Funding arb · Price arb /

CASHCAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.010%

Price spread now: Hyperliquid against Variational Omni−1.588%7-day average −0.135% · you buy dearer than you sell

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)+0.022%+$2 on $10k

Price spread, last 7 days+1.584%+$158 · spread now −1.588%, 7d avg −0.135%

Together, before fees+1.606%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$161 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 1.453% cheaper against Variational Omni than usual: you would sell low and buy high, −$145 on $10k if it goes back to its 7-day average of −0.135%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CASHCAT	0.1733	0.0100	pay 0.0050% / 4h	2h 11m	$1.5M	$1.7M	—
Short	Hyperliquid CASHCAT	0.1705	0.0100	get 0.0013% / 1h	11m 48s	$48.3M	$18.9M	3x

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 −1.588%Rate

Funding earned: $0
Price spread: −1.588% → −0.135%: −$145.32
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: −$154.32
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	5.79 bp	doesn't fit	121.5 bp −$1,215	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	4.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

CASHCAT on 22 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 CASHCAT	+0.0096%	1h	0.1705	−1.629%	$1.2M	$2.0M	3x	as long as short
Lighter RH CASHCAT	+0.0096%	1h	0.1706	−1.559%	$330K	$807K	3x	as long as short
Hyperliquid CASHCATshort	+0.0100%	1h	0.1705	−1.588%	$48.3M	$18.9M	3x
Bybit CASHCATUSDT	+0.0100%	4h	0.1704	−1.692%	$12.8M	$18.6M	10x	as long as short
OKX CASHCAT-USDT-SWAP	+0.0100%	4h	0.1704	−1.663%	$1.0M	$10.7M	20x	as long as short
Arcus CASHCAT-USD	+0.0100%	1h	0.1710	−1.293%	$100K	$183K	5x	as long as short
Gate CASHCAT_USDT	+0.0100%	4h	0.1703	−1.750%	$1.4M	$2.1M	20x	as long as short
MEXC CASHCAT_USDT	+0.0100%	4h	0.1706	−1.559%	$8.5M	$492K	20x	as long as short
KuCoin CASHCATUSDTM	+0.0100%	4h	0.1701	−1.825%	$572K	$2.4M	10x	as long as short
BingX CASHCAT-USDT	+0.0100%	4h	0.1704	−1.663%	—	$1.0M	—	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CASHCATlong	+0.0100%	4h	0.1733	long leg	$1.5M	$1.7M	—
ApeX Omni CASHCATUSDT	+0.0100%	1h	0.1731	−0.111%	$78K	$72K	50x	as long as short
SunX CASHCAT-USDT	+0.0100%	1h	0.1704	−1.637%	—	$2.6M	10x	as long as short
SoDEX CASHCAT-USD	+0.0100%	1h	0.1703	−1.698%	$511	$1K	3x	as long as short
HTX CASHCAT-USDT	+0.0100%	1h	0.1714	−1.086%	$18K	$414K	10x	as long as short
Polymarket Perps CASHCAT-USD	+0.0270%	1h	0.1705	−1.606%	$67K	$1.3M	3x	as long as short
BloFin CASHCAT-USDT	+0.0340%	4h	0.1723	−0.567%	$50K	$486K	20x	as long as short
Extended CASHCAT-USD	+0.0480%	1h	0.1705	−1.630%	$93K	$477K	5x	as long as short
Nado CASHCAT-PERP	+0.0675%	1h	0.1703	−1.750%	$240K	$158K	5x	as long as short
Aster CASHCATUSDT	+0.0793%	1h	0.1705	−1.631%	$560K	$1.2M	10x	as long as short
edgeX CASHCATUSDC	+0.0876%	4h	0.1729	−0.226%	$52K	$172K	5x	as long as short
Injective CASHCAT/USDC PERP	+0.5000%	1h	0.1824	+5.262%	$12K	$9K	5.5x	as long as short