Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0524%/8h= +57.4% APRpaid last 24h +0.095%

Price spread now: Hyperliquid against Variational Omni+0.194%7-day average +0.170% · 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)+0.261%+$26 on $10k

Price spread, last 4 days (all we have)−0.497%−$50 · spread now +0.194%, 7d avg +0.170%

Together, before fees−0.236%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Hyperliquid is 0.024% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.170%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003392	0.0100	pay 0.0050% / 4h	1h 45m	$308K	$133K	—
Short	Hyperliquid kBONK	0.000003399	0.0624	get 0.0078% / 1h	45m 58s	$10.0M	$5.3M	10x

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 +0.194%Rate

Funding earned: $110.09
Price spread: +0.194% → +0.170%: $2.43
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: $103.51
Costs to cover: 0.090%
Break-even: 0.4 days

Slippage unknown: Variational Omni: RFQ quote, 18 min ago; Hyperliquid: live order book, 6 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, 18 min ago	5.82 bp	doesn't fit	55.2 bp −$552	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	2.91 bp	13.3 bp −$13	29.3 bp −$293	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0336%	1h	0.000003381	−0.336%	$46K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003390	−0.071%	—	$15.1M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003389	−0.089%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003393	+0.012%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.490%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0040%	4h	0.000003391	−0.041%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003393	+0.016%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003395	+0.076%	$224K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003391	−0.041%	$27K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003390	−0.081%	$78K	$256K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003389	−0.100%	$114K	$115K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003395	+0.086%	$15.9M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003393	+0.029%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003390	−0.071%	$2.5M	$8.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003392	−0.012%	$847K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003397	+0.135%	$9.8M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003392	−0.015%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.041%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003392	−0.012%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003395	+0.076%	$30K	$7K	10x	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003392	long leg	$308K	$133K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003394	+0.047%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003399	+0.194%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003392	−0.012%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	+0.253%	$96K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003393	+0.009%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003389	−0.100%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.567%	$567	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0339%	1h	0.000003395	+0.076%	$2K	$110K	10x	as long as short
Hyperliquid kBONKshort	+0.0624%	1h	0.000003399	+0.194%	$10.0M	$5.3M	10x
Kraken Futures PF_BONKUSD	+0.2043%	1h	0.000003401	+0.252%	$220K	$174K	50x	as long as short