Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0283%/8h= +31.0% APRpaid last 24h +0.069%

Price spread now: Hyperliquid against Variational Omni−0.039%7-day average +0.073% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.108%+$11 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.039%, 7d avg +0.073%

Together, before fees+0.199%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.113% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.073%). If the spread goes back, that is −$11 on $10k: about 32 hours of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.108% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.970	0.0100	pay 0.0100% / 8h	4h 06m	$3.3M	$1.7M	—
Short	Hyperliquid LINK	12.965	0.0383	get 0.0048% / 1h	6m 43s	$81.2M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now −0.039%Rate

Funding earned: $59.43
Price spread: −0.039% → +0.073%: −$11.26
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $39.16
Costs to cover: 0.090%
Break-even: 2.4 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 7 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 Variational Omni RFQ quote, 2 min ago	3.16 bp	doesn't fit	9.5 bp −$95	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.38 bp	6.3 bp −$6	10.9 bp −$109	doesn't fit	doesn't fit

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.959	−0.089%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.967	−0.027%	$521K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.959	−0.089%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.395%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.957	−0.101%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.946	−0.184%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.963	−0.055%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.978	+0.062%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.947	−0.180%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.964	−0.043%	$392K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.958	−0.094%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.949	−0.166%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.948	−0.170%	$119.8M	$297.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.941	−0.224%	$83.5M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	−0.186%	$27.4M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.964	−0.047%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.945	−0.194%	$128.2M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.948	−0.170%	$32.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.951	−0.147%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.943	−0.209%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.945	−0.194%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.964	−0.047%	$339K	$387K	15x	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.970	long leg	$3.3M	$1.7M	—
edgeX LINKUSDC	+0.0100%	4h	12.973	+0.023%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.966	−0.032%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.981	+0.084%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.963	−0.055%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.960	−0.080%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	+0.019%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.960	−0.078%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.956	−0.109%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.941	−0.221%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.962	−0.062%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	12.965	−0.039%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.964	−0.047%	$5.2M	$15.7M	75x	as long as short
dYdX LINK-USD	+0.0372%	1h	12.950	−0.156%	$343K	$30K	10x	as long as short
Hyperliquid LINKshort	+0.0383%	1h	12.965	−0.039%	$81.2M	$27.4M	10x
Reya LINKRUSDPERP	+0.0390%	1h	12.954	−0.124%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.963	−0.055%	$6.7M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0533%	8h	12.976	+0.045%	$20.0M	$11.4M	50x	as long as short