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: Hyperliquid against Variational Omni+1.442%7-day average +0.162% · 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)+0.625%+$62 on $10k

Price spread, last 3 days (all we have)−1.649%−$165 · spread now +1.442%, 7d avg +0.162%

Together, before fees−1.024%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$102 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Hyperliquid is 1.279% dearer against Variational Omni than usual: you sell high and buy low: +$128 more if the spread goes back to its 7-day average of +0.162%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03947	−0.0631	get 0.0316% / 4h	2h 52m	$614K	$30K	—
Short	Hyperliquid S	0.04004	0.0100	get 0.0013% / 1h	52m 12s	$1.0M	$609K	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

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 +1.442%Rate

Funding earned: $153.57
Price spread: +1.442% → +0.162%: $127.94
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: $272.51
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 17 min ago; Hyperliquid: live order book, 8 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	7.50 bp	doesn't fit	80.0 bp −$800	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.63 bp	13.8 bp −$14	doesn't fit	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	−0.2800%	1h	0.03840	−2.720%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−0.035%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1266%	1h	0.04003	+1.417%	$34K	$23K	10x	as long as short
Variational Omni Slong	−0.0631%	4h	0.03947	long leg	$614K	$30K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04003	+1.406%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04001	+1.362%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04003	+1.409%	$617	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.866%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.04002	+1.383%	$102K	$333K	10x	as long as short
Lighter S	+0.0096%	1h	0.04005	+1.459%	$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 Sshort	+0.0100%	1h	0.04004	+1.442%	$1.0M	$609K	5x
Aster SUSDT	+0.0100%	4h	0.04002	+1.385%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04003	+1.412%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04000	+1.333%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04005	+1.459%	$974K	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04002	+1.383%	$330K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04003	+1.409%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04001	+1.358%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04006	+1.485%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04002	+1.383%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	+0.826%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04001	+1.364%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	+0.851%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERP	+0.0748%	1h	0.04010	+1.586%	$117K	$333K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0749%	1h	0.04008	+1.535%	$67K	$10K	10x	as long as short