Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Hyperliquid against Variational Omni+0.124%7-day average −0.063% · 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)−0.133%−$13 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.124%, 7d avg −0.063%

Together, before fees−0.216%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$22 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: Hyperliquid is 0.187% dearer against Variational Omni than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni STABLE	0.02483	0.0100	pay 0.0050% / 4h	1h 47m	$145K	$50K	—
Short	Hyperliquid STABLE	0.02486	0.0100	get 0.0013% / 1h	47m 25s	$875K	$186K	3x

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

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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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.124%Rate

Funding earned: $0
Price spread: +0.124% → −0.063%: $18.69
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: $9.69
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 16 min ago; Hyperliquid: live order book, 63 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, 16 min ago	10.03 bp	doesn't fit	258.8 bp −$2,588	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 63 min ago	1.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

STABLE on 14 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
Lighter STABLE	+0.0096%	1h	0.02496	+0.559%	$115K	$6K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02486	+0.124%	$875K	$186K	3x
Aster STABLEUSDT	+0.0100%	4h	0.02483	+0.016%	$19K	$8K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02486	+0.120%	$2.6M	$2.9M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02488	+0.221%	$1.5M	$777K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02480	−0.101%	$199K	$403K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02484	+0.060%	$173K	$56K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02485	+0.100%	$611K	$166K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02491	+0.342%	$184K	$30K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02486	+0.140%	$286K	$101K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02486	+0.140%	—	$6.5M	—	as long as short
Variational Omni STABLElong	+0.0100%	4h	0.02483	long leg	$145K	$50K	—
SunX STABLE-USDT	+0.0100%	4h	0.02483	+0.036%	$1K	$832K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02485	+0.093%	$14K	$149K	10x	as long as short