Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid+0.054%7-day average — · 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 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 0.054% dearer against Hyperliquid than usual: you sell high and buy low, +$5 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 INIT	0.08239	0.0100	pay 0.0013% / 1h	8m 47s	$304K	$230K	3x
Short	Variational Omni INIT	0.08243	0.0100	get 0.0050% / 4h	8m 47s	$26K	$23K	—

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 +0.054%Rate

Funding earned: $0
Price spread: +0.054% → 0.000%: $5.43
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: −$3.57
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 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, 11 min ago	1.27 bp	doesn't fit	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.

INIT 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
Kraken Futures PF_INITUSD	−0.5701%	1h	0.08185	−0.659%	$3K	$19K	10x	as long as short
BloFin INIT-USDT	+0.0056%	4h	0.08251	+0.146%	$150K	$112K	25x	as long as short
Hyperliquid INITlong	+0.0100%	1h	0.08239	long leg	$304K	$230K	3x
Aster INITUSDT	+0.0100%	4h	0.08243	+0.055%	$27K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08238	−0.010%	$3.3M	$3.8M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08220	−0.231%	$1.4M	$1.5M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08235	−0.049%	$138K	$663K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08242	+0.036%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08234	−0.061%	$443K	$212K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08241	+0.024%	$322K	$57K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget INITUSDT	+0.0100%	4h	0.08235	−0.049%	$427K	$308K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08235	−0.049%	—	$6.6M	—	as long as short
Variational Omni INITshort	+0.0100%	4h	0.08243	+0.054%	$26K	$23K	—