Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Ondo Perps+0.655%51s7-day average +0.059% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 4 days (all we have)−0.312%−$31 · spread now +0.655%, 7d avg +0.059%

Together, before fees−0.287%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$29 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: Variational Omni is 0.596% dearer against Ondo Perps than usual: you sell high and buy low, +$60 on $10k if it goes back to its 7-day average of +0.059%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5215	0.0100	pay 0.0013% / 1h	2m 55s	$571K	$42K	5x
Short	Variational Omni XRP	1.5315	0.0100	get 0.0100% / 8h	7h 02m	$6.5M	$35.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. 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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.655%Rate

Funding earned: $0
Price spread: +0.655% → +0.059%: $59.64
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $54.64
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 1 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	2.02 bp	doesn't fit	9.1 bp −$91	30.7 bp −$3,075	doesn't fit

Ondo Perps: 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	1.5249	+0.223%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5260	+0.298%	$1.1M	$115K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5250	+0.227%	$255K	—	150x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0012%	1h	1.5256	+0.269%	$9.2M	$24.9M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0019% / S +0.0071%	1h	1.5245	+0.198%	$836K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+2.267%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0065%	8h	1.5253	+0.250%	$57K	$935K	50x	as long as short
01 Exchange XRPUSD	+0.0072%	1h	1.5258	+0.283%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5247	+0.213%	$2.8M	$14.1M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5249	+0.223%	$511K	$3.3M	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	+0.0100%	8h	1.5261	+0.302%	$9K	$282K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5252	+0.246%	$476K	$55K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5252	+0.244%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5259	+0.287%	$38.5M	$83.4M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5257	+0.273%	$628K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5273	+0.381%	$539.6M	$2.06B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5263	+0.315%	$340.6M	$920.8M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5260	+0.296%	$123.3M	$865.4M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5215	long leg	$571K	$42K	5x
Arcus XRP-USD	+0.0100%	1h	1.5251	+0.237%	$115K	$717K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5350	+0.885%	$1.7M	$327K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5273	+0.381%	$367.4M	$153.7M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5277	+0.407%	$301.0M	$917.9M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5264	+0.323%	$110.4M	$167.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5259	+0.289%	$267.7M	$376.1M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5271	+0.368%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5315	+0.655%	$6.5M	$35.6M	—
edgeX XRPUSDC	+0.0100%	4h	1.5348	+0.875%	$666K	$106.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5328	+0.741%	$1.1M	$37.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5318	+0.677%	$1.2M	$998K	50x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5254	+0.256%	$46K	$447K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5250	+0.228%	$41K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5256	+0.271%	$821K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5263	+0.313%	$128K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5253	+0.250%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5251	+0.237%	$50.0M	$15.4M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5240	+0.164%	$54.1M	$29.5M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5264	+0.322%	—	$9K	10x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5268	+0.349%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5256	+0.270%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0214%	1h	1.5250	+0.231%	$1.3M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5232	+0.112%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5251	+0.237%	$5.7M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0245%	1h	1.5246	+0.203%	$14.4M	$70.3M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0302%	1h	1.5263	+0.315%	$1.9M	$1.3M	25x	as long as short
Hibachi XRP/USDT-P	+0.0312%	1h	1.5315	+0.660%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0323%	8h	1.5263	+0.315%	$2.0M	$34.7M	2.9x	as long as short
Hyperliquid XRP	+0.0363%	1h	1.5272	+0.375%	$287.6M	$215.7M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5330	+0.756%	$68K	$110K	15x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5254	+0.256%	$539K	$777K	10x	as long as short
Aftermath Perps XRPUSD	+0.0857%	1h	1.5325	+0.724%	$2K	$13K	10x	as long as short