Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.023%

Price spread now: Variational Omni against Deribit−0.087%7-day average −0.037% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now −0.087%, 7d avg −0.037%

Together, before fees−0.093%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.049% cheaper against Deribit than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of −0.037%). If the spread goes back, that is −$5 on $10k: about 8.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XRP_USDC-PERPETUAL	1.5171	0.0080	pay 0.0010% / 1h	29m 53s	$7.7M	$24.8M	50x
Short	Variational Omni XRP	1.5158	0.0100	get 0.0100% / 8h	1h 29m	$4.7M	$38.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.087%Rate

Funding earned: $4.2
Price spread: −0.087% → −0.037%: −$4.94
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.74
Costs to cover: 0.070%
Break-even: 19.9 days

Slippage unknown: Deribit: live order book, 4 min ago; Variational Omni: RFQ quote, 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 Deribit live order book, 4 min ago	0.33 bp	6.1 bp −$6	7.8 bp −$78	42.5 bp −$4,254	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.01 bp	doesn't fit	5.1 bp −$51	18.2 bp −$1,819	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	1.5162	−0.059%	$5K	$3K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5159	−0.077%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5170	−0.007%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5158	−0.082%	$245K	—	150x	as long as short
Kraken Futures PF_XRPUSD	+0.0025%	1h	1.5167	−0.023%	$14.4M	$74.9M	50x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.564%	$2K	$107K	30x	as long as short
Deribit XRP_USDC-PERPETUALlong	+0.0080%	1h	1.5171	long leg	$7.7M	$24.8M	50x
GMX XRP/USD [ETH-USDC]	L +0.0084% / S −0.0033%	1h	1.5161	−0.069%	$800K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5168	−0.019%	$2.8M	$15.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5171	0.000%	$545K	$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	+0.0099%	8h	1.5154	−0.112%	$10K	$371K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5158	−0.082%	$978K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5171	−0.003%	$38.5M	$87.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5161	−0.066%	$616K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5171	−0.003%	$531.8M	$2.22B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5167	−0.026%	$346.0M	$961.3M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5169	−0.013%	$127.3M	$882.8M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5147	−0.158%	$564K	$32K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5165	−0.040%	$143K	$714K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5168	−0.020%	$376.4M	$160.2M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5170	−0.007%	$300.1M	$923.8M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5168	−0.020%	$107.5M	$181.8M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5169	−0.013%	$267.6M	$396.8M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5161	−0.066%	—	$4.2M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5158	−0.087%	$4.7M	$38.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5158	−0.088%	$659K	$113.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5169	−0.016%	$1.1M	$36.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5164	−0.046%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5166	−0.031%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5166	−0.033%	$47K	$489K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5164	−0.044%	$41K	$71K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5167	−0.026%	$65K	$774K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5148	−0.149%	$815K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5163	−0.052%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5168	−0.020%	$29K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5161	−0.069%	$49.5M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5165	−0.040%	$54.3M	$32.4M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5157	−0.092%	$1.6M	$5K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5169	−0.012%	$473K	$54K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5164	−0.047%	$2.1M	$6.9M	50x	as long as short
01 Exchange XRPUSD	+0.0104%	1h	1.5162	−0.059%	$8K	$2K	10x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5166	−0.033%	$58K	$25K	3x	as long as short
Hibachi XRP/USDT-P	+0.0152%	1h	1.5161	−0.064%	$17K	$79K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0172%	1h	1.5178	+0.046%	$2.0M	$1.4M	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0176%	1h	1.5172	+0.007%	$5.7M	$48.1M	50x	as long as short
Hyperliquid XRP	+0.0185%	1h	1.5182	+0.073%	$288.7M	$264.8M	20x	as long as short
Kalshi KXXRPPERP	+0.0208%	8h	1.5167	−0.026%	$1.7M	$35.1M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0219%	1h	1.5160	−0.072%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5162	−0.059%	$23.6M	$77.9M	125x	as long as short
RISEx XRP/USDC	+0.0316%	1h	1.5164	−0.045%	$526K	$799K	10x	as long as short
Aftermath Perps XRPUSD	+0.0604%	1h	1.5162	−0.057%	$2K	$16K	10x	as long as short