Funding arb · Price arb /

ME

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid−0.540%7-day average — · 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)—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 0.540% cheaper against Hyperliquid than usual: you would sell low and buy high, −$54 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 ME	0.07564	0.0100	pay 0.0013% / 1h	34m 32s	$236K	$110K	3x
Short	Variational Omni ME	0.07523	0.0100	get 0.0050% / 4h	3h 34m	$12K	$2K	—

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 −0.540%Rate

Funding earned: $0
Price spread: −0.540% → 0.000%: −$53.96
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: −$62.96
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 45 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, 45 min ago	0.66 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.

ME 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
BloFin ME-USDT	+0.0041%	4h	0.07524	−0.529%	$110K	$8K	50x	as long as short
Hyperliquid MElong	+0.0100%	1h	0.07564	long leg	$236K	$110K	3x
Aster MEUSDT	+0.0100%	4h	0.07565	+0.011%	$13K	$20K	5x	as long as short
Binance MEUSDT	+0.0100%	4h	0.07566	+0.025%	$2.2M	$4.1M	50x	as long as short
Bybit MEUSDT	+0.0100%	4h	0.07569	+0.066%	$1.6M	$790K	25x	as long as short
OKX ME-USDT-SWAP	+0.0100%	4h	0.07556	−0.106%	$485K	$1.1M	20x	as long as short
Gate ME_USDT	+0.0100%	8h	0.07560	−0.053%	$193K	$71K	50x	as long as short
MEXC ME_USDT	+0.0100%	4h	0.07568	+0.053%	$502K	$130K	20x	as long as short
KuCoin MEUSDTM	+0.0100%	4h	0.07572	+0.106%	$215K	$31K	30x	as long as short
Bitget MEUSDT	+0.0100%	4h	0.07569	+0.066%	$651K	$438K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ME-USDT	+0.0100%	4h	0.07564	0.000%	—	$1.3M	—	as long as short
Variational Omni MEshort	+0.0100%	4h	0.07523	−0.540%	$12K	$2K	—
Reya MERUSDPERP	+0.0228%	1h	0.07560	−0.056%	$27K	—	15x	as long as short