Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.036%

Price spread now: Variational Omni against Hyperliquid−0.022%7-day average −0.039% · 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 4 days (all we have)−0.062%−$6 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.022%, 7d avg −0.039%

Together, before fees−0.048%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	92.849	0.0100	pay 0.0013% / 1h	34m 20s	$2.02B	$665.8M	10x
Short	Variational Omni HYPE	92.829	0.0100	get 0.0100% / 8h	3h 34m	$28.5M	$57.4M	—

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 −0.022%Rate

Funding earned: $0
Price spread: −0.022% → −0.039%: $1.74
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: −$7.26
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Variational Omni: RFQ quote, 5 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, 10 min ago	0.05 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	0.41 bp	doesn't fit	5.9 bp −$59	23.5 bp −$2,346	doesn't fit

HYPE 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
Hibachi HYPE/USDT-P	−0.1328%	1h	92.718	−0.141%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	92.840	−0.010%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.762	−0.094%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.839	−0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.794	−0.059%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.819	−0.032%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.787	−0.066%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.828	−0.023%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.975	+0.136%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	92.810	−0.042%	$315.8M	$281.9M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0037%	1h	92.750	−0.107%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0046%	1h	92.799	−0.054%	$111K	$577K	20x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.845	−0.004%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.824	−0.027%	$87K	$361K	20x	as long as short
Bitget HYPEUSDT	+0.0060%	4h	92.800	−0.053%	$224.8M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.795	−0.058%	$69K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.901	+0.056%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.809	−0.043%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.818	−0.033%	$3.1M	$11.6M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.795	−0.058%	$44.9M	$54.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.822	−0.029%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	−0.096%	$36K	$1.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.825	−0.026%	$8.7M	$36.1M	300x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.769	−0.087%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	92.849	long leg	$2.02B	$665.8M	10x
Pacifica HYPE	+0.0100%	1h	92.826	−0.025%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.803	−0.050%	$373.0M	$904.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.812	−0.040%	$113.7M	$304.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.923	+0.080%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.797	−0.056%	$86.9M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.805	−0.047%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.812	−0.040%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.825	−0.026%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.829	−0.022%	$28.5M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.831	−0.019%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	+0.078%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.017%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.852	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.844	−0.005%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.801	−0.052%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.788	−0.066%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.881	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.807	−0.045%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.784	−0.070%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.810	−0.042%	$392K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0128%	4h	92.950	+0.109%	$1.4M	$6.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0136%	8h	92.871	+0.024%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.860	+0.012%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.877	+0.030%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.730	−0.128%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.798	−0.055%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.825	−0.026%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.803	−0.050%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	92.883	+0.037%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.860	+0.012%	$3.2M	$6.4M	20x	as long as short