Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Hyperliquid against Variational Omni+0.117%7-day average +0.051% · 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 4 days (all we have)+0.028%+$3 on $10k

Price spread, last 7 days−0.088%−$9 · spread now +0.117%, 7d avg +0.051%

Together, before fees−0.059%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.066% dearer against Variational Omni than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,415.2	0.0100	pay 0.0100% / 8h	3h 07m	$154.4M	$565.2M	—
Short	Hyperliquid BTC	85,515	0.0100	get 0.0013% / 1h	7m 58s	$3.78B	$5.02B	40x

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

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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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.117%Rate

Funding earned: $0
Price spread: +0.117% → +0.051%: $6.58
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: −$2.42
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hyperliquid: live order book, 6 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, 1 min ago	0.53 bp	doesn't fit	0.5 bp −$5	0.5 bp −$53	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.6 bp −$2,794

BTC on 56 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
Phoenix BTC	−0.0140%	1h	85,444	+0.034%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.013%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0046%	8h	85,436.7	+0.025%	$919.3M	$758.0M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,430	+0.017%	$419.7M	$675.3M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,446.9	+0.037%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,422	+0.008%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,415.1	0.000%	$502K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0003%	1h	85,407.3	−0.009%	$24.4M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.8	+0.021%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	85,448.7	+0.039%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.160%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0045%	1h	85,421	+0.007%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,432.8	+0.021%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,421.5	+0.007%	$148.6M	$497.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,457.4	+0.049%	$2.95B	$5.12B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,415	0.000%	$2.9M	$3.9M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,457.4	+0.049%	$5.07B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,455	+0.047%	$9.45B	$24.48B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0094%	1h	85,466.2	+0.060%	$872.3M	$1.60B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,432.5	+0.020%	$171.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,432	+0.020%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,404	−0.013%	$8.4M	$55.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,393	−0.026%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,459.8	+0.052%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,515	+0.117%	$3.78B	$5.02B	40x
Pacifica BTC	+0.0100%	1h	85,452.1	+0.043%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,449.3	+0.040%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,464.9	+0.058%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,417	+0.002%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,412.3	−0.003%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	+0.047%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,435.9	+0.024%	$5.53B	$10.86B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,423.6	+0.010%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,415.2	long leg	$154.4M	$565.2M	—
edgeX BTCUSDC	+0.0100%	4h	85,455.6	+0.047%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.065%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	+0.062%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	+0.062%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.069%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.008%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,418.3	+0.004%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,416.3	+0.001%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,466.4	+0.060%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,402.5	−0.015%	$30.0M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.3	−0.034%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,404.3	−0.013%	$2.26B	$950.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,434.7	+0.023%	$45.7M	$234.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,430.3	+0.018%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,448.2	+0.039%	$117.6M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0105%	1h	85,405.6	−0.011%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,442.9	+0.032%	$187.7M	$956.8M	100x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	85,444	+0.034%	$11.4M	$752.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,443.2	+0.033%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,430.1	+0.017%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,465.9	+0.059%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0255%	1h	85,479.2	+0.075%	$79K	$222K	20x	as long as short