Funding arb · Price arb /

BRETT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0184%/8h= +20.2% APRpaid last 24h +0.034%

Price spread now: Hyperliquid against Variational Omni+0.018%7-day average +0.178% · 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 4 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.018%, 7d avg +0.178%

Together, before fees−0.109%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.160% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.018% now, against its 7-day average of +0.178%). If the spread goes back, that is −$16 on $10k: about 2.9 days of funding at the current rate (+$6 a day). At the pace of the last 4 days (+0.034% in total) that is about 17 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.034% in total (about 3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BRETT	0.005910	0.0100	pay 0.0050% / 4h	3h 08m	$44K	$105K	—
Short	Hyperliquid BRETT	0.005911	0.0284	get 0.0036% / 1h	8m 52s	$321K	$269K	3x

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 +0.018%Rate

Funding earned: $38.72
Price spread: +0.018% → +0.178%: −$16
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: $13.72
Costs to cover: 0.090%
Break-even: 4.5 days

Slippage unknown: Variational Omni: RFQ quote, 45 min ago; Hyperliquid: live order book, 1 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, 45 min ago	9.23 bp	doesn't fit	133.4 bp −$1,334	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	2.53 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit

BRETT on 14 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 BRETT/USD [ETH-USDC]	L 0.0000% / S 0.0000%	1h	0.005892	−0.303%	—	—	100x	as long as short
Injective BRETT/USDC PERP	+0.0033%	1h	0.005839	−1.200%	$61	$854	5.5x	as long as short
BloFin BRETT-USDT	+0.0076%	4h	0.005922	+0.205%	$58K	$209K	50x	as long as short
Binance BRETTUSDT	+0.0100%	4h	0.005903	−0.123%	$1.2M	$2.7M	50x	as long as short
Bybit BRETTUSDT	+0.0100%	4h	0.005893	−0.286%	$2.1M	$2.0M	25x	as long as short
OKX BRETT-USDT-SWAP	+0.0100%	4h	0.005917	+0.120%	$150K	$301K	10x	as long as short
Gate BRETT_USDT	+0.0100%	4h	0.005901	−0.151%	$426K	$109K	25x	as long as short
MEXC BRETT_USDT	+0.0100%	4h	0.005906	−0.066%	$12.6M	$210K	200x	as long as short
KuCoin BRETTUSDTM	+0.0100%	4h	0.005918	+0.137%	$290K	$105K	30x	as long as short
Bitget BRETTUSDT	+0.0100%	4h	0.005898	−0.201%	$1.4M	$584K	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BRETT-USDT	+0.0100%	4h	0.005904	−0.100%	—	$1.4M	—	as long as short
Variational Omni BRETTlong	+0.0100%	4h	0.005910	long leg	$44K	$105K	—
Hyperliquid BRETTshort	+0.0284%	1h	0.005911	+0.018%	$321K	$269K	3x
Kraken Futures PF_BRETTUSD	+0.0639%	1h	0.005907	−0.057%	$45K	$77K	10x	as long as short