Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Phemex−0.439%7-day average −0.019% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.253%+$25 · spread now −0.439%, 7d avg −0.019%

Together, before fees+0.253%+ Points / potential airdropVariational Omni: Active · farm board+$25 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 0.420% cheaper against Phemex than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XRPUSDT	1.5703	0.0100	pay 0.0100% / 8h	1h 44m	$55.9M	$28.9M	50x
Short	Variational Omni XRP	1.5634	0.0100	get 0.0100% / 8h	1h 44m	$11.8M	$29.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpFee Variational OmnibpOrdersPrice spread, now −0.439%Rate

Funding earned: $0
Price spread: −0.439% → −0.019%: −$42.02
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.02
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: 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 Phemex live order book, 4 min ago	0.96 bp	11.8 bp −$12	12.9 bp −$129	30.8 bp −$3,079	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.02 bp	doesn't fit	4.4 bp −$44	20.0 bp −$1,999	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	1.5692	−0.070%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5735	+0.203%	$1.1M	$104K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5696	−0.042%	$263K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5290	−2.630%	$2K	$86K	30x	as long as short
Kraken Futures PF_XRPUSD	+0.0041%	1h	1.5709	+0.037%	$15.7M	$67.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0052%	8h	1.5707	+0.025%	$81K	$936K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0068%	1h	1.5710	+0.045%	$9.7M	$25.0M	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0081% / S +0.0142%	1h	1.5700	−0.022%	$925K	—	200x	as long as short
Lighter XRP	+0.0096%	1h	1.5742	+0.248%	$3.1M	$11.8M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5744	+0.261%	$462K	$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
Hibachi XRP/USDT-P	+0.0096%	1h	1.5637	−0.419%	$19K	$73K	7x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5695	−0.048%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5739	+0.227%	$40.1M	$75.7M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5743	+0.252%	$680K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5742	+0.248%	$571.2M	$1.93B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5745	+0.267%	$355.9M	$874.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5734	+0.197%	$129.6M	$874.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5615	−0.560%	$581K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5737	+0.217%	$121K	$724K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5527	−1.121%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5731	+0.178%	$376.9M	$135.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5738	+0.223%	$293.9M	$826.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5740	+0.238%	$113.7M	$153.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5725	+0.140%	$272.9M	$353.6M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5731	+0.178%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5634	−0.439%	$11.8M	$29.8M	—
edgeX XRPUSDC	+0.0100%	4h	1.5621	−0.520%	$678K	$98.7M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5635	−0.433%	$1.1M	$41.6M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5628	−0.478%	$1.0M	$879K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5683	−0.129%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5705	+0.013%	$49K	$443K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5707	+0.025%	$42K	$62K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5708	+0.031%	$846K	$71K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5713	+0.060%	$132K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5709	+0.038%	$32K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5697	−0.037%	$51.6M	$15.1M	75x	as long as short
Phemex XRPUSDTlong	+0.0100%	8h	1.5703	long leg	$55.9M	$28.9M	50x
Paradex XRP-USD-PERP	+0.0100%	8h	1.5728	+0.157%	$490K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5735	+0.204%	$12K	$247K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5731	+0.176%	$2.2M	$7.0M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5695	−0.050%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0160%	1h	1.5735	+0.204%	$9K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5699	−0.027%	$1.4M	$9K	15x	as long as short
Coinbase International XRP-PERP-INTX	+0.0216%	1h	1.5715	+0.076%	$5.8M	$46.7M	50x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5701	−0.013%	$24.7M	$72.4M	125x	as long as short
Kalshi KXXRPPERP	+0.0337%	8h	1.5690	−0.083%	$1.9M	$32.1M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0372%	1h	1.5726	+0.146%	$1.8M	$977K	25x	as long as short
Phoenix XRP	+0.0516%	1h	1.5590	−0.720%	$69K	$90K	15x	as long as short
RISEx XRP/USDC	+0.0527%	1h	1.5739	+0.228%	$413K	$560K	10x	as long as short
Aftermath Perps XRPUSD	+0.0604%	1h	1.5612	−0.582%	$1K	$11K	10x	as long as short
Hyperliquid XRP	+0.0659%	1h	1.5756	+0.338%	$292.3M	$197.6M	20x	as long as short