Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.076%

Price spread now: Variational Omni against Hyperliquid−0.106%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 0.106% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 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 BIO	0.02902	0.0100	pay 0.0013% / 1h	40m 02s	$756K	$222K	3x
Short	Variational Omni BIO	0.02899	0.0100	get 0.0050% / 4h	1h 40m	$33K	$66K	—

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 −0.106%Rate

Funding earned: $0
Price spread: −0.106% → 0.000%: −$10.56
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: −$19.56
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 70 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, 70 min ago	2.23 bp	20.2 bp −$20	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.

BIO on 15 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_BIOUSD	−0.0631%	1h	0.02899	−0.099%	$11K	$6K	20x	as long as short
Aster BIOUSDT	+0.0055%	4h	0.02900	−0.061%	$20K	$102K	5x	as long as short
Orderly PERP_BIO_USDC	+0.0093%	4h	0.02898	−0.138%	$13K	—	10x	as long as short
Lighter BIO	+0.0096%	1h	0.02902	−0.007%	$15K	$7K	3x	as long as short
Hyperliquid BIOlong	+0.0100%	1h	0.02902	long leg	$756K	$222K	3x
Binance BIOUSDT	+0.0100%	4h	0.02895	−0.226%	$6.1M	$7.2M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02898	−0.138%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02894	−0.276%	$1.2M	$2.2M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02902	0.000%	$1.5M	$287K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02895	−0.241%	$403K	$130K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BIOUSDTM	+0.0100%	4h	0.02900	−0.069%	$568K	$119K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02900	−0.069%	$1.3M	$545K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02899	−0.103%	—	$1.4M	—	as long as short
Variational Omni BIOshort	+0.0100%	4h	0.02899	−0.106%	$33K	$66K	—
BloFin BIO-USDT	+0.0106%	4h	0.02894	−0.276%	$264K	$8K	50x	as long as short