Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Variational Omni−0.164%7-day average −0.009% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days+0.180%+$18 · spread now −0.164%, 7d avg −0.009%

Together, before fees+0.185%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$18 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: Lighter RH is 0.155% cheaper against Variational Omni than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XRP	1.5624	0.0100	pay 0.0100% / 8h	45m 01s	$11.7M	$30.5M	—
Short	Lighter RH XRP	1.5598	0.0096	get 0.0012% / 1h	45m 01s	$444K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$0.84
Price spread: −0.164% → −0.009%: −$15.46
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$16.3
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter RH: live order book, 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 Variational Omni RFQ quote, 4 min ago	2.02 bp	doesn't fit	3.3 bp −$33	24.2 bp −$2,421	doesn't fit
Sell Lighter RH live order book, 3 min ago	0.96 bp	1.0 bp −$1	6.3 bp −$63	45.3 bp −$4,530	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	1.5603	−0.132%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5605	−0.121%	$1.1M	$113K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5620	−0.023%	$70K	$90K	15x	as long as short
Deribit XRP_USDC-PERPETUAL	0.0000%	1h	1.5600	−0.151%	$9.7M	$25.4M	50x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5590	−0.213%	$261K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0005% / S +0.0105%	1h	1.5590	−0.217%	$858K	—	200x	as long as short
Kraken Futures PF_XRPUSD	+0.0031%	1h	1.5598	−0.164%	$15.6M	$68.7M	50x	as long as short
Orderly PERP_XRP_USDC	+0.0056%	8h	1.5596	−0.176%	$77K	$909K	50x	as long as short
Injective XRP/USDC PERP	+0.0089%	1h	1.5560	−0.407%	$2K	$107K	30x	as long as short
Lighter XRP	+0.0096%	1h	1.5600	−0.150%	$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 XRPshort	+0.0096%	1h	1.5598	−0.164%	$444K	$3.1M	20x
Nado XRP-PERP	+0.0100%	1h	1.5596	−0.173%	$1.1M	$5.4M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5598	−0.165%	$39.6M	$80.1M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5606	−0.115%	$642K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5588	−0.226%	$558.2M	$2.02B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5587	−0.234%	$347.9M	$915.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5585	−0.247%	$127.4M	$890.9M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5568	−0.356%	$579K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5604	−0.125%	$117K	$752K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5633	+0.061%	$1.7M	$573K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5591	−0.208%	$375.4M	$143.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5581	−0.272%	$301.2M	$869.0M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5583	−0.262%	$113.4M	$163.2M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5586	−0.240%	$272.6M	$370.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5585	−0.247%	—	$3.7M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5624	long leg	$11.7M	$30.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5593	−0.196%	$677K	$103.5M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5605	−0.119%	$1.1M	$40.9M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5567	−0.362%	$1.0M	$899K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5598	−0.161%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5599	−0.157%	$49K	$453K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5594	−0.189%	$42K	$67K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5600	−0.150%	$840K	$81K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5604	−0.128%	$131K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5598	−0.164%	$30K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5599	−0.157%	$51.2M	$15.5M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5593	−0.196%	$55.5M	$29.4M	50x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5603	−0.134%	$486K	$54K	50x	as long as short
Katana Perps XRP-USD	+0.0101%	8h	1.5609	−0.093%	$13K	$266K	20x	as long as short
Extended XRP-USD	+0.0104%	1h	1.5581	−0.274%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5598	−0.164%	$73K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0168%	1h	1.5602	−0.138%	$8K	$8K	10x	as long as short
Reya XRPRUSDPERP	+0.0212%	1h	1.5594	−0.187%	$1.4M	$8K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5598	−0.164%	$24.5M	$74.6M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5607	−0.106%	$5.9M	$47.8M	50x	as long as short
Hibachi XRP/USDT-P	+0.0264%	1h	1.5633	+0.060%	$18K	$82K	7x	as long as short
Kalshi KXXRPPERP	+0.0317%	8h	1.5613	−0.068%	$2.0M	$33.9M	2.9x	as long as short
Backpack XRP_USDC_PERP	+0.0386%	1h	1.5600	−0.151%	$1.7M	$1.0M	25x	as long as short
Hyperliquid XRP	+0.0623%	1h	1.5611	−0.080%	$297.1M	$209.1M	20x	as long as short
RISEx XRP/USDC	+0.0761%	1h	1.5613	−0.068%	$509K	$632K	10x	as long as short
Aftermath Perps XRPUSD	+0.0813%	1h	1.5610	−0.088%	$1K	$11K	10x	as long as short