Funding arb · Price arb /

MNT

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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 +0.043%

Price spread now: Hyperliquid against Variational Omni+0.134%7-day average +0.163% · you sell dearer than you buy

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)+0.164%+$16 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now +0.134%, 7d avg +0.163%

Together, before fees+0.068%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$7 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: Hyperliquid is 0.029% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.163%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MNT	0.6450	0.0100	pay 0.0100% / 8h	4h 57m	$286K	$173K	—
Short	Hyperliquid MNT	0.6458	0.0100	get 0.0013% / 1h	57m 23s	$6.6M	$879K	5x

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 +0.134%Rate

Funding earned: $0
Price spread: +0.134% → +0.163%: −$2.89
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: −$11.89
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 5 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	4.65 bp	doesn't fit	68.2 bp −$682	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.86 bp	13.5 bp −$14	doesn't fit	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	0.6456	+0.104%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0566%	1h	0.6450	−0.002%	$16K	$28K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6458	+0.123%	$775	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.182%	$3K	$210K	12x	as long as short
Hyperliquid MNTshort	+0.0100%	1h	0.6458	+0.134%	$6.6M	$879K	5x
Bybit MNTUSDT	+0.0100%	8h	0.6453	+0.051%	$42.3M	$14.8M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6444	−0.089%	$432K	$173K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6445	−0.074%	$2.4M	$104K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6451	+0.020%	—	$2.5M	—	as long as short
Backpack MNT_USDC_PERP	+0.0100%	1h	0.6447	−0.043%	$42K	$57K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNTlong	+0.0100%	8h	0.6450	long leg	$286K	$173K	—
ApeX Omni MNTUSDT	+0.0100%	1h	0.6454	+0.066%	$11K	$645K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6466	+0.252%	$1K	—	10x	as long as short
Lighter MNT	+0.0168%	1h	0.6466	+0.255%	$142K	$74K	5x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6448	−0.027%	$90K	$211K	25x	as long as short