Funding arb · Price arb /

SOL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.002%

Price spread now: Variational Omni against Hyperliquid−0.291%7-day average −0.021% · 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)−0.002%$0 on $10k

Price spread, last 7 days+0.256%+$26 · spread now −0.291%, 7d avg −0.021%

Together, before fees+0.254%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.270% cheaper against Hyperliquid than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SOL	117.95	0.0121	pay 0.0015% / 1h	53m 10s	$716.9M	$400.8M	20x
Short	Variational Omni SOL	117.61	0.0100	get 0.0100% / 8h	6h 53m	$24.4M	$130.2M	—

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 −0.291%Rate

Funding earned: −$4.48
Price spread: −0.291% → −0.021%: −$27.05
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: −$40.53
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 1 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, 11 min ago	0.42 bp	4.9 bp −$5	5.5 bp −$55	9.3 bp −$930	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	1.19 bp	doesn't fit	1.8 bp −$18	8.9 bp −$893	doesn't fit

SOL on 55 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 SOLUSDT	−0.1080%	1h	118.05	+0.083%	$1.5M	$6.1M	50x	as long as short
Hibachi SOL/USDT-P	−0.0088%	1h	117.62	−0.278%	$92K	$705K	20x	as long as short
Hotstuff SOL-PERP	−0.0080%	1h	117.56	−0.329%	$919	$8K	25x	as long as short
Vest SOL-PERP	−0.0078%	1h	117.77	−0.149%	—	$610K	20x	as long as short
HTX SOL-USDT	−0.0072%	8h	117.87	−0.064%	$229.2M	$44.9M	75x	as long as short
Derive SOL-PERP	−0.0022%	1h	117.86	−0.078%	$2.0M	$2.7M	13x	as long as short
Gate SOL_USDT	−0.0008%	8h	117.92	−0.025%	$851.5M	$649.4M	100x	as long as short
gTrade (Gains Network) SOL/USD	L 0.0000% / S +0.0004%	1h	117.93	−0.017%	$53K	—	150x	as long as short
dYdX SOL-USD	0.0000%	1h	117.82	−0.110%	$4.5M	$25.9M	20x	as long as short
Kalshi KXSOLPERP	0.0000%	8h	117.76	−0.161%	$1.5M	$21.4M	3.1x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl SOL	0.0000%	43m	117.84	−0.094%	$131K	$4.0M	8.3x	as long as short
RISEx SOL/USDC	+0.0018%	1h	117.82	−0.110%	$1.8M	$4.6M	20x	as long as short
Kraken Futures PF_SOLUSD	+0.0049%	1h	117.94	−0.010%	$31.5M	$98.6M	100x	as long as short
01 Exchange SOLUSD	+0.0064%	1h	117.88	−0.059%	$102K	$162K	20x	as long as short
Coinbase International SOL-PERP-INTX	+0.0072%	1h	117.98	+0.029%	$7.9M	$410.6M	50x	as long as short
BingX SOL-USDC	+0.0080%	8h	117.91	−0.038%	—	$10.6M	—	as long as short
Orderly PERP_SOL_USDC	+0.0083%	8h	117.96	+0.005%	$1.1M	$5.9M	100x	as long as short
Deribit SOL_USDC-PERPETUAL	+0.0093%	1h	117.99	+0.032%	$26.4M	$25.3M	50x	as long as short
Lighter SOL	+0.0096%	1h	117.94	−0.010%	$13.1M	$57.3M	25x	as long as short
Lighter RH SOL	+0.0096%	1h	117.94	−0.008%	$2.2M	$16.6M	25x	as long as short
