<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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    <isConfidential>false</isConfidential>
    <filerInfo>

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        <issuerCredentials>
          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
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        <classId>C000116540</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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      <regFileNumber>811-22298</regFileNumber>
      <regCik>0001464413</regCik>
      <regLei>549300IGQEISLESO0528</regLei>
      <regStreet1>116 South Franklin Street</regStreet1>
      <regCity>Rocky Mount</regCity>
      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Arin Large Cap Theta Fund</seriesName>
      <seriesId>S000037782</seriesId>
      <seriesLei>549300LMEGOSEK6B6318</seriesLei>
      <repPdEnd>2023-02-28</repPdEnd>
      <repPdDate>2023-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>109813427.29</totLiabs>
      <netAssets>123819500.15</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
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      <creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
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        </monthlyTotReturns>
        <monthlyReturnCats>
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      </returnInfo>
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      <mon3Flow redemption="-7274169" reinvestment="0" sales="38792401.85"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>SPX</nameDesignatedIndex>
          <indexIdentifier>SPX</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
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      <invstOrSec>
        <name>Fidelity Investments</name>
        <lei>N/A</lei>
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        <cusip>316175504</cusip>
        <identifiers>
          <ticker value="FISXX"/>
        </identifiers>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>633060.16</valUSD>
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        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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          <other otherDesc="OCC Identifier" value="SPX 230317C03000000"/>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
                <issueTitle>COMMSTCK</issueTitle>
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                </identifiers>
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            </descRefInstrmnt>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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        <name>S&amp;P 500 SPX INDEX</name>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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          </optionSwaptionWarrantDeriv>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
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        <name>S&amp;P 500 SPX INDEX</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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            <delta>XXXX</delta>
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          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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          </optionSwaptionWarrantDeriv>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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          </optionSwaptionWarrantDeriv>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <title>OPTION</title>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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            <descRefInstrmnt>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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          </optionSwaptionWarrantDeriv>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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            <descRefInstrmnt>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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            <shareNo>6400</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-343890.28</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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          <other otherDesc="OCC Identifier" value="SPX 230519P01900000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <unrealizedAppr>-51336.28</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-86818.23</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <balance>1783</balance>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <descRefInstrmnt>
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            <unrealizedAppr>-209945.75</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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          <other otherDesc="OCC Identifier" value="SPX 230317P07600000"/>
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        <payoffProfile>Short</payoffProfile>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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            <unrealizedAppr>6681.3</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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          <other otherDesc="OCC Identifier" value="SPX 230317P07400000"/>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <unrealizedAppr>11316.58</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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          <other otherDesc="OCC Identifier" value="SPX 230317P07200000"/>
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        <balance>73</balance>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <delta>XXXX</delta>
            <unrealizedAppr>832157.34</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <unrealizedAppr>352318.98</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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            <expDt>2023-06-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1442931.67</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>28400</shareNo>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-06-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3714797.68</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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          <other otherDesc="OCC Identifier" value="SPX 230317C04000000"/>
        </identifiers>
        <balance>19</balance>
        <units>NC</units>
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        <valUSD>92530</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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            <unrealizedAppr>-224424.89</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>5165462.32</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <unrealizedAppr>41044.33</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
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            <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
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        <issuerConditional desc="Option" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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            <expDt>2023-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>593843.12</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
        <title>OPTION</title>
        <cusip>648815108</cusip>
        <identifiers>
          <other otherDesc="OCC Identifier" value="SPX 230317P08300000"/>
        </identifiers>
        <balance>4</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1728480</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
                <issueTitle>COMMSTCK</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>400</shareNo>
            <exercisePrice>8300</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>70942.95</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>S&amp;P 500 SPX INDEX</name>
        <lei>N/A</lei>
        <title>OPTION</title>
        <cusip>648815108</cusip>
        <identifiers>
          <other otherDesc="OCC Identifier" value="SPX 230317P08000000"/>
        </identifiers>
        <balance>143</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>57516030</valUSD>
        <pctVal>0.46</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS LLC</counterpartyName>
              <counterpartyLei>50OBSE5T5521O6SMZR28</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>S&amp;P 500 SPX INDEX</issuerName>
                <issueTitle>COMMSTCK</issueTitle>
                <identifiers>
                  <ticker value="SPX"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>14300</shareNo>
            <exercisePrice>8000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-465051.83</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-03-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Ashley Lanham</ncom:signature>
      <ncom:signerName>Ashley Lanham</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
