Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.020%

Price spread now: Variational Omni against Injective−1.257%46s7-day average +0.284% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 3 days (all we have)+1.632%+$163 · spread now −1.257%, 7d avg +0.284%

Together, before fees+1.637%+ Points / potential airdropVariational Omni: Active · farm board+$164 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 1.541% cheaper against Injective than usual: you would sell low and buy high (spread −1.257% now, against its 7-day average of +0.284%). If the spread goes back, that is −$154 on $10k: about 16 months of funding at the current rate ($0 a day). At the pace of the last 3 days (+0.005% in total) that is about years. The two prices were read 46 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	Injective XRP/USDC PERP	1.5560	0.0089	pay 0.0011% / 1h	20m 29s	$2K	$107K	30x
Short	Variational Omni XRP	1.5364	0.0100	get 0.0100% / 8h	20m 29s	$11.5M	$30.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −1.257%Rate

Funding earned: $2.27
Price spread: −1.257% → +0.284%: −$154.05
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$151.8
Costs to cover: 0.000%
Break-even: 475.2 days

Slippage unknown: Injective: live order book, 58 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 Injective live order book, 58 min ago	44.99 bp	45.0 bp −$45	57.6 bp −$576	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.02 bp	doesn't fit	6.9 bp −$69	24.9 bp −$2,493	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	1.5367	−1.240%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5366	−1.245%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5370	−1.221%	$68K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5358	−1.296%	$266K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0007% / S +0.0096%	1h	1.5360	−1.286%	$832K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0010%	1h	1.5361	−1.279%	$9.4M	$25.6M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0032%	1h	1.5359	−1.290%	$15.0M	$69.6M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0059%	8h	1.5362	−1.272%	$75K	$910K	50x	as long as short
Injective XRP/USDC PERPlong	+0.0089%	1h	1.5560	long leg	$2K	$107K	30x
Lighter XRP	+0.0096%	1h	1.5376	−1.185%	$2.9M	$13.0M	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	1.5377	−1.176%	$440K	$3.2M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5359	−1.289%	$1.1M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5365	−1.252%	$39.1M	$81.6M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5368	−1.233%	$632K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5366	−1.246%	$546.7M	$2.04B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5366	−1.247%	$342.0M	$924.4M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5366	−1.247%	$125.4M	$879.4M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5356	−1.311%	$572K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5370	−1.221%	$117K	$758K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5410	−0.964%	$1.7M	$572K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5364	−1.260%	$361.4M	$147.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5364	−1.260%	$296.3M	$887.4M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5364	−1.261%	$110.2M	$165.5M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5363	−1.266%	$267.3M	$375.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5364	−1.260%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5364	−1.257%	$11.5M	$30.7M	—
edgeX XRPUSDC	+0.0100%	4h	1.5360	−1.283%	$667K	$105.1M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5364	−1.260%	$1.1M	$40.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5364	−1.260%	$1.0M	$900K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5365	−1.256%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5366	−1.247%	$47K	$455K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5367	−1.240%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5360	−1.283%	$827K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5365	−1.254%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5361	−1.279%	$31K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5366	−1.248%	$50.4M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5365	−1.253%	$54.7M	$29.5M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5368	−1.236%	$479K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5366	−1.247%	$12K	$269K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5362	−1.275%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5358	−1.299%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5370	−1.221%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5364	−1.262%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5367	−1.240%	$24.3M	$74.8M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5366	−1.247%	$5.8M	$47.1M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0258%	1h	1.5376	−1.183%	$1.7M	$1.0M	25x	as long as short
Hibachi XRP/USDT-P	+0.0272%	1h	1.5378	−1.169%	$17K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0308%	8h	1.5371	−1.215%	$2.0M	$34.5M	2.9x	as long as short
Hyperliquid XRP	+0.0588%	1h	1.5389	−1.099%	$293.6M	$213.3M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5376	−1.180%	$500K	$638K	10x	as long as short
Aftermath Perps XRPUSD	+0.0783%	1h	1.5387	−1.113%	$1K	$11K	10x	as long as short