Funding arb · Price arb /

REZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0782%/8h= −85.6% APRpaid last 24h −0.092%

Price spread now: Variational Omni against Hyperliquid−0.629%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 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 airdropHyperliquid: Season 2 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Variational Omni is 0.629% cheaper against Hyperliquid than usual: you would sell low and buy high (−$63 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid REZ	0.003832	0.0882	pay 0.0110% / 1h	52m 13s	$1.5M	$503K	3x
Short	Variational Omni REZ	0.003808	0.0100	get 0.0050% / 4h	2h 52m	$77K	$40K	—

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

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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.629%Rate

Funding earned: −$164.22
Price spread: −0.629% → 0.000%: −$62.87
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: −$236.09
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 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, 8 min ago	2.60 bp	21.7 bp −$22	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.

REZ on 12 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
Aster REZUSDT	+0.0100%	4h	0.003825	−0.178%	$18K	$36K	5x	as long as short
Binance REZUSDT	+0.0100%	4h	0.003823	−0.235%	$4.9M	$8.7M	50x	as long as short
MEXC REZ_USDT	+0.0100%	4h	0.003823	−0.235%	$1.3M	$407K	50x	as long as short
KuCoin REZUSDTM	+0.0100%	4h	0.003824	−0.209%	$447K	$91K	30x	as long as short
Bitget REZUSDT	+0.0100%	4h	0.003825	−0.183%	$620K	$1.3M	50x	as long as short
Variational Omni REZshort	+0.0100%	4h	0.003808	−0.629%	$77K	$40K	—
BloFin REZ-USDT	+0.0150%	4h	0.003826	−0.157%	$326K	$50K	50x	as long as short
Gate REZ_USDT	+0.0152%	4h	0.003826	−0.157%	$394K	$120K	10x	as long as short
BingX REZ-USDT	+0.0285%	4h	0.003826	−0.157%	—	$6.6M	—	as long as short
Bybit REZUSDT	+0.0310%	4h	0.003831	−0.026%	$1.4M	$1.0M	25x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_REZUSD	+0.0323%	1h	0.003819	−0.328%	$43K	$10K	10x	as long as short
Hyperliquid REZlong	+0.0882%	1h	0.003832	long leg	$1.5M	$503K	3x