Funding arb · Price arb /

GOAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0361%/8h= −39.5% APRpaid last 24h −0.300%

Price spread now: Variational Omni against Hyperliquid+0.527%7-day average −0.360% · you sell dearer than you buy

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)−1.220%−$122 on $10k

Price spread, last 4 days (all we have)−0.905%−$91 · spread now +0.527%, 7d avg −0.360%

Together, before fees−2.125%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$213 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.887% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.527% now, against its 7-day average of −0.360%): +$89 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8.2 days. At the pace of the last 4 days (−1.220% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid GOAT	0.01863	0.0461	pay 0.0058% / 1h	32m 04s	$1.2M	$486K	3x
Short	Variational Omni GOAT	0.01873	0.0100	get 0.0050% / 4h	2h 32m	$96K	$109K	—

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 +0.527%Rate

Funding earned: −$75.82
Price spread: +0.527% → −0.360%: $88.69
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: $3.87
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 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 Hyperliquid live order book, 8 min ago	5.85 bp	56.2 bp −$56	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 12 min ago	15.84 bp	doesn't fit	205.9 bp −$2,059	doesn't fit	doesn't fit

GOAT on 11 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
Bybit GOATUSDT	+0.0100%	4h	0.01858	−0.268%	$2.0M	$1.3M	25x	as long as short
Gate GOAT_USDT	+0.0100%	4h	0.01858	−0.290%	$269K	$207K	25x	as long as short
KuCoin GOATUSDTM	+0.0100%	4h	0.01861	−0.102%	$365K	$129K	30x	as long as short
Variational Omni GOATshort	+0.0100%	4h	0.01873	+0.527%	$96K	$109K	—
Binance GOATUSDT	+0.0320%	4h	0.01861	−0.083%	$1.9M	$3.0M	25x	as long as short
MEXC GOAT_USDT	+0.0328%	4h	0.01861	−0.102%	$432K	$162K	200x	as long as short
BloFin GOAT-USDT	+0.0343%	4h	0.01865	+0.113%	$122K	$11K	25x	as long as short
BingX GOAT-USDT	+0.0352%	4h	0.01861	−0.102%	—	$6.6M	—	as long as short
Hyperliquid GOATlong	+0.0461%	1h	0.01863	long leg	$1.2M	$486K	3x
Orderly PERP_GOAT_USDC	+0.1700%	4h	0.01862	−0.048%	$3K	$2K	10x	as long as short

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_GOATUSD	+0.3372%	1h	0.01863	−0.001%	$30K	$4K	10x	as long as short