Funding arb · Price arb /

MON

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0269%/8h= +29.4% APRpaid last 24h +0.100%

Price spread now: Hyperliquid against Variational Omni+0.882%7-day average +0.231% · 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)+0.177%+$18 on $10k

Price spread, last 3 days (all we have)−0.774%−$77 · spread now +0.882%, 7d avg +0.231%

Together, before fees−0.597%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$60 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.651% dearer against Variational Omni than usual: you sell high and buy low: +$65 more if the spread goes back to its 7-day average of +0.231%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MON	0.02538	0.0100	pay 0.0100% / 8h	6h 52m	$764K	$411K	—
Short	Hyperliquid MON	0.02560	0.0369	get 0.0046% / 1h	52m 33s	$34.9M	$7.5M	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 +0.882%Rate

Funding earned: $56.41
Price spread: +0.882% → +0.231%: $65.11
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: $112.52
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 17 min ago; Hyperliquid: live order book, 11 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, 17 min ago	7.70 bp	doesn't fit	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.19 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

MON on 33 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
ApeX Omni MONUSDT	−0.0850%	1h	0.02545	+0.272%	$68K	$489K	50x	as long as short
Injective MON/USDC PERP	−0.0388%	1h	0.02541	+0.114%	$6K	$106	5.5x	as long as short
01 Exchange MONUSD	−0.0048%	1h	0.02558	+0.792%	$6K	$1K	5x	as long as short
Phoenix MON	0.0000%	1h	0.02538	−0.004%	$13K	$349K	5x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0024%	1h	0.02554	+0.634%	$69K	$119K	25x	as long as short
Bybit MONUSDT	+0.0056%	8h	0.02555	+0.666%	$21.2M	$12.3M	50x	as long as short
Orderly PERP_MON_USDC	+0.0060%	4h	0.02551	+0.508%	$16K	$59K	10x	as long as short
Paradex MON-USD-PERP	+0.0095%	8h	0.02556	+0.715%	$8K	$42	5x	as long as short
Lighter MON	+0.0096%	1h	0.02557	+0.744%	$852K	$740K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02562	+0.941%	$407K	$538K	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster MONUSDT	+0.0100%	4h	0.02552	+0.554%	$105K	$227K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02556	+0.717%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02555	+0.681%	$142K	$103K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02557	+0.757%	$24.4M	$25.7M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02554	+0.626%	$4.3M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02545	+0.289%	$106K	$4K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02554	+0.626%	$959K	$884K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02554	+0.626%	$2.9M	$740K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02558	+0.784%	$2.7M	$2.0M	25x	as long as short
Backpack MON_USDC_PERP	+0.0100%	1h	0.02557	+0.725%	$119K	$161K	10x	as long as short
Variational Omni MONlong	+0.0100%	8h	0.02538	long leg	$764K	$411K	—
edgeX MONUSDC	+0.0100%	4h	0.02548	+0.380%	$44K	$247K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02544	+0.239%	$571K	$1.5M	10x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02552	+0.547%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02561	+0.884%	$49K	$520K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02552	+0.547%	$39K	—	3x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0261% / S −0.0429%	1h	0.02554	+0.630%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02552	+0.547%	$1.4M	$310K	75x	as long as short
Aftermath Perps MONUSD	+0.0340%	1h	0.02555	+0.655%	$4K	$74K	10x	as long as short
Hyperliquid MONshort	+0.0369%	1h	0.02560	+0.882%	$34.9M	$7.5M	5x
Perpl MON	+0.0447%	43m	0.02560	+0.867%	$115K	$2.1M	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0744%	1h	0.02552	+0.563%	$111K	$52K	50x	as long as short
Kraken Futures PF_MONUSD	+0.0837%	1h	0.02556	+0.690%	$278K	$88K	10x	as long as short