Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Variational Omni−0.449%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.449% cheaper against Variational Omni than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5263	0.0100	pay 0.0100% / 8h	2h 37m	$6.2M	$24.4M	—
Short	Hotstuff XRP-PERP	1.5194	−0.0080	pay 0.0010% / 1h	37m 06s	$7K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.449%Rate

Funding earned: −$37.8
Price spread: −0.449% → 0.000%: −$44.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$87.73
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hotstuff: no order-book sample. 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, 2 min ago	2.04 bp	doesn't fit	5.1 bp −$51	25.5 bp −$2,552	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
GMX XRP/USD [ETH-USDC]	L −0.0211% / S +0.0297%	1h	1.5263	+0.005%	$1.7M	—	200x	as long as short
Hotstuff XRP-PERPshort	−0.0080%	1h	1.5194	−0.449%	$7K	$2K	20x
dYdX XRP-USD	0.0000%	1h	1.5262	−0.002%	$1.1M	$99K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5270	+0.049%	$68K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5260	−0.017%	$9.2M	$24.1M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5264	+0.012%	$255K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	+0.180%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5254	−0.056%	$178K	$788K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5256	−0.046%	$2.9M	$11.3M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5257	−0.037%	$443K	$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
Aster XRPUSDT	+0.0100%	8h	1.5261	−0.010%	$38.8M	$71.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5265	+0.015%	$664K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5256	−0.043%	$545.6M	$1.84B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5261	−0.010%	$342.2M	$835.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5258	−0.030%	$123.0M	$828.0M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5181	−0.534%	$568K	$40K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5266	+0.022%	$115K	$646K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5260	−0.014%	$1.6M	$350K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5255	−0.050%	$355.9M	$129.6M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5257	−0.037%	$289.6M	$799.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5253	−0.062%	$112.3M	$146.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5256	−0.043%	$265.5M	$338.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5257	−0.037%	—	$113.0M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5263	long leg	$6.2M	$24.4M	—
edgeX XRPUSDC	+0.0100%	4h	1.5214	−0.316%	$662K	$95.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5246	−0.106%	$1.1M	$41.2M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5264	+0.009%	$1.0M	$842K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5265	+0.016%	$1.1M	$5.2M	20x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5252	−0.070%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5265	+0.016%	$50K	$474K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5263	+0.006%	$42K	$59K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5255	−0.052%	$822K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5269	+0.042%	$128K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5253	−0.063%	$29K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5246	−0.110%	$50.2M	$14.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5255	−0.050%	$54.6M	$28.3M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5270	+0.045%	$476K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5261	−0.010%	$12K	$244K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5253	−0.062%	$2.1M	$7.3M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5257	−0.036%	$71K	$40K	3x	as long as short
Backpack XRP_USDC_PERP	+0.0120%	1h	1.5268	+0.036%	$1.7M	$924K	25x	as long as short
01 Exchange XRPUSD	+0.0152%	1h	1.5267	+0.029%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0171%	1h	1.5252	−0.068%	$15.3M	$63.2M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5267	+0.029%	$5.4M	$43.3M	50x	as long as short
Reya XRPRUSDPERP	+0.0210%	1h	1.5263	+0.005%	$1.3M	$10K	15x	as long as short
Kalshi KXXRPPERP	+0.0220%	8h	1.5271	+0.055%	$1.7M	$31.7M	2.9x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5260	−0.017%	$23.8M	$66.4M	125x	as long as short
Hibachi XRP/USDT-P	+0.0256%	1h	1.5226	−0.238%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5269	+0.043%	$404K	$498K	10x	as long as short
Hyperliquid XRP	+0.0446%	1h	1.5273	+0.068%	$280.2M	$179.6M	20x	as long as short
Aftermath Perps XRPUSD	+0.0513%	1h	1.5245	−0.113%	$1K	$10K	10x	as long as short