Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Variational Omni−0.091%56s7-day average +0.022% · you buy dearer than you sell

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

Long on Variational Omni Short on Phemex

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)+0.267%+$27 · spread now −0.091%, 7d avg +0.022%

Together, before fees+0.267%+ Points / potential airdropVariational Omni: Active · farm board+$27 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: Phemex is 0.113% cheaper against Variational Omni than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.022%. The two prices were read 56 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	Variational Omni XRP	1.5352	0.0100	pay 0.0100% / 8h	7h 26m	$6.3M	$35.5M	—
Short	Phemex XRPUSDT	1.5338	0.0100	get 0.0100% / 8h	7h 26m	$54.6M	$29.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. 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 Variational OmnibpFee PhemexbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → +0.022%: −$11.31
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$23.31
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phemex: 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, 3 min ago	2.02 bp	doesn't fit	5.2 bp −$52	23.9 bp −$2,386	doesn't fit
Sell Phemex live order book, 3 min ago	0.33 bp	10.1 bp −$10	12.9 bp −$129	29.7 bp −$2,975	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	1.5335	−0.111%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5347	−0.032%	$1.1M	$112K	10x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5352	0.000%	$257K	—	150x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0015% / S +0.0078%	1h	1.5351	−0.004%	$841K	—	200x	as long as short
Injective XRP/USDC PERP	+0.0033%	1h	1.5560	+1.355%	$2K	$107K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0062%	8h	1.5360	+0.052%	$58K	$935K	50x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0076%	1h	1.5340	−0.078%	$9.3M	$25.1M	50x	as long as short
01 Exchange XRPUSD	+0.0088%	1h	1.5351	−0.006%	$8K	$8K	10x	as long as short
Lighter XRP	+0.0096%	1h	1.5346	−0.037%	$2.8M	$14.0M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5344	−0.052%	$515K	$3.2M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps XRP-USD	+0.0100%	8h	1.5348	−0.026%	$10K	$279K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5360	+0.052%	$479K	$54K	50x	as long as short
Nado XRP-PERP	+0.0100%	1h	1.5354	+0.011%	$1.0M	$5.5M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5351	−0.009%	$38.8M	$83.3M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5350	−0.015%	$621K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5356	+0.024%	$541.6M	$2.05B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5359	+0.046%	$342.4M	$919.0M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5363	+0.072%	$125.0M	$868.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5316	−0.234%	$571K	$42K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5352	0.000%	$118K	$711K	20x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5334	−0.115%	$1.7M	$381K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5352	0.000%	$374.6M	$149.8M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5355	+0.020%	$312.2M	$904.7M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5349	−0.023%	$108.9M	$165.4M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5363	+0.072%	$268.8M	$374.8M	125x	as long as short
BingX XRP-USDT	+0.0100%	8h	1.5352	0.000%	—	$123.4M	—	as long as short
Variational Omni XRPlong	+0.0100%	8h	1.5352	long leg	$6.3M	$35.5M	—
edgeX XRPUSDC	+0.0100%	4h	1.5322	−0.196%	$665K	$107.2M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5334	−0.117%	$1.1M	$38.4M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5331	−0.137%	$1.2M	$996K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5343	−0.056%	—	$9K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5352	0.000%	$49K	$441K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5354	+0.013%	$41K	$68K	20x	as long as short
Derive XRP-PERP	+0.0100%	1h	1.5363	+0.070%	$827K	$74K	10x	as long as short
SunX XRP-USDT	+0.0100%	8h	1.5349	−0.020%	$129K	$1.8M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5338	−0.091%	$29K	$1.8M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5346	−0.039%	$50.3M	$15.4M	75x	as long as short
Phemex XRPUSDTshort	+0.0100%	8h	1.5338	−0.091%	$54.6M	$29.5M	50x
Extended XRP-USD	+0.0104%	1h	1.5346	−0.038%	$2.1M	$7.1M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5360	+0.055%	$59K	$25K	3x	as long as short
Reya XRPRUSDPERP	+0.0213%	1h	1.5348	−0.024%	$1.4M	$7K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5341	−0.071%	$24.0M	$73.7M	125x	as long as short
Coinbase International XRP-PERP-INTX	+0.0224%	1h	1.5344	−0.052%	$5.8M	$46.4M	50x	as long as short
Kraken Futures PF_XRPUSD	+0.0244%	1h	1.5338	−0.092%	$14.5M	$70.0M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0294%	1h	1.5344	−0.052%	$1.9M	$1.3M	25x	as long as short
Kalshi KXXRPPERP	+0.0309%	8h	1.5343	−0.058%	$2.1M	$34.8M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0320%	1h	1.5337	−0.096%	$17K	$81K	7x	as long as short
Hyperliquid XRP	+0.0394%	1h	1.5363	+0.072%	$289.7M	$215.2M	20x	as long as short
Phoenix XRP	+0.0520%	1h	1.5340	−0.078%	$68K	$110K	15x	as long as short
Aftermath Perps XRPUSD	+0.0804%	1h	1.5338	−0.091%	$2K	$12K	10x	as long as short
RISEx XRP/USDC	+0.0828%	1h	1.5354	+0.015%	$507K	$754K	10x	as long as short