Funding arb · Price arb /

MNT

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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 −0.043%

Price spread now: Variational Omni against Hyperliquid−0.143%7-day average −0.164% · 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)−0.166%−$17 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now −0.143%, 7d avg −0.164%

Together, before fees−0.171%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$17 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 0.021% dearer against Hyperliquid than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.164%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MNT	0.6533	0.0100	pay 0.0013% / 1h	34m 00s	$6.7M	$885K	5x
Short	Variational Omni MNT	0.6524	0.0100	get 0.0100% / 8h	3h 34m	$289K	$110K	—

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 −0.143%Rate

Funding earned: $0
Price spread: −0.143% → −0.164%: $2.1
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: −$6.9
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 20 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, 8 min ago	0.46 bp	21.6 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 20 min ago	3.87 bp	doesn't fit	107.4 bp −$1,074	doesn't fit	doesn't fit

MNT 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6526	−0.116%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0732%	1h	0.6533	+0.003%	$17K	$39K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6526	−0.117%	$784	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	−0.110%	$3K	$210K	12x	as long as short
Hyperliquid MNTlong	+0.0100%	1h	0.6533	long leg	$6.7M	$885K	5x
Bybit MNTUSDT	+0.0100%	8h	0.6525	−0.130%	$43.0M	$15.1M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6515	−0.279%	$446K	$173K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6521	−0.187%	$2.4M	$105K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6525	−0.126%	—	$2.5M	—	as long as short
Variational Omni MNTshort	+0.0100%	8h	0.6524	−0.143%	$289K	$110K	—

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni MNTUSDT	+0.0100%	1h	0.6530	−0.049%	$11K	$639K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6530	−0.049%	$1K	$74	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6525	−0.126%	$90K	$217K	25x	as long as short
Lighter MNT	+0.0456%	1h	0.6545	+0.182%	$149K	$83K	5x	as long as short
Backpack MNT_USDC_PERP	+0.0721%	1h	0.6523	−0.156%	$37K	$59K	10x	as long as short