Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Hyperliquid+0.125%7-day average +0.065% · you sell dearer than you buy

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)+0.133%+$13 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.125%, 7d avg +0.065%

Together, before fees+0.116%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$12 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 0.060% dearer against Hyperliquid than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STABLE	0.02468	0.0100	pay 0.0013% / 1h	24m 52s	$870K	$227K	3x
Short	Variational Omni STABLE	0.02471	0.0100	get 0.0050% / 4h	1h 24m	$145K	$50K	—

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 +0.125%Rate

Funding earned: $0
Price spread: +0.125% → +0.065%: $6
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: −$3
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 55 min ago; Variational Omni: RFQ quote, 59 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, 55 min ago	2.02 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 59 min ago	8.07 bp	doesn't fit	234.2 bp −$2,342	doesn't fit	doesn't fit

STABLE on 15 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 STABLEUSDT	−0.0182%	4h	0.02468	+0.016%	$19K	$7K	20x	as long as short
Lighter STABLE	+0.0096%	1h	0.02481	+0.531%	$114K	$3K	3x	as long as short
Hyperliquid STABLElong	+0.0100%	1h	0.02468	long leg	$870K	$227K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02467	−0.024%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02470	+0.105%	$1.5M	$763K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02468	+0.016%	$203K	$406K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02467	−0.024%	$172K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02468	+0.016%	$658K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02474	+0.259%	$177K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02469	+0.057%	$291K	$116K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02468	+0.016%	—	$6.6M	—	as long as short
Variational Omni STABLEshort	+0.0100%	4h	0.02471	+0.125%	$145K	$50K	—
SunX STABLE-USDT	+0.0100%	4h	0.02468	+0.008%	$2K	$657K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02468	−0.004%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0124%	4h	0.02466	−0.065%	$113K	$7K	75x	as long as short