Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Variational Omni−0.054%7-day average +0.003% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.054%, 7d avg +0.003%

Together, before fees+0.073%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$7 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: Lighter is 0.057% cheaper against Variational Omni than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5121	0.0100	pay 0.0100% / 8h	5h 39m	$5.6M	$36.3M	—
Short	Lighter XRP	1.5112	0.0096	get 0.0012% / 1h	39m 18s	$2.8M	$14.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$0.84
Price spread: −0.054% → +0.003%: −$5.7
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.54
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter: live order book, 9 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	2.6 bp −$26	21.6 bp −$2,163	doesn't fit
Sell Lighter live order book, 9 min ago	0.59 bp	1.1 bp −$1	4.8 bp −$48	15.6 bp −$1,562	38.4 bp −$19.2K

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	1.5122	+0.010%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5117	−0.024%	$1.1M	$110K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5109	−0.076%	$253K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0015%	1h	1.5112	−0.057%	$7.6M	$25.4M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0032% / S +0.0046%	1h	1.5108	−0.086%	$816K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.906%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0075%	8h	1.5110	−0.070%	$62K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0080%	1h	1.5113	−0.050%	$8K	$8K	10x	as long as short
Lighter XRPshort	+0.0096%	1h	1.5112	−0.054%	$2.8M	$14.4M	20x
Lighter RH XRP	+0.0096%	1h	1.5114	−0.043%	$508K	$3.3M	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	1.5107	−0.090%	$9K	$307K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5109	−0.073%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5126	+0.036%	$280.2M	$219.7M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5116	−0.029%	$38.4M	$83.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5115	−0.037%	$607K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5113	−0.050%	$535.7M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5112	−0.057%	$342.9M	$926.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5114	−0.043%	$125.3M	$863.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5116	−0.030%	$563K	$28K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5114	−0.043%	$114K	$708K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5136	+0.099%	$1.6M	$88K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5112	−0.057%	$368.5M	$151.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5113	−0.050%	$293.0M	$895.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5116	−0.030%	$106.4M	$170.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5108	−0.083%	$265.9M	$380.1M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5112	−0.057%	—	$126.0M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5121	long leg	$5.6M	$36.3M	—
edgeX XRPUSDC	+0.0100%	4h	1.5123	+0.014%	$657K	$109.0M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5153	+0.215%	$1.1M	$35.5M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5143	+0.148%	$1.2M	$1.0M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5120	−0.001%	—	$11K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5117	−0.023%	$41K	$449K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5112	−0.059%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5114	−0.046%	$813K	$75K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5115	−0.034%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5110	−0.070%	$29K	$1.7M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5110	−0.067%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5113	−0.050%	$53.8M	$30.0M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5112	−0.058%	$471K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5106	−0.095%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5109	−0.075%	$58K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0215%	1h	1.5115	−0.036%	$1.3M	$7K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5115	−0.037%	$5.6M	$46.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0219%	1h	1.5130	+0.062%	$1.9M	$1.3M	25x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5108	−0.083%	$24.2M	$74.4M	125x	as long as short
Kraken Futures PF_XRPUSD	+0.0274%	1h	1.5109	−0.078%	$14.5M	$73.1M	50x	as long as short
Hibachi XRP/USDT-P	+0.0280%	1h	1.5118	−0.015%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0353%	8h	1.5123	+0.016%	$2.2M	$35.0M	2.9x	as long as short
RISEx XRP/USDC	+0.0484%	1h	1.5116	−0.033%	$516K	$774K	10x	as long as short
Phoenix XRP	+0.0528%	1h	1.5140	+0.129%	$67K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0714%	1h	1.5124	+0.022%	$2K	$14K	10x	as long as short