Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Variational Omni+0.251%7-day average −0.009% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days−0.235%−$23 · spread now +0.251%, 7d avg −0.009%

Together, before fees−0.230%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board−$23 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 RH is 0.260% dearer against Variational Omni than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5346	0.0100	pay 0.0100% / 8h	7h 56m	$6.4M	$35.5M	—
Short	Lighter RH XRP	1.5385	0.0096	get 0.0012% / 1h	56m 37s	$514K	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.251%Rate

Funding earned: −$0.84
Price spread: +0.251% → −0.009%: $26.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $25.19
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter RH: live order book, 2 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, 3 min ago	2.02 bp	doesn't fit	6.7 bp −$67	22.9 bp −$2,292	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.63 bp	1.6 bp −$2	6.4 bp −$64	39.2 bp −$3,915	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	1.5390	+0.284%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5379	+0.215%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5350	+0.023%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5385	+0.253%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0008% / S +0.0089%	1h	1.5380	+0.217%	$842K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.392%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0061%	8h	1.5386	+0.258%	$75K	$910K	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5387	+0.266%	$2.9M	$13.6M	20x	as long as short
Lighter RH XRPshort	+0.0096%	1h	1.5385	+0.251%	$514K	$3.2M	20x
01 Exchange XRPUSD	+0.0096%	1h	1.5382	+0.232%	$8K	$8K	10x	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	1.5379	+0.212%	$12K	$271K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5370	+0.157%	$1.0M	$5.6M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5390	+0.282%	$39.0M	$83.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5386	+0.258%	$636K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5385	+0.251%	$541.5M	$2.07B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5380	+0.219%	$341.0M	$932.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5377	+0.199%	$125.7M	$886.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5339	−0.048%	$572K	$47K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5380	+0.219%	$116K	$707K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5337	−0.061%	$1.7M	$565K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5381	+0.225%	$375.0M	$147.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5381	+0.225%	$302.0M	$889.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5381	+0.229%	$110.0M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5378	+0.206%	$269.6M	$378.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5379	+0.212%	—	$3.7M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5346	long leg	$6.4M	$35.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5357	+0.069%	$667K	$106.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5369	+0.147%	$1.1M	$40.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5352	+0.036%	$1.0M	$902K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5362	+0.104%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5374	+0.180%	$48K	$458K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5379	+0.212%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5388	+0.269%	$828K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5392	+0.296%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5386	+0.258%	$30K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5386	+0.255%	$50.5M	$15.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5386	+0.258%	$54.8M	$29.7M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5377	+0.200%	$479K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5374	+0.177%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5390	+0.281%	$56K	$18K	3x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0205%	1h	1.5394	+0.310%	$9.3M	$25.7M	50x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5370	+0.151%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5390	+0.284%	$24.0M	$75.1M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5391	+0.290%	$5.8M	$47.1M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0243%	1h	1.5388	+0.270%	$14.9M	$70.2M	50x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5344	−0.015%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5384	+0.245%	$2.2M	$35.3M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0318%	1h	1.5401	+0.356%	$1.7M	$1.2M	25x	as long as short
Hyperliquid XRP	+0.0583%	1h	1.5404	+0.375%	$292.0M	$216.9M	20x	as long as short
Aftermath Perps XRPUSD	+0.0780%	1h	1.5354	+0.049%	$1K	$11K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5383	+0.241%	$513K	$753K	10x	as long as short