Funding arb · Price arb /

IMX

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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 −0.006%

Price spread now: Variational Omni against Hyperliquid−0.211%7-day average −0.378% · 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)−0.032%−$3 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.211%, 7d avg −0.378%

Together, before fees+0.023%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.167% dearer against Hyperliquid than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.378%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IMX	0.1509	0.0100	pay 0.0013% / 1h	18m 07s	$3.4M	$280K	5x
Short	Variational Omni IMX	0.1505	0.0100	get 0.0050% / 4h	2h 18m	$94K	$132K	—

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 −0.211%Rate

Funding earned: $0
Price spread: −0.211% → −0.378%: $16.69
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: $7.69
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 3 min ago; Variational Omni: RFQ quote, 6 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, 3 min ago	1.32 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 6 min ago	13.26 bp	doesn't fit	92.8 bp −$928	doesn't fit	doesn't fit

IMX on 15 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
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1507	−0.117%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.424%	$559	$28K	5.5x	as long as short
Hyperliquid IMXlong	+0.0100%	1h	0.1509	long leg	$3.4M	$280K	5x
Binance IMXUSDT	+0.0100%	4h	0.1503	−0.356%	$3.7M	$6.0M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1503	−0.345%	$3.9M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1505	−0.239%	$947K	$1.6M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1505	−0.239%	$650K	$142K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1504	−0.305%	$2.6M	$551K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1507	−0.106%	$394K	$121K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1507	−0.106%	$1.3M	$414K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IMX-USDT	+0.0100%	4h	0.1505	−0.239%	—	$2.6M	—	as long as short
Variational Omni IMXshort	+0.0100%	4h	0.1505	−0.211%	$94K	$132K	—
BloFin IMX-USDT	+0.0340%	4h	0.1503	−0.371%	$193K	$146K	75x	as long as short
dYdX IMX-USD	+0.0505%	1h	0.1508	−0.040%	$26K	$59	5x	as long as short
Kraken Futures PF_IMXUSD	+0.1084%	1h	0.1509	+0.007%	$114K	$22K	20x	as long as short