Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid−0.361%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.361% cheaper against Hyperliquid than usual: you would sell low and buy high, −$36 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid FOGO	0.006908	0.0100	pay 0.0013% / 1h	56m 13s	$705K	$302K	3x
Short	Variational Omni FOGO	0.006883	0.0100	get 0.0050% / 4h	56m 13s	$97K	$2K	—

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 −0.361%Rate

Funding earned: $0
Price spread: −0.361% → 0.000%: −$36.06
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: −$45.06
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 44 min ago; Variational Omni: no order-book sample. 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, 44 min ago	2.89 bp	41.9 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

FOGO on 13 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
Lighter FOGO	+0.0096%	1h	0.006920	+0.174%	$11K	$10K	3x	as long as short
Hyperliquid FOGOlong	+0.0100%	1h	0.006908	long leg	$705K	$302K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006908	0.000%	$12K	$12K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006910	+0.032%	$1.8M	$2.1M	50x	as long as short
Bybit FOGOUSDT	+0.0100%	4h	0.006903	−0.072%	$762K	$191K	50x	as long as short
OKX FOGO-USDT-SWAP	+0.0100%	4h	0.006902	−0.087%	$525K	$863K	10x	as long as short
Gate FOGO_USDT	+0.0100%	4h	0.006900	−0.116%	$110K	$51K	50x	as long as short
MEXC FOGO_USDT	+0.0100%	4h	0.006910	+0.029%	$318K	$122K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006900	−0.116%	$283K	$94K	50x	as long as short
Bitget FOGOUSDT	+0.0100%	4h	0.006910	+0.029%	$130K	$81K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX FOGO-USDT	+0.0100%	4h	0.006900	−0.116%	—	$1.3M	—	as long as short
Variational Omni FOGOshort	+0.0100%	4h	0.006883	−0.361%	$97K	$2K	—
SunX FOGO-USDT	+0.0100%	4h	0.006900	−0.116%	$2K	$1.2M	20x	as long as short