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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0161%/8h= −17.7% APRpaid last 24h −0.023%

Price spread now: Variational Omni against Hyperliquid−0.219%7-day average −0.275% · 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 4 days (all we have)−0.240%−$24 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now −0.219%, 7d avg −0.275%

Together, before fees−0.360%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.056% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.219% now, against its 7-day average of −0.275%): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.3813	0.0261	pay 0.0033% / 1h	10m 29s	$3.7M	$4.4M	5x
Short	Variational Omni AR	4.3717	0.0100	get 0.0100% / 8h	3h 10m	$232K	$414K	—

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 −0.219%Rate

Funding earned: −$33.91
Price spread: −0.219% → −0.275%: $5.58
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: −$37.34
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 min ago; Variational Omni: RFQ quote, 43 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, 1 min ago	1.71 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 43 min ago	4.98 bp	doesn't fit	145.0 bp −$1,450	doesn't fit	doesn't fit

AR on 17 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
Kraken Futures PF_ARUSD	−0.1234%	1h	4.3711	−0.233%	$59K	$143K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0141% / S +0.0551%	1h	4.3749	−0.145%	$563K	—	50x	as long as short
Aster ARUSDT	+0.0100%	8h	4.3760	−0.121%	$30K	$467K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.3738	−0.171%	$8.6M	$50.3M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.3723	−0.205%	$4.4M	$8.5M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.3710	−0.235%	$2.2M	$17.3M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.3750	−0.144%	$2.4M	$1.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.3740	−0.167%	$6.0M	$4.2M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.3710	−0.235%	$1.1M	$1.3M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.3710	−0.235%	$3.8M	$5.2M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX AR-USDT	+0.0100%	8h	4.3740	−0.167%	—	$2.8M	—	as long as short
Variational Omni ARshort	+0.0100%	8h	4.3717	−0.219%	$232K	$414K	—
ApeX Omni ARUSDT	+0.0100%	1h	4.3870	+0.130%	$19K	$712K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.3740	−0.167%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.3830	+0.039%	$416K	$471K	20x	as long as short
Hyperliquid ARlong	+0.0261%	1h	4.3813	long leg	$3.7M	$4.4M	5x
Injective AR/USDC PERP	+0.0433%	1h	4.4240	+0.975%	$2K	$5K	5.5x	as long as short