Funding arb · Price arb /

XRP

all XRP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.087%

Price spread now: Variational Omni against Hyperliquid−0.482%7-day average −0.048% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.116%−$12 on $10k

Price spread, last 7 days+0.437%+$44 · spread now −0.482%, 7d avg −0.048%

Together, before fees+0.322%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.434% cheaper against Hyperliquid than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XRP	1.5145	0.0128	pay 0.0016% / 1h	12m 14s	$289.2M	$262.4M	20x
Short	Variational Omni XRP	1.5072	0.0100	get 0.0100% / 8h	2h 12m	$4.7M	$38.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.482%Rate

Funding earned: −$5.85
Price spread: −0.482% → −0.048%: −$43.37
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$58.22
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 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 Hyperliquid live order book, 12 min ago	0.33 bp	4.8 bp −$5	5.2 bp −$52	9.6 bp −$964	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	2.06 bp	doesn't fit	3.3 bp −$33	18.2 bp −$1,816	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	1.5099	−0.304%	$5K	$3K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0001%	1h	1.5138	−0.045%	$14.2M	$74.6M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5124	−0.137%	$1.1M	$148K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5090	−0.363%	$67K	$110K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5128	−0.111%	$245K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.740%	$2K	$107K	30x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0072% / S −0.0016%	1h	1.5128	−0.115%	$798K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0080%	1h	1.5140	−0.033%	$7.7M	$25.5M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5132	−0.086%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5139	−0.038%	$2.8M	$15.1M	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	1.5141	−0.026%	$547K	$3.3M	20x	as long as short
Katana Perps XRP-USD	+0.0099%	8h	1.5120	−0.165%	$10K	$361K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5132	−0.083%	$983K	$6.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5136	−0.058%	$38.4M	$87.2M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5134	−0.071%	$602K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5138	−0.047%	$526.8M	$2.21B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5140	−0.033%	$344.4M	$965.5M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5139	−0.040%	$126.6M	$886.3M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5088	−0.376%	$561K	$34K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5135	−0.066%	$144K	$715K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5132	−0.087%	$1.6M	$5K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5130	−0.099%	$372.0M	$160.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5139	−0.040%	$296.0M	$925.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5137	−0.052%	$106.8M	$181.3M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5140	−0.033%	$266.1M	$398.5M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5139	−0.040%	—	$105.9M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5072	−0.482%	$4.7M	$38.3M	—
edgeX XRPUSDC	+0.0100%	4h	1.5079	−0.434%	$655K	$113.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5088	−0.376%	$1.1M	$37.1M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5085	−0.396%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5131	−0.094%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5132	−0.086%	$51K	$488K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5129	−0.106%	$41K	$70K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5130	−0.099%	$62K	$934K	50x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5131	−0.091%	$814K	$72K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5133	−0.077%	$127K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5138	−0.046%	$28K	$1.6M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5132	−0.085%	$49.4M	$15.6M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5129	−0.106%	$53.9M	$32.2M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5140	−0.035%	$472K	$55K	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5129	−0.104%	$2.0M	$6.8M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5135	−0.069%	$58K	$25K	3x	as long as short
Hyperliquid XRPlong	+0.0128%	1h	1.5145	long leg	$289.2M	$262.4M	20x
Coinbase International XRP-PERP-INTX	+0.0184%	1h	1.5144	−0.007%	$5.7M	$48.5M	50x	as long as short
Hibachi XRP/USDT-P	+0.0192%	1h	1.5102	−0.286%	$17K	$82K	7x	as long as short
Backpack XRP_USDC_PERP	+0.0202%	1h	1.5148	+0.020%	$2.0M	$1.4M	25x	as long as short
Kalshi KXXRPPERP	+0.0209%	8h	1.5136	−0.059%	$1.7M	$35.6M	2.9x	as long as short
Reya XRPRUSDPERP	+0.0218%	1h	1.5127	−0.117%	$1.3M	$5K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5123	−0.145%	$23.2M	$77.3M	125x	as long as short
RISEx XRP/USDC	+0.0305%	1h	1.5135	−0.065%	$520K	$787K	10x	as long as short
Aftermath Perps XRPUSD	+0.0591%	1h	1.5091	−0.354%	$2K	$16K	10x	as long as short