Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0093%/8h= −10.1% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Backpack−0.131%7-day average +0.091% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 7 days+0.755%+$75 · spread now −0.131%, 7d avg +0.091%

Together, before fees+0.732%+ Points / potential airdropVariational Omni: Active · farm board+$73 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.222% cheaper against Backpack than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.091%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XRP_USDC_PERP	1.5450	0.0193	pay 0.0024% / 1h	12m 02s	$1.8M	$953K	25x
Short	Variational Omni XRP	1.5430	0.0100	get 0.0100% / 8h	2h 12m	$6.7M	$24.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.131%Rate

Funding earned: −$19.46
Price spread: −0.131% → +0.091%: −$22.16
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$51.62
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Variational Omni: RFQ quote, 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 Backpack live order book, 2 min ago	0.32 bp	5.3 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.03 bp	doesn't fit	6.0 bp −$60	29.3 bp −$2,928	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	1.5437	−0.084%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5450	−0.003%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5470	+0.129%	$69K	$89K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5442	−0.052%	$9.4M	$24.6M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5434	−0.106%	$258K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−1.036%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0047%	8h	1.5438	−0.078%	$80K	$933K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0075% / S +0.0173%	1h	1.5433	−0.112%	$909K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5440	−0.064%	$3.0M	$11.5M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5441	−0.058%	$446K	$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
Nado XRP-PERP	+0.0100%	1h	1.5448	−0.016%	$1.1M	$5.3M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5438	−0.076%	$39.4M	$73.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5449	−0.008%	$671K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5440	−0.065%	$555.5M	$1.87B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5441	−0.058%	$348.0M	$850.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5439	−0.071%	$126.1M	$847.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5427	−0.149%	$574K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5441	−0.058%	$119K	$685K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5437	−0.084%	$368.7M	$133.4M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5437	−0.084%	$291.0M	$818.2M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5439	−0.071%	$111.9M	$148.9M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5440	−0.065%	$267.3M	$346.0M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5439	−0.071%	—	$114.6M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5430	−0.131%	$6.7M	$24.7M	—
edgeX XRPUSDC	+0.0100%	4h	1.5464	+0.087%	$671K	$97.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5413	−0.239%	$1.1M	$41.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5464	+0.091%	$1.0M	$871K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5437	−0.086%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5438	−0.078%	$50K	$468K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5434	−0.105%	$42K	$60K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5437	−0.085%	$831K	$70K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5441	−0.060%	$130K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5437	−0.084%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5436	−0.090%	$50.8M	$14.9M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5435	−0.097%	$55.1M	$28.4M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5438	−0.080%	$1.7M	$399K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5440	−0.067%	$481K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5437	−0.084%	$12K	$239K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5439	−0.069%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5438	−0.079%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5443	−0.045%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0169%	1h	1.5438	−0.077%	$15.7M	$65.3M	50x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5459	+0.058%	$5.6M	$45.0M	50x	as long as short
Backpack XRP_USDC_PERPlong	+0.0193%	1h	1.5450	long leg	$1.8M	$953K	25x
Reya XRPRUSDPERP	+0.0211%	1h	1.5435	−0.100%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5427	−0.149%	$24.1M	$68.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0277%	8h	1.5449	−0.006%	$1.8M	$31.9M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0288%	1h	1.5444	−0.040%	$19K	$66K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5444	−0.038%	$406K	$498K	10x	as long as short
Hyperliquid XRP	+0.0503%	1h	1.5456	+0.039%	$284.8M	$190.3M	20x	as long as short
Aftermath Perps XRPUSD	+0.0533%	1h	1.5440	−0.064%	$1K	$11K	10x	as long as short