Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.017%

Price spread now: Variational Omni against Hyperliquid−0.153%7-day average −0.033% · 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)−0.030%−$3 on $10k

Price spread, last 7 days+0.124%+$12 · spread now −0.153%, 7d avg −0.033%

Together, before fees+0.093%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Variational Omni is 0.119% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,769.6	0.0100	pay 0.0013% / 1h	37m 09s	$3.19B	$2.38B	25x
Short	Variational Omