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5669	+0.488%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5664	+0.455%	$31K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5655	+0.399%	$51.4M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5664	+0.455%	$55.7M	$29.3M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5562	−0.202%	$1.7M	$573K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5662	+0.441%	$488K	$54K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5665	+0.465%	—	$10K	10x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5663	+0.449%	$12K	$264K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5657	+0.408%	$2.2M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5669	+0.489%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5670	+0.494%	$9K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5668	+0.479%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5690	+0.622%	$24.6M	$75.0M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5673	+0.513%	$5.9M	$48.2M	50x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5659	+0.426%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0319%	8h	1.5677	+0.539%	$2.0M	$33.6M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0406%	1h	1.5667	+0.475%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0601%	1h	1.5677	+0.541%	$297.5M	$207.0M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5677	+0.539%	$511K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0767%	1h	1.5630	+0.235%	$1K	$11K	10x	as long as short