Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Reya−0.111%7-day average +0.022% · you buy dearer than you sell

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.106%−$11 on $10k

Price spread, last 7 days+0.119%+$12 · spread now −0.111%, 7d avg +0.022%

Together, before fees+0.013%+ Points / potential airdropReya: Active · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.133% cheaper against Reya than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XRPRUSDPERP	1.5502	0.0211	pay 0.0026% / 1h	29m 33s	$1.4M	$9K	15x
Short	Variational Omni XRP	1.5485	0.0100	get 0.0100% / 8h	1h 29m	$11.7M	$30.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.111%Rate

Funding earned: −$23.39
Price spread: −0.111% → +0.022%: −$13.28
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$42.67
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 5 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	2.03 bp	doesn't fit	7.9 bp −$79	29.6 bp −$2,962	doesn't fit

Reya: 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	1.5461	−0.263%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5494	−0.052%	$1.1M	$104K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5466	−0.230%	$9.5M	$25.3M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5505	+0.021%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−1.366%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0042%	1h	1.5467	−0.226%	$15.4M	$68.5M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0053%	8h	1.5465	−0.237%	$77K	$942K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0082% / S +0.0125%	1h	1.5468	−0.217%	$911K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5497	−0.031%	$3.0M	$12.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5501	−0.005%	$439K	$3.2M	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	1.5502	+0.004%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5504	+0.015%	$39.2M	$78.0M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5504	+0.014%	$638K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5501	−0.004%	$557.7M	$1.96B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5498	−0.024%	$346.6M	$890.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5500	−0.011%	$126.9M	$875.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5515	+0.086%	$577K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5506	+0.028%	$118K	$739K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5503	+0.008%	$373.5M	$139.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5506	+0.028%	$289.4M	$846.5M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5501	−0.007%	$113.2M	$158.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5503	+0.008%	$270.2M	$361.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5497	−0.030%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5485	−0.111%	$11.7M	$30.1M	—
edgeX XRPUSDC	+0.0100%	4h	1.5531	+0.190%	$674K	$101.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5464	−0.246%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5529	+0.176%	$1.0M	$882K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5494	−0.050%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5512	+0.066%	$45K	$445K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5506	+0.029%	$42K	$65K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5470	−0.202%	$833K	$79K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5472	−0.190%	$130K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5466	−0.230%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5453	−0.317%	$50.8M	$15.3M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5468	−0.218%	$55.1M	$29.1M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5477	−0.162%	$1.7M	$578K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5492	−0.062%	$483K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5505	+0.021%	$11K	$255K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5503	+0.006%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5467	−0.227%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0176%	1h	1.5510	+0.053%	$8K	$8K	10x	as long as short
Hibachi XRP/USDT-P	+0.0176%	1h	1.5475	−0.170%	$18K	$81K	7x	as long as short
Reya XRPRUSDPERPlong	+0.0211%	1h	1.5502	long leg	$1.4M	$9K	15x
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5472	−0.192%	$5.8M	$46.7M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5470	−0.205%	$24.6M	$73.1M	125x	as long as short
Backpack XRP_USDC_PERP	+0.0245%	1h	1.5474	−0.179%	$1.8M	$995K	25x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5473	−0.185%	$1.9M	$32.7M	2.9x	as long as short
Phoenix XRP	+0.0516%	1h	1.5480	−0.140%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5515	+0.083%	$508K	$629K	10x	as long as short
Hyperliquid XRP	+0.0598%	1h	1.5518	+0.105%	$290.4M	$202.4M	20x	as long as short
Aftermath Perps XRPUSD	+0.0731%	1h	1.5535	+0.212%	$1K	$11K	10x	as long as short