Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2477%/8h= −271.2% APRpaid last 24h −0.413%

Price spread now: Variational Omni against Hyperliquid−0.605%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

Both sides work against this trade now: funding costs −$74 a day on $10k at the current rate, and Variational Omni is 0.605% cheaper against Hyperliquid than usual: you would sell low and buy high (−$61 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HMSTR	0.0001780	0.2577	pay 0.0322% / 1h	51m 28s	$2.0M	$117K	3x
Short	Variational Omni HMSTR	0.0001769	0.0100	get 0.0050% / 4h	2h 51m	$2K	$920	—

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 −0.605%Rate

Funding earned: −$520.08
Price spread: −0.605% → 0.000%: −$60.53
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: −$589.61
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 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, 9 min ago	28.01 bp	66.9 bp −$67	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.

HMSTR 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001774	−0.337%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001775	−0.303%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001774	−0.331%	$2.2M	$2.1M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001774	−0.337%	$1.5M	$603K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001775	−0.281%	$594K	$851K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001772	−0.449%	$395K	$146K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001773	−0.393%	$386K	$116K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001773	−0.393%	$249K	$47K	10x	as long as short
Variational Omni HMSTRshort	+0.0100%	4h	0.0001769	−0.605%	$2K	$920	—
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001769	−0.618%	$13K	$615K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001774	−0.362%	$924	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1032%	1h	0.0001779	−0.077%	$10K	$7K	10x	as long as short
Hyperliquid HMSTRlong	+0.2577%	1h	0.0001780	long leg	$2.0M	$117K	3x