Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0731%/8h= −80.1% APRpaid last 24h −0.345%

Price spread now: Variational Omni against Hyperliquid−1.615%7-day average −0.162% · 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)−0.625%−$62 on $10k

Price spread, last 3 days (all we have)+1.823%+$182 · spread now −1.615%, 7d avg −0.162%

Together, before fees+1.198%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Variational Omni is 1.453% cheaper against Hyperliquid than usual: you would sell low and buy high (−$145 if the spread goes back to its 7-day average of −0.162%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.04012	0.0100	pay 0.0013% / 1h	51m 33s	$1.0M	$610K	5x
Short	Variational Omni S	0.03947	−0.0631	pay 0.0316% / 4h	2h 51m	$614K	$30K	—

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 −1.615%Rate

Funding earned: −$153.57
Price spread: −1.615% → −0.162%: −$145.3
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: −$307.87
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Variational Omni: RFQ quote, 18 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, 9 min ago	1.63 bp	13.1 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 18 min ago	7.50 bp	doesn't fit	75.0 bp −$750	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.4040%	1h	0.03840	−4.292%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.650%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1266%	1h	0.04003	−0.221%	$34K	$23K	10x	as long as short
Variational Omni Sshort	−0.0631%	4h	0.03947	−1.615%	$614K	$30K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04003	−0.232%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04001	−0.276%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04003	−0.229%	$617	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.188%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.04002	−0.254%	$102K	$333K	10x	as long as short
Lighter S	+0.0096%	1h	0.04014	+0.045%	$165K	$165K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.04012	long leg	$1.0M	$610K	5x
Aster SUSDT	+0.0100%	4h	0.04015	+0.058%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04010	−0.055%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04007	−0.130%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04007	−0.130%	$990K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04009	−0.080%	$330K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04010	−0.055%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04013	+0.020%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04011	−0.030%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04010	−0.055%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−0.553%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04007	−0.117%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	−0.778%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERP	+0.0748%	1h	0.04010	−0.055%	$117K	$333K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0749%	1h	0.04008	−0.105%	$67K	$10K	10x	as long as short