Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.099%

Price spread now: Variational Omni against Hyperliquid−0.067%7-day average −0.266% · 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)−0.322%−$32 on $10k

Price spread, last 4 days (all we have)+0.525%+$52 · spread now −0.067%, 7d avg −0.266%

Together, before fees+0.203%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.199% dearer against Hyperliquid than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.266%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5017	0.0100	pay 0.0013% / 1h	5m 15s	$10.1M	$7.6M	5x
Short	Variational Omni SPX	0.5013	0.0100	get 0.0050% / 4h	5m 15s	$844K	$1.4M	—

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 −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.266%: $19.86
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: $10.86
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 7 min ago; Variational Omni: RFQ quote, 4 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, 7 min ago	1.20 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.94 bp	doesn't fit	66.4 bp −$664	doesn't fit	doesn't fit

SPX on 19 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.748%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5019	+0.040%	$135K	$357K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5017	long leg	$10.1M	$7.6M	5x
Binance SPXUSDT	+0.0100%	4h	0.5011	−0.104%	$5.0M	$21.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5005	−0.229%	$11.3M	$16.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5011	−0.110%	$932K	$2.9M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5011	−0.110%	$1.0M	$567K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5014	−0.050%	$11.7M	$4.9M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5014	−0.050%	$3.6M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5012	−0.090%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5011	−0.110%	—	$6.9M	—	as long as short
Variational Omni SPXshort	+0.0100%	4h	0.5013	−0.067%	$844K	$1.4M	—
ApeX Omni SPXUSDT	+0.0100%	1h	0.5036	+0.389%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5005	−0.229%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5013	−0.068%	$33K	$247K	10x	as long as short
Aster SPXUSDT	+0.0130%	4h	0.5021	+0.083%	$134K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0173%	4h	0.5023	+0.130%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5017	+0.010%	$248K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1286%	1h	0.5019	+0.044%	$245K	$550K	20x	as long as short