Funding arb · Price arb /

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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 0.000%

Price spread now: Variational Omni against Hyperliquid−0.391%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.391% cheaper against Hyperliquid than usual: you would sell low and buy high, −$39 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.202	0.0100	pay 0.0013% / 1h	2m 14s	$483K	$227K	3x
Short	Variational Omni TRB	19.127	0.0100	get 0.0050% / 4h	1h 02m	$14K	$3K	—

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 −0.391%Rate

Funding earned: $0
Price spread: −0.391% → 0.000%: −$39.1
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: −$48.1
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 min ago; Variational Omni: no order-book sample. 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	0.26 bp	22.5 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TRB on 13 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 TRB-USDT	+0.0063%	4h	19.192	−0.052%	$358K	$174K	50x	as long as short
Hyperliquid TRBlong	+0.0100%	1h	19.202	long leg	$483K	$227K	3x
Aster TRBUSDT	+0.0100%	4h	19.197	−0.026%	$9K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.192	−0.051%	$5.1M	$10.1M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.212	+0.052%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.190	−0.062%	$4.4M	$4.7M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.190	−0.062%	$14.6M	$928K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.206	+0.021%	$1.1M	$300K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.219	+0.089%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.208	+0.031%	—	$16.5M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRBshort	+0.0100%	4h	19.127	−0.391%	$14K	$3K	—
Gate TRB_USDT	+0.0308%	4h	19.240	+0.198%	$580K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1233%	1h	19.214	+0.061%	$102K	$98K	10x	as long as short