Funding arb · Price arb /

HEMI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.027%

Price spread now: Variational Omni against Hyperliquid−0.223%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 0.223% cheaper against Hyperliquid than usual: you would sell low and buy high, −$22 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 HEMI	0.006444	0.0100	pay 0.0013% / 1h	17m 52s	$977K	$268K	3x
Short	Variational Omni HEMI	0.006430	0.0100	get 0.0050% / 4h	2h 17m	$23K	$4K	—

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 −0.223%Rate

Funding earned: $0
Price spread: −0.223% → 0.000%: −$22.27
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: −$31.27
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 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, 2 min ago	2.33 bp	20.7 bp −$21	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.

HEMI on 12 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
Hyperliquid HEMIlong	+0.0100%	1h	0.006444	long leg	$977K	$268K	3x
Aster HEMIUSDT	+0.0100%	4h	0.006439	−0.081%	$74K	$31K	5x	as long as short
Binance HEMIUSDT	+0.0100%	4h	0.006445	+0.009%	$6.3M	$10.2M	20x	as long as short
Bybit HEMIUSDT	+0.0100%	4h	0.006440	−0.062%	$1.7M	$1.4M	25x	as long as short
Gate HEMI_USDT	+0.0100%	4h	0.006439	−0.078%	$492K	$230K	20x	as long as short
MEXC HEMI_USDT	+0.0100%	4h	0.006444	0.000%	$1.6M	$284K	50x	as long as short
KuCoin HEMIUSDTM	+0.0100%	4h	0.006446	+0.031%	$765K	$1.6M	20x	as long as short
BingX HEMI-USDT	+0.0100%	4h	0.006440	−0.062%	—	$1.3M	—	as long as short
Variational Omni HEMIshort	+0.0100%	4h	0.006430	−0.223%	$23K	$4K	—
SunX HEMI-USDT	+0.0100%	4h	0.006593	+2.312%	$2K	$1.1M	20x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended HEMI-USD	+0.0104%	1h	0.006442	−0.027%	$17K	$516	5x	as long as short
BloFin HEMI-USDT	+0.0124%	4h	0.006434	−0.155%	$345K	$65K	20x	as long as short