Funding arb · Price arb /

KAS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Hyperliquid+0.728%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

The price spread pays, funding is against you. Variational Omni is 0.728% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.728% now, against zero (this spread has no 7-day history yet)): +$73 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid KAS	0.04377	0.0121	pay 0.0015% / 1h	19m 38s	$2.9M	$929K	3x
Short	Variational Omni KAS	0.04409	0.0100	get 0.0050% / 4h	2h 19m	$26K	$20K	—

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 +0.728%Rate

Funding earned: −$4.33
Price spread: +0.728% → 0.000%: $72.79
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: $59.46
Costs to cover: 0.090%
Break-even: from the start

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	3.18 bp	32.3 bp −$32	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.

KAS 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
Kraken Futures PF_KASUSD	−0.0191%	1h	0.04375	−0.047%	$292K	$436K	20x	as long as short
Injective KAS/USDC PERP	−0.0009%	1h	0.04361	−0.363%	$45	$154K	5.5x	as long as short
gTrade (Gains Network) KAS/USD	L +0.0010% / S −0.0017%	1h	0.04380	+0.060%	$11K	—	150x	as long as short
GMX KAS/USD [WBTC.b-USDC]	L +0.0086% / S +0.0014%	1h	0.04380	+0.064%	$9K	—	100x	as long as short
Binance KASUSDT	+0.0100%	4h	0.04365	−0.263%	$4.0M	$11.1M	75x	as long as short
Bybit KASUSDT	+0.0100%	4h	0.04361	−0.363%	$10.8M	$7.2M	50x	as long as short
Gate KAS_USDT	+0.0100%	8h	0.04357	−0.455%	$2.2M	$1.6M	75x	as long as short
MEXC KAS_USDT	+0.0100%	4h	0.04363	−0.318%	$27.9M	$4.6M	200x	as long as short
KuCoin KASUSDTM	+0.0100%	4h	0.04362	−0.350%	$4.2M	$6.8M	50x	as long as short
Bitget KASUSDT	+0.0100%	4h	0.04359	−0.409%	$12.0M	$3.0M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX KAS-USDT	+0.0100%	4h	0.04359	−0.409%	—	$69.3M	—	as long as short
Variational Omni KASshort	+0.0100%	4h	0.04409	+0.728%	$26K	$20K	—
Aster KASUSDT	+0.0102%	4h	0.04367	−0.237%	$256K	$199K	20x	as long as short
Hyperliquid KASlong	+0.0121%	1h	0.04377	long leg	$2.9M	$929K	3x
BloFin KAS-USDT	+0.0340%	4h	0.04401	+0.551%	$382K	$204K	75x	as long as short