Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0282%/8h= +30.8% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against Variational Omni+0.019%7-day average +0.047% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.103%+$10 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.019%, 7d avg +0.047%

Together, before fees+0.102%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.028% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.047%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.103% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5315	0.0100	pay 0.0100% / 8h	7h 19m	$6.3M	$35.5M	—
Short	Hyperliquid XRP	1.5318	0.0382	get 0.0048% / 1h	19m 50s	$288.7M	$214.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.019%Rate

Funding earned: $59.15
Price spread: +0.019% → +0.047%: −$2.77
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $47.38
Costs to cover: 0.090%
Break-even: 1.4 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Hyperliquid: live order book, 4 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, 4 min ago	2.05 bp	doesn't fit	7.3 bp −$73	26.5 bp −$2,646	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.32 bp	4.8 bp −$5	6.1 bp −$61	9.6 bp −$963	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	1.5310	−0.032%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5304	−0.069%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5320	+0.031%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0016% / S +0.0076%	1h	1.5319	+0.026%	$840K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.600%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0063%	8h	1.5329	+0.092%	$58K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5315	0.000%	$8K	$8K	10x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5328	+0.085%	$9.3M	$25.1M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5306	−0.061%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5309	−0.039%	$514K	$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
Katana Perps XRP-USD	+0.0100%	8h	1.5315	0.000%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5306	−0.062%	$477K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5315	+0.003%	$997K	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5314	−0.006%	$38.7M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5310	−0.031%	$619K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5305	−0.062%	$540.3M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5301	−0.091%	$341.4M	$919.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5302	−0.085%	$124.6M	$865.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5322	+0.046%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5318	+0.020%	$118K	$710K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	+0.127%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5303	−0.078%	$374.3M	$150.5M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5312	−0.019%	$308.8M	$908.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5311	−0.025%	$110.3M	$165.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5303	−0.078%	$267.9M	$375.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5303	−0.078%	—	$123.8M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5315	long leg	$6.3M	$35.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5358	+0.280%	$667K	$107.4M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5372	+0.372%	$1.1M	$38.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5371	+0.366%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5314	−0.004%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5322	+0.046%	$49K	$444K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5323	+0.052%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5331	+0.107%	$825K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5320	+0.032%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5326	+0.072%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5307	−0.051%	$50.2M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5326	+0.072%	$54.5M	$29.6M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5308	−0.045%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5323	+0.054%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5312	−0.017%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5324	+0.059%	$24.0M	$73.6M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5335	+0.131%	$5.8M	$46.5M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5325	+0.062%	$14.6M	$70.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0289%	1h	1.5327	+0.079%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0312%	8h	1.5320	+0.033%	$2.0M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5346	+0.204%	$17K	$81K	7x	as long as short
Hyperliquid XRPshort	+0.0382%	1h	1.5318	+0.019%	$288.7M	$214.7M	20x
Phoenix XRP	+0.0520%	1h	1.5350	+0.229%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0791%	1h	1.5334	+0.124%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5318	+0.020%	$542K	$773K	10x	as long as short