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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Hyperliquid+0.086%7-day average −0.275% · you sell dearer than you buy

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.240%−$24 on $10k

Price spread, last 3 days (all we have)−0.568%−$57 · spread now +0.086%, 7d avg −0.275%

Together, before fees−0.808%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$81 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: Variational Omni is 0.361% dearer against Hyperliquid than usual: you sell high and buy low, +$36 on $10k if it goes back to its 7-day average of −0.275%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.4809	0.0100	pay 0.0013% / 1h	19m 05s	$3.8M	$4.8M	5x
Short	Variational Omni AR	4.4848	0.0100	get 0.0100% / 8h	2h 19m	$137K	$172K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → −0.275%: $36.14
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $27.14
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 3 min ago; Variational Omni: RFQ quote, 5 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 Hyperliquid live order book, 3 min ago	1.67 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.94 bp	doesn't fit	132.6 bp −$1,326	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.2003%	1h	4.4781	−0.062%	$46K	$155K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4797	−0.027%	$576K	—	50x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.033%	$3K	$363	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.4809	long leg	$3.8M	$4.8M	5x
Aster ARUSDT	+0.0100%	8h	4.4825	+0.036%	$20K	$621K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4685	−0.277%	$8.7M	$56.1M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4700	−0.243%	$4.6M	$9.0M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.4660	−0.333%	$2.2M	$20.6M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4750	−0.132%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4740	−0.154%	$6.8M	$4.8M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4830	+0.047%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.4760	−0.109%	$3.8M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.4720	−0.199%	—	$2.9M	—	as long as short
Variational Omni ARshort	+0.0100%	8h	4.4848	+0.086%	$137K	$172K	—
ApeX Omni ARUSDT	+0.0100%	1h	4.4880	+0.158%	$58K	$747K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4748	−0.137%	$37K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4720	−0.199%	$419K	$668K	20x	as long as short