Aevo SOL-PERP	+0.0096%	1h	117.92	−0.027%	$346K	$262K	20x	as long as short
Paradex SOL-USD-PERP	+0.0099%	8h	117.75	−0.173%	$1.0M	$520K	50x	as long as short
Katana Perps SOL-USD	+0.0100%	8h	117.74	−0.178%	$45K	$819K	20x	as long as short
Nado SOL-PERP	+0.0100%	1h	117.82	−0.106%	$5.7M	$41.4M	40x	as long as short
Aster SOLUSDT	+0.0100%	8h	117.91	−0.033%	$177.9M	$180.9M	100x	as long as short
Pacifica SOL	+0.0100%	1h	117.81	−0.116%	$12.8M	$128.1M	20x	as long as short
Binance SOLUSDT	+0.0100%	8h	117.98	+0.025%	$976.6M	$3.81B	100x	as long as short
Bybit SOLUSDT	+0.0100%	8h	118.01	+0.051%	$821.1M	$1.28B	100x	as long as short
OKX SOL-USDT-SWAP	+0.0100%	8h	117.99	+0.034%	$366.4M	$1.68B	100x	as long as short
Ondo Perps SOL-USD.P	+0.0100%	1h	117.74	−0.178%	$255K	$901K	10x	as long as short
Arcus SOL-USD	+0.0100%	1h	117.84	−0.092%	$2.0M	$8.9M	20x	as long as short
Bulk SOL-USD	+0.0100%	1h	118.15	+0.170%	$136.0M	$13.0M	20x	as long as short
MEXC SOL_USDT	+0.0100%	8h	117.98	+0.025%	$423.3M	$1.10B	300x	as long as short
KuCoin SOLUSDTM	+0.0100%	8h	117.95	+0.003%	$133.6M	$207.5M	75x	as long as short
Bitget SOLUSDT	+0.0100%	8h	117.93	−0.016%	$489.5M	$445.6M	100x	as long as short
Backpack SOL_USDC_PERP	+0.0100%	1h	117.74	−0.178%	$23.8M	$36.9M	50x	as long as short
Variational Omni SOLshort	+0.0100%	8h	117.61	−0.291%	$24.4M	$130.2M	—
edgeX SOLUSDC	+0.0100%	4h	118.09	+0.119%	$94.9M	$399.6M	75x	as long as short
GRVT SOL_USDT_Perp	+0.0100%	8h	117.64	−0.265%	$48.2M	$29.6M	20x	as long as short
StandX SOL-USD	+0.0100%	1h	117.58	−0.314%	$1.3M	$13.4M	30x	as long as short
Polymarket Perps SOL-USD	+0.0100%	1h	117.88	−0.059%	$351K	$2.3M	20x	as long as short
Bullet SOL-USD	+0.0100%	1h	117.93	−0.015%	$201K	$1.7M	20x	as long as short
Bluefin SOL-PERP	+0.0100%	1h	117.92	−0.029%	$37K	$17K	25x	as long as short
SunX SOL-USDT	+0.0100%	8h	117.93	−0.014%	$192K	$1.8M	30x	as long as short
SoDEX SOL-USD	+0.0100%	1h	117.94	−0.008%	$6.2M	$10.8M	20x	as long as short
Phemex SOLUSDT	+0.0100%	8h	117.96	+0.008%	$46.0M	$100.8M	50x	as long as short
Phoenix SOL	+0.0101%	1h	117.72	−0.195%	$6.5M	$13.5M	25x	as long as short
Extended SOL-USD	+0.0104%	1h	117.91	−0.033%	$8.3M	$35.7M	50x	as long as short
Jupiter Perps SOL-PERP	L +0.0112% / S +0.0056%	1h	117.74	−0.179%	—	$228.6M	500x	as long as short
Hyperliquid SOLlong	+0.0121%	1h	117.95	long leg	$716.9M	$400.8M	20x
Reya SOLRUSDPERP	+0.0187%	1h	117.89	−0.049%	$1.1M	$524K	25x	as long as short
BloFin SOL-USDT	+0.0220%	8h	117.98	+0.025%	$52.3M	$74.2M	125x	as long as short
Injective SOL/USDC PERP	+0.0222%	1h	119.50	+1.314%	$4K	$2K	12x	as long as short
GMX SOL/USD [SOL-USDC]	L +0.0233% / S −0.0167%	1h	117.92	−0.026%	$3.7M	—	200x	as long as short
Aftermath Perps SOLUSD	+0.0290%	1h	118.04	+0.080%	$25K	$51K	20x	as long as short