Number of ways you could approach this using shaders
You could use a refraction pixel shader might take some tweeking.
You could do the above and also send in the center point and offset uv’s grabs by the secondary displacement texture towards the center. That would probably give better results then just the refraction shader as it is.
You could use a basic pixel shader send in some a bunch of points that move around to displace the uv coordinates towards them based on distance and the original coordinates to pull the edges out.
Harder more precise ways you could do this… A circular vertex shader using polygons and displacing the edges dunno how great it would be, i suppose that could get super detailed to pretty basic. Would take a lot of work and you couldn’t use spritebatch for that prolly not worth the time.