Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.025%

Price spread now: Backpack against Variational Omni+0.173%7-day average −0.063% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.032%+$3 on $10k

Price spread, last 7 days−0.208%−$21 · spread now +0.173%, 7d avg −0.063%

Together, before fees−0.176%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.236% dearer against Variational Omni than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5110	0.0100	pay 0.0100% / 8h	4h 04m	$5.2M	$37.7M	—
Short	Backpack XRP_USDC_PERP	1.5136	0.0185	get 0.0023% / 1h	4m 04s	$2.0M	$1.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.173%Rate

Funding earned: $17.91
Price spread: +0.173% → −0.063%: $23.56
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $31.47
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Backpack: live order book, 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 Variational Omni RFQ quote, 5 min ago	2.05 bp	doesn't fit	6.6 bp −$66	13.9 bp −$1,387	doesn't fit
Sell Backpack live order book, 5 min ago	0.33 bp	5.3 bp −$5	6.7 bp −$67	doesn't fit	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	1.5112	+0.014%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0071%	1h	1.5129	+0.129%	$14.3M	$73.8M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5109	−0.002%	$1.1M	$111K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5120	+0.067%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5119	+0.060%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0015%	1h	1.5125	+0.100%	$7.7M	$25.5M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.979%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0046% / S +0.0020%	1h	1.5121	+0.075%	$788K	—	200x	as long as short
Orderly PERP_XRP_USDC	+0.0093%	8h	1.5123	+0.087%	$62K	$934K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5132	+0.144%	$2.8M	$14.6M	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 XRP	+0.0096%	1h	1.5133	+0.153%	$498K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0098%	8h	1.5111	+0.008%	$10K	$330K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5111	+0.011%	$1.1M	$6.0M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5135	+0.166%	$280.2M	$227.9M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5124	+0.094%	$38.2M	$83.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5113	+0.018%	$606K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5129	+0.129%	$532.6M	$2.12B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5129	+0.127%	$345.4M	$937.1M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5127	+0.113%	$126.8M	$874.2M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5096	−0.092%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5118	+0.054%	$110K	$712K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5114	+0.027%	$1.6M	$49K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5126	+0.107%	$368.8M	$154.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5128	+0.120%	$293.9M	$903.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5130	+0.136%	$107.8M	$175.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5126	+0.107%	$267.7M	$385.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5128	+0.120%	—	$127.5M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5110	long leg	$5.2M	$37.7M	—
edgeX XRPUSDC	+0.0100%	4h	1.5121	+0.076%	$657K	$108.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5115	+0.036%	$1.1M	$36.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5124	+0.094%	$1.2M	$1.1M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5119	+0.057%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5126	+0.107%	$44K	$454K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5124	+0.094%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5123	+0.090%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5121	+0.076%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5125	+0.100%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5122	+0.079%	$49.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5129	+0.127%	$53.7M	$31.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5110	+0.001%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5118	+0.055%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5120	+0.068%	$58K	$25K	3x	as long as short
01 Exchange XRPUSD	+0.0112%	1h	1.5118	+0.054%	$8K	$8K	10x	as long as short
Backpack XRP_USDC_PERPshort	+0.0185%	1h	1.5136	+0.173%	$2.0M	$1.4M	25x
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5129	+0.127%	$5.6M	$47.0M	50x	as long as short
Hibachi XRP/USDT-P	+0.0216%	1h	1.5110	+0.001%	$17K	$82K	7x	as long as short
Reya XRPRUSDPERP	+0.0216%	1h	1.5121	+0.073%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5108	−0.012%	$24.1M	$75.9M	125x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5122	+0.080%	$2.1M	$34.8M	2.9x	as long as short
RISEx XRP/USDC	+0.0352%	1h	1.5121	+0.072%	$515K	$773K	10x	as long as short
Aftermath Perps XRPUSD	+0.0686%	1h	1.5129	+0.125%	$2K	$15K	10x	as long as short