Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Variational Omni against Hyperliquid−0.094%7-day average −0.034% · 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 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.061%+$6 · spread now −0.094%, 7d avg −0.034%

Together, before fees+0.028%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$3 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 0.060% 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 −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,775.3	0.0100	pay 0.0013% / 1h	16m 17s	$3.17B	$2.36B	25x
Short	Variational Omni ETH	2,772.7	0.0100	get 0.0100% / 8h	16m 17s	$147.4M	$335.8M	—

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

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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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.034%: −$5.98
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: −$14.98
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 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 Hyperliquid live order book, 8 min ago	0.18 bp	5.7 bp −$6	6.3 bp −$63	6.6 bp −$662	8.2 bp −$4,108
Sell Variational Omni RFQ quote, 3 min ago	0.50 bp	doesn't fit	0.6 bp −$6	5.8 bp −$584	doesn't fit

ETH on 55 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
Perpl ETH	−0.0223%	43m	2,772.5	−0.103%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773	−0.085%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.476%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	−0.087%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0026%	1h	2,773	−0.084%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	−0.069%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.5	−0.066%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	−0.195%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.9	−0.089%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772	−0.121%	$1.70B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,772.8	−0.092%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0026%	1h	2,772.4	−0.104%	$29K	$22K	20x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,772.3	−0.109%	$270.3M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,772.8	−0.091%	$256.0M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,772.5	−0.102%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0043%	1h	2,772.2	−0.112%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.1	−0.189%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,772.8	−0.092%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,772.1	−0.115%	$6.45B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,772.4	−0.104%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,772.4	−0.106%	$3.29B	$9.68B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,774.2	−0.042%	$259.0M	$222.4M	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.8	−0.089%	$421.2M	$739.2M	100x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,772.1	−0.115%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,773.9	−0.050%	$60.3M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,772.1	−0.116%	$2.51B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,773.2	−0.075%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.2	−0.111%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.1	−0.082%	$115.2M	$500.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.5	−0.030%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.2	−0.078%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773	−0.083%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.6	−0.098%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.6	−0.097%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,775.3	long leg	$3.17B	$2.36B	25x
Pacifica ETH	+0.0100%	1h	2,773.6	−0.063%	$31.3M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	−0.091%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.9	−0.052%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	−0.085%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.1	−0.115%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,772.7	−0.094%	$147.4M	$335.8M	—
edgeX ETHUSDC	+0.0100%	4h	2,771.2	−0.149%	$181.9M	$784.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773	−0.084%	$161.2M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.148%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	−0.084%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.3	−0.074%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	−0.115%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.5	−0.031%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.9	−0.124%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0112%	8h	2,773.5	−0.066%	$8.3M	$687.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.8	−0.054%	$89.1M	$337.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0142%	8h	2,774.7	−0.021%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,772.1	−0.116%	$286.4M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,772.5	−0.100%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,772.2	−0.113%	$252K	$1.6M	20x	as long as short