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% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Ondo Perps+0.421%7-day average +0.057% · 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)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now +0.421%, 7d avg +0.057%

Together, before fees+0.084%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$8 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 0.364% dearer against Ondo Perps than usual: you sell high and buy low, +$36 on $10k if it goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XRP-USD.P	1.5568	0.0100	pay 0.0013% / 1h	46m 04s	$579K	$42K	5x
Short	Variational Omni XRP	1.5634	0.0100	get 0.0100% / 8h	46m 04s	$11.7M	$30.5M	—

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 +0.421%Rate

Funding earned: $0
Price spread: +0.421% → +0.057%: $36.38
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: $31.38
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 3 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, 3 min ago	2.02 bp	doesn't fit	7.5 bp −$75	21.0 bp −$2,100	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	1.5626	+0.373%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5603	+0.225%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5650	+0.527%	$70K	$90K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5633	+0.418%	$262K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0106%	1h	1.5631	+0.407%	$860K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0006%	1h	1.5630	+0.398%	$9.7M	$25.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5627	+0.380%	$15.7M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5629	+0.392%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.051%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5626	+0.373%	$3.0M	$12.6M	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	1.5624	+0.360%	$445K	$3.1M	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5625	+0.369%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5619	+0.329%	$39.7M	$79.9M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5616	+0.308%	$642K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5613	+0.288%	$559.0M	$2.01B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5607	+0.251%	$347.8M	$914.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5605	+0.238%	$127.5M	$892.1M	100x	as long as short
Ondo Perps XRP-USD.Plong	+0.0100%	1h	1.5568	long leg	$579K	$42K	5x
Arcus XRP-USD	+0.0100%	1h	1.5629	+0.392%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.418%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5618	+0.321%	$373.1M	$143.3M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5620	+0.334%	$302.8M	$867.6M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5626	+0.371%	$113.7M	$163.0M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5607	+0.251%	$272.8M	$369.9M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5616	+0.308%	—	$3.7M	—	as long as short
Variational Omni XRPshort	+0.0100%	8h	1.5634	+0.421%	$11.7M	$30.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5593	+0.160%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	+0.238%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5640	+0.462%	$1.0M	$887K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5616	+0.311%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5630	+0.398%	$49K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5633	+0.419%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5635	+0.431%	$842K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5618	+0.319%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5627	+0.379%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5622	+0.349%	$51.3M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5625	+0.366%	$55.6M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5620	+0.334%	$487K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5629	+0.392%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5627	+0.377%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5632	+0.408%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5631	+0.405%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5628	+0.388%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5585	+0.109%	$24.5M	$74.5M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5634	+0.424%	$5.9M	$47.9M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5570	+0.016%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5636	+0.437%	$2.0M	$33.9M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0396%	1h	1.5629	+0.392%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0625%	1h	1.5637	+0.443%	$298.0M	$208.8M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5640	+0.465%	$510K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0812%	1h	1.5617	+0.312%	$1K	$11K	10x	as long as short