Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.023%

Price spread now: Hyperliquid against Variational Omni+0.096%7-day average +0.047% · 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)+0.031%+$3 on $10k

Price spread, last 7 days−0.067%−$7 · spread now +0.096%, 7d avg +0.047%

Together, before fees−0.037%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$4 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 0.049% dearer against Variational Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	86,349.5	0.0100	pay 0.0100% / 8h	1h 02m	$155.5M	$568.5M	—
Short	Hyperliquid BTC	86,432	0.0100	get 0.0013% / 1h	2m 23s	$3.79B	$5.10B	40x

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

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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.096%Rate

Funding earned: $0
Price spread: +0.096% → +0.047%: $4.85
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: −$4.15
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	0.52 bp	doesn't fit	0.5 bp −$5	1.2 bp −$116	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.7 bp −$47	6.1 bp −$612	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
Bluefin BTC-PERP	−0.0456%	1h	86,374.9	+0.029%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,366	+0.019%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,356	+0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,368.1	+0.022%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,358.7	+0.011%	$502.8M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.8	+0.032%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,360.8	+0.013%	$849.2M	$713.4M	125x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,365.4	+0.018%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0009%	1h	86,352	+0.003%	$16.9M	$21.1M	50x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,351	+0.002%	$6.7M	$145.1M	40x	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	+0.0024%	1h	86,403	+0.062%	$332K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0037%	8h	86,343.4	−0.007%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,351.1	+0.002%	$149.8M	$477.5M	150x	as long as short
Bitget BTCUSDT	+0.0049%	8h	86,358.7	+0.011%	$2.95B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,338.3	−0.013%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0065%	8h	86,368.9	+0.022%	$5.12B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0067%	8h	86,363.9	+0.017%	$9.41B	$24.49B	150x	as long as short
Aftermath Perps BTCUSD	+0.0071%	1h	86,389.2	+0.046%	$79K	$220K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	86,382.2	+0.038%	$916.6M	$1.49B	50x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,359.5	+0.012%	$5.84B	$10.79B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,371.3	+0.025%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,386	+0.042%	$24.0M	$153.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,362	+0.014%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,362.2	+0.015%	$5.25B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,339	−0.012%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,403.5	+0.063%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,361	+0.013%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	86,432	+0.096%	$3.79B	$5.10B	40x
Pacifica BTC	+0.0100%	1h	86,393.5	+0.051%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,368.7	+0.022%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,380	+0.035%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,400.5	+0.059%	$7.7M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.033%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,341.7	−0.009%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	86,349.5	long leg	$155.5M	$568.5M	—
edgeX BTCUSDC	+0.0100%	4h	86,320.5	−0.034%	$279.0M	$945.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,351.2	+0.002%	$216.7M	$173.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,285.8	−0.074%	$141.1M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,357	+0.009%	$30.6M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,409.9	+0.070%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,366	+0.019%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,364.2	+0.017%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,353.4	+0.005%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.9	+0.031%	$30.5M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,337.4	−0.014%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,344	−0.006%	$60.4M	$337.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,354.7	+0.006%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,343.6	−0.007%	$45.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,376	+0.031%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,366.1	+0.019%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,385.9	+0.042%	$131.9M	$5.67B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,366.9	+0.020%	$191.6M	$946.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	86,379.4	+0.035%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0186%	8h	86,343.9	−0.006%	$414.3M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0212%	1h	86,370.2	+0.024%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,388	+0.045%	$9.7M	$736.4M	6.4x	as long as short