Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.020%

Price spread now: Variational Omni against Hyperliquid−0.115%7-day average −0.051% · you buy dearer than you sell

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 4 days (all we have)−0.028%−$3 on $10k

Price spread, last 7 days+0.085%+$9 · spread now −0.115%, 7d avg −0.051%

Together, before fees+0.057%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$6 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 0.064% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,584	0.0100	pay 0.0013% / 1h	33m 55s	$3.79B	$5.01B	40x
Short	Variational Omni BTC	85,486	0.0100	get 0.0100% / 8h	3h 33m	$153.7M	$565.7M	—

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

click an exchange to add or hide it

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 −0.115%Rate

Funding earned: $0
Price spread: −0.115% → −0.051%: −$6.35
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: −$15.35
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Variational Omni: RFQ quote, just now. 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, 10 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.9 bp −$491	doesn't fit
Sell Variational Omni RFQ quote, just now	0.51 bp	doesn't fit	1.2 bp −$12	1.7 bp −$174	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0140%	1h	85,514	−0.082%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,542	−0.049%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,489.2	−0.111%	$918.1M	$756.7M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,525.2	−0.069%	$419.5M	$675.2M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,511.5	−0.085%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,527.6	−0.066%	$16.8M	$21.2M	50x	as long as short
Aster BTCUSDT	+0.0004%	8h	85,488.6	−0.112%	$514.8M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,514	−0.082%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0006%	1h	85,534.1	−0.058%	$24.7M	$222.7M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0019%	1h	85,536.5	−0.056%	$884.5M	$1.59B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,525	−0.069%	$339K	$26.9M	52x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,483.1	−0.118%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0068%	8h	85,493	−0.106%	$148.0M	$493.9M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,492.9	−0.106%	$2.95B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,489	−0.111%	$59.9M	$336.0M	40x	as long as short
ApeX Omni BTCUSDT	+0.0095%	1h	85,536.5	−0.055%	$139.9M	$315.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,504.2	−0.093%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,503.7	−0.094%	$24.0M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,509	−0.088%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,501.7	−0.096%	$2.4M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0097%	1h	85,489.7	−0.110%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,485	−0.116%	$200K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,573.1	−0.013%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,584	long leg	$3.79B	$5.01B	40x
Pacifica BTC	+0.0100%	1h	85,556.4	−0.032%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,494.5	−0.105%	$9.41B	$24.34B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,491.1	−0.109%	$5.18B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	−0.098%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,526	−0.068%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,513.8	−0.082%	$4.5M	$99.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,502.5	−0.095%	$5.54B	$10.79B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,496	−0.103%	$5.07B	$5.65B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,485.9	−0.115%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,486	−0.115%	$153.7M	$565.7M	—
edgeX BTCUSDC	+0.0100%	4h	85,512.5	−0.084%	$279.4M	$926.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,499.4	−0.099%	$214.9M	$168.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,538.4	−0.053%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,568.4	−0.018%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,506	−0.091%	$11.0M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,502	−0.096%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,505.8	−0.091%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,550.4	−0.039%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,494	−0.105%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,504.1	−0.093%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,482.6	−0.118%	$2.26B	$947.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,580.4	−0.004%	$679.0M	$730.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,468.4	−0.135%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,533.5	−0.059%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,528	−0.065%	$117.0M	$5.23B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,509	−0.088%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,550.5	−0.039%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0153%	1h	85,514.3	−0.081%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	85,561	−0.027%	$11.8M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,554.6	−0.034%	$697K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,544.3	−0.046%	$78K	$221K	20x	as long as short
Perpl BTC	+0.0335%	43m	85,525.5	−0.068%	$505K	$18.7M	6.7x	as long as short