Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.205%

Price spread now: Variational Omni against Hyperliquid−0.108%7-day average −0.149% · 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)−0.405%−$41 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now −0.108%, 7d avg −0.149%

Together, before fees−0.468%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$47 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 0.041% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.149%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SYRUP	0.2273	0.0100	pay 0.0013% / 1h	50m 57s	$5.7M	$1.8M	3x
Short	Variational Omni SYRUP	0.2271	0.0100	get 0.0050% / 4h	2h 50m	$163K	$47K	—

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 −0.108%Rate

Funding earned: $0
Price spread: −0.108% → −0.149%: $4.07
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: −$4.93
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 18 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	1.75 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 18 min ago	8.70 bp	doesn't fit	200.1 bp −$2,001	doesn't fit	doesn't fit

SYRUP on 16 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 SYRUP	+0.0096%	1h	0.2272	−0.075%	$206K	$215K	5x	as long as short
Hyperliquid SYRUPlong	+0.0100%	1h	0.2273	long leg	$5.7M	$1.8M	3x
Aster SYRUPUSDT	+0.0100%	4h	0.2270	−0.154%	$14K	$65K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2270	−0.150%	$9.4M	$6.9M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2271	−0.088%	$2.3M	$2.0M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2270	−0.145%	$1.1M	$1.1M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2268	−0.255%	$421K	$67K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2270	−0.145%	$3.0M	$420K	100x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2270	−0.145%	$657K	$453K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2269	−0.202%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUPshort	+0.0100%	4h	0.2271	−0.108%	$163K	$47K	—
KuCoin SYRUPUSDTM	+0.0112%	4h	0.2273	0.000%	$2.0M	$112K	25x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2269	−0.206%	—	—	5x	as long as short
BloFin SYRUP-USDT	+0.0158%	4h	0.2266	−0.299%	$451K	$128K	50x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2268	−0.212%	$3K	—	50x	as long as short
Kraken Futures PF_SYRUPUSD	+0.1010%	1h	0.2275	+0.064%	$41K	$23K	10x	as long as short