Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: Deribit against Variational Omni−0.225%7-day average +0.036% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.497%+$50 · spread now −0.225%, 7d avg +0.036%

Together, before fees+0.463%+ Points / potential airdropVariational Omni: Active · farm board+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.261% cheaper against Variational Omni than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5375	0.0100	pay 0.0100% / 8h	5h 51m	$5.0M	$38.4M	—
Short	Deribit XRP_USDC-PERPETUAL	1.5340	0	get 0.0000% / 1h	51m 33s	$7.8M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$21
Price spread: −0.225% → +0.036%: −$26.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$54.08
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Deribit: live order book, 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 Variational Omni RFQ quote, 1 min ago	2.05 bp	doesn't fit	6.0 bp −$60	28.3 bp −$2,827	doesn't fit
Sell Deribit live order book, 1 min ago	0.33 bp	5.4 bp −$5	7.7 bp −$77	289.9 bp −$29.0K	doesn't fit

XRP on 50 exchanges

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	1.5403	+0.185%	$5K	$4K	20x	as long as short
Kraken Futures PF_XRPUSD	−0.0062%	1h	1.5345	−0.195%	$14.1M	$71.5M	50x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5338	−0.236%	$1.1M	$154K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5360	−0.095%	$69K	$108K	15x	as long as short
Deribit XRP_USDC-PERPETUALshort	0.0000%	1h	1.5340	−0.225%	$7.8M	$21.5M	50x
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5357	−0.116%	$246K	—	150x	as long as short
01 Exchange XRPUSD	+0.0008%	1h	1.5337	−0.244%	$9K	$987	10x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.206%	$2K	$107K	30x	as long as short
SoDEX XRP-USD	+0.0048%	1h	1.5345	−0.192%	$29K	$1.5M	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5326	−0.316%	$2.8M	$14.1M	20x	as long as short

Show all 50 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH XRP	+0.0096%	1h	1.5332	−0.277%	$598K	$3.1M	20x	as long as short
Paradex XRP-USD-PERP	+0.0099%	8h	1.5332	−0.274%	$478K	$47K	50x	as long as short
Katana Perps XRP-USD	+0.0100%	8h	1.5333	−0.270%	$10K	$402K	20x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5324	−0.332%	$1.0M	$5.9M	20x	as long as short
Hyperliquid XRP	+0.0100%	1h	1.5348	−0.173%	$299.2M	$266.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5335	−0.259%	$39.3M	$81.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5331	−0.286%	$593K	$1.0M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5334	−0.265%	$534.9M	$2.09B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5336	−0.251%	$361.9M	$890.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5334	−0.264%	$124.8M	$837.1M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5365	−0.062%	$563K	$37K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5343	−0.205%	$165K	$681K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5379	+0.029%	$1.6M	$25K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5332	−0.277%	$382.3M	$155.9M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5334	−0.264%	$312.2M	$888.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5327	−0.311%	$106.6M	$181.7M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5334	−0.264%	$272.0M	$357.2M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5335	−0.257%	—	$101.0M	—	as long as short
Backpack XRP_USDC_PERP	+0.0100%	1h	1.5356	−0.121%	$2.0M	$1.2M	25x	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5375	long leg	$5.0M	$38.4M	—
edgeX XRPUSDC	+0.0100%	4h	1.5351	−0.154%	$668K	$109.6M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5340	−0.223%	$1.1M	$30.7M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5358	−0.108%	$1.2M	$1.2M	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5331	−0.284%	—	$15K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5336	−0.251%	$52K	$475K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5336	−0.253%	$42K	$65K	20x	as long as short
Orderly PERP_XRP_USDC	+0.0100%	8h	1.5335	−0.257%	$83K	$613K	50x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5339	−0.229%	$129K	$1.5M	30x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5341	−0.218%	$50.0M	$14.1M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5346	−0.186%	$54.7M	$33.3M	50x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5329	−0.294%	$2.2M	$6.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5332	−0.274%	$59K	$25K	3x	as long as short
Coinbase International XRP-PERP-INTX	+0.0112%	1h	1.5343	−0.205%	$5.5M	$44.4M	50x	as long as short
Hibachi XRP/USDT-P	+0.0120%	1h	1.5337	−0.244%	$17K	$76K	7x	as long as short
Kalshi KXXRPPERP	+0.0139%	8h	1.5341	−0.218%	$1.9M	$35.0M	2.9x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0203% / S −0.0551%	1h	1.5345	−0.194%	$805K	—	200x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5358	−0.108%	$23.9M	$78.5M	125x	as long as short
Reya XRPRUSDPERP	+0.0223%	1h	1.5332	−0.277%	$1.4M	$1K	15x	as long as short
RISEx XRP/USDC	+0.0239%	1h	1.5341	−0.216%	$515K	$736K	10x	as long as short
Aftermath Perps XRPUSD	+0.0430%	1h	1.5375	0.000%	$3K	$13K	10x	as long as short