Funding arb · Price arb /

UMA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid−0.038%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 0.038% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 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 UMA	0.4026	0.0100	pay 0.0013% / 1h	12m 23s	$213K	$68K	3x
Short	Variational Omni UMA	0.4024	0.0100	get 0.0050% / 4h	2h 12m	$5K	$7	—

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 −0.038%Rate

Funding earned: $0
Price spread: −0.038% → 0.000%: −$3.84
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: −$12.84
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 27 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, 27 min ago	1.87 bp	37.1 bp −$37	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.

UMA on 12 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
Hyperliquid UMAlong	+0.0100%	1h	0.4026	long leg	$213K	$68K	3x
Aster UMAUSDT	+0.0100%	4h	0.4023	−0.079%	$24K	$2K	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4021	−0.119%	$1.5M	$1.3M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4022	−0.094%	$667K	$163K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4022	−0.094%	$313K	$242K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4024	−0.045%	$78K	$46K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4020	−0.144%	$223K	$171K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4019	−0.169%	$163K	$62K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4022	−0.094%	$969K	$71K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.4021	−0.119%	—	$2.3M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMAshort	+0.0100%	4h	0.4024	−0.038%	$5K	$7	—
Kraken Futures PF_UMAUSD	+0.2498%	1h	0.4029	+0.075%	$14K	$6K	10x	as long as short