Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.037%

Price spread now: Hyperliquid against Variational Omni+0.285%7-day average +0.116% · 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)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.531%−$53 · spread now +0.285%, 7d avg +0.116%

Together, before fees−0.462%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Hyperliquid is 0.168% dearer against Variational Omni than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.116%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni VIRTUAL	0.7157	0.0100	pay 0.0050% / 4h	58m 45s	$533K	$909K	—
Short	Hyperliquid VIRTUAL	0.7177	0.0114	get 0.0014% / 1h	58m 45s	$8.8M	$4.1M	5x

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

click an exchange to add or hide it

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 +0.285%Rate

Funding earned: $3
Price spread: +0.285% → +0.116%: $16.82
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: $10.81
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Hyperliquid: live order book, 4 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, just now	4.20 bp	doesn't fit	23.8 bp −$238	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.28 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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 VIRTUAL	−0.0352%	1h	0.7165	+0.117%	$325K	$412K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7158	+0.014%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	−0.077%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7139	−0.252%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7155	−0.035%	$11K	$34K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7158	+0.017%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.559%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7160	+0.041%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7163	+0.082%	$97K	$291K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7162	+0.074%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7167	+0.139%	$16.4M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7167	+0.139%	$16.6M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7169	+0.167%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7166	+0.125%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	+0.111%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7164	+0.097%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7166	+0.125%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7164	+0.097%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7164	+0.097%	$238K	$208K	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7157	long leg	$533K	$909K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	−0.034%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	+0.098%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	+0.027%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	−0.002%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	−0.056%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7160	+0.048%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7164	+0.095%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7161	+0.054%	$18K	—	3x	as long as short
Hyperliquid VIRTUALshort	+0.0114%	1h	0.7177	+0.285%	$8.8M	$4.1M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7156	−0.009%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	+0.027%	$816K	$894K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.307%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0800%	1h	0.7172	+0.203%	$597K	$665K	50x	as long as short