Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0086%/8h= +9.5% APRpaid last 24h +0.187%

Price spread now: Hyperliquid against Variational Omni+0.029%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.029% dearer against Variational Omni than usual: you sell high and buy low: +$3 more if the spread 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	Variational Omni NOT	0.0005039	0.0014	pay 0.0007% / 4h	2h 41m	$66K	$34K	—
Short	Hyperliquid NOT	0.0005040	0.0100	get 0.0013% / 1h	41m 58s	$368K	$50K	3x

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

click an exchange to add or hide it

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 +0.029%Rate

Funding earned: $18.16
Price spread: +0.029% → 0.000%: $2.93
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: $12.09
Costs to cover: 0.090%
Break-even: 2.3 days

Slippage unknown: Variational Omni: no order-book sample; Hyperliquid: live order book, 42 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 no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 42 min ago	9.89 bp	33.0 bp −$33	doesn't fit	doesn't fit	doesn't fit

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.

NOT on 16 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
Variational Omni NOTlong	+0.0014%	4h	0.0005039	long leg	$66K	$34K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.265%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0057%	4h	0.0005041	+0.049%	$113K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005048	+0.190%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005040	+0.029%	$368K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005040	+0.023%	$14K	$13K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005033	−0.110%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005030	−0.169%	$2.1M	$803K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005035	−0.070%	$611K	$578K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005036	−0.050%	$140K	$76K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005033	−0.110%	$1.4M	$485K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005035	−0.070%	$488K	$116K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005039	+0.009%	$663K	$379K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005036	−0.050%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005034	−0.089%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7075%	1h	0.0005078	+0.779%	$49K	$9K	10x	as long as short