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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.021%

Price spread now: Hyperliquid against Variational Omni+0.168%7-day average +0.276% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.236%+$24 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.168%, 7d avg +0.276%

Together, before fees+0.219%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$22 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: Hyperliquid is 0.108% 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 +0.276%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AR	4.5316	0.0100	pay 0.0100% / 8h	4h 58m	$235K	$242K	—
Short	Hyperliquid AR	4.5392	0.0100	get 0.0013% / 1h	58m 17s	$4.1M	$4.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.168%Rate

Funding earned: $0
Price spread: +0.168% → +0.276%: −$10.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$19.79
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hyperliquid: 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, 1 min ago	4.91 bp	doesn't fit	147.9 bp −$1,479	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	4.73 bp	12.9 bp −$13	doesn't fit	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
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.5306	−0.021%	$583K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0030%	8h	4.5220	−0.211%	$2.3M	$18.4M	20x	as long as short
Hyperliquid ARshort	+0.0100%	1h	4.5392	+0.168%	$4.1M	$4.5M	5x
Aster ARUSDT	+0.0100%	8h	4.5306	−0.020%	$27K	$485K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.5256	−0.132%	$9.0M	$50.5M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.5277	−0.085%	$4.7M	$8.2M	75x	as long as short
Gate AR_USDT	+0.0100%	8h	4.5340	+0.054%	$2.6M	$1.8M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.5340	+0.054%	$6.5M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.5300	−0.035%	$1.2M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.5260	−0.123%	$4.0M	$5.2M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDT	+0.0100%	8h	4.5310	−0.013%	—	$2.8M	—	as long as short
Variational Omni ARlong	+0.0100%	8h	4.5316	long leg	$235K	$242K	—
ApeX Omni ARUSDT	+0.0100%	1h	4.5320	+0.009%	$20K	$722K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.5298	−0.040%	$37K	$235K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.5340	+0.054%	$434K	$492K	20x	as long as short
Kraken Futures PF_ARUSD	+0.0686%	1h	4.5247	−0.151%	$61K	$160K	20x	as long as short
Injective AR/USDC PERP	+0.0854%	1h	4.5290	−0.057%	$548	$3K	5.5x	as long as short