Using near‐field high‐rate Global Positioning System (GPS) displacements to invert for earthquake fault slips in real time has the potential to improve the accuracy of earthquake early warning or tsunami early warning. For such applications, real‐time retrieval of high‐accuracy GPS displacements is essential. Here, we report on rapid modeling of the 2019 Mw 7.1 Ridgecrest earthquake with real‐time GPS displacements derived from a variometric approach with readily available broadcast ephemeris. This method calculates station variations in real time by differencing continuous phase observations and does not rely on precise orbit and clock information. The phase ambiguity is also removed, and thus the method does not suffer from a relatively long convergence time. To improve the accuracy of variometric displacements, we use a local spatial filter to decrease the influence of residual errors that cannot be removed completely by the time difference. We invert for the centroid moment tensor, static fault slips, and fault rupture process from the derived displacements. Our results show that all inverted models are available within about 65 s after the origin time of the earthquake and are comparable with models inverted by real‐time precise point positioning displacements. This study highlights the great value of variometric displacements for the rapid earthquake source description with only broadcast ephemeris.

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