Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0993%/8h= +108.7% APRpaid last 24h +0.191%

Price spread now: Hyperliquid against Variational Omni−0.003%7-day average +0.146% · you buy dearer than you sell

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)+0.397%+$40 on $10k

Price spread, last 3 days (all we have)+0.162%+$16 · spread now −0.003%, 7d avg +0.146%

Together, before fees+0.559%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.149% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.003% now, against its 7-day average of +0.146%). If the spread goes back, that is −$15 on $10k: about 12 hours of funding at the current rate (+$30 a day). At the pace of the last 3 days (+0.397% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SYRUP	0.2304	0.0100	pay 0.0050% / 4h	37m 02s	$166K	$46K	—
Short	Hyperliquid SYRUP	0.2304	0.1093	get 0.0137% / 1h	37m 02s	$5.9M	$1.5M	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 −0.003%Rate

Funding earned: $208.48
Price spread: −0.003% → +0.146%: −$14.89
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: $184.6
Costs to cover: 0.090%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 42 min ago; Hyperliquid: live order book, 5 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, 42 min ago	6.53 bp	doesn't fit	189.3 bp −$1,893	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.52 bp	doesn't fit	doesn't fit	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
BloFin SYRUP-USDT	+0.0042%	4h	0.2297	−0.302%	$460K	$133K	50x	as long as short
Lighter SYRUP	+0.0096%	1h	0.2302	−0.068%	$209K	$220K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2298	−0.250%	$13K	$62K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2297	−0.294%	$9.6M	$6.6M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2299	−0.207%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2297	−0.298%	$1.2M	$1.0M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2300	−0.155%	$428K	$68K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2297	−0.298%	$3.0M	$582K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2307	+0.141%	$2.0M	$108K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2301	−0.124%	$668K	$440K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SYRUP-USDT	+0.0100%	4h	0.2297	−0.298%	—	$6.5M	—	as long as short
Variational Omni SYRUPlong	+0.0100%	4h	0.2304	long leg	$166K	$46K	—
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2299	−0.228%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2298	−0.261%	$3K	—	50x	as long as short
Kraken Futures PF_SYRUPUSD	+0.0685%	1h	0.2300	−0.166%	$41K	$23K	10x	as long as short
Hyperliquid SYRUPshort	+0.1093%	1h	0.2304	−0.003%	$5.9M	$1.5M	3x