Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.017%

Price spread now: Phoenix against Variational Omni+0.259%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

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 · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.259% dearer against Variational Omni than usual: you sell high and buy low (spread +0.259% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5290	0.0100	pay 0.0100% / 8h	5m 33s	$8.2M	$33.8M	—
Short	Phoenix XRP	1.5330	0	get 0.0000% / 1h	5m 33s	$68K	$90K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.259%Rate

Funding earned: −$21
Price spread: +0.259% → 0.000%: $25.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$2.12
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: 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, 4 min ago	2.02 bp	doesn't fit	8.9 bp −$89	27.1 bp −$2,707	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
Hotstuff XRP-PERP	−0.0080%	1h	1.5278	−0.081%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5261	−0.191%	$1.1M	$113K	10x	as long as short
Phoenix XRPshort	0.0000%	1h	1.5330	+0.259%	$68K	$90K	15x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5290	0.000%	$256K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0006% / S +0.0091%	1h	1.5291	+0.003%	$838K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0011%	1h	1.5304	+0.089%	$9.3M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5304	+0.086%	$14.9M	$69.8M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0060%	8h	1.5299	+0.056%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	+1.763%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5268	−0.145%	$2.8M	$13.7M	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	1.5268	−0.147%	$510K	$3.3M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5292	+0.013%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5273	−0.111%	$38.7M	$82.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5272	−0.120%	$628K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5289	−0.009%	$542.6M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5292	+0.010%	$337.9M	$929.7M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5292	+0.010%	$124.5M	$879.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5264	−0.173%	$570K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5290	−0.003%	$115K	$705K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5333	+0.279%	$1.7M	$570K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5274	−0.107%	$360.0M	$149.0M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5290	−0.003%	$294.3M	$897.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5290	−0.002%	$108.3M	$166.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5292	+0.010%	$267.0M	$377.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5285	−0.036%	—	$122.5M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5290	long leg	$8.2M	$33.8M	—
edgeX XRPUSDC	+0.0100%	4h	1.5317	+0.177%	$665K	$105.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5343	+0.344%	$1.1M	$40.3M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5301	+0.069%	$1.0M	$901K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5292	+0.010%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5292	+0.010%	$46K	$456K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5290	−0.005%	$41K	$69K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5303	+0.081%	$824K	$82K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5306	+0.102%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5301	+0.069%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5288	−0.013%	$50.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5308	+0.115%	$54.5M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5281	−0.061%	$476K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5284	−0.042%	$11K	$270K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5290	−0.006%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5298	+0.052%	$71K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5291	+0.004%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5292	+0.007%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5314	+0.154%	$24.1M	$74.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5309	+0.121%	$5.8M	$46.7M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0259%	1h	1.5313	+0.148%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0304%	1h	1.5294	+0.025%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0313%	8h	1.5306	+0.102%	$2.0M	$34.6M	2.9x	as long as short
Hyperliquid XRP	+0.0559%	1h	1.5308	+0.115%	$290.2M	$215.5M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5295	+0.028%	$528K	$744K	10x	as long as short
Aftermath Perps XRPUSD	+0.0790%	1h	1.5324	+0.220%	$1K	$11K	10x	as long as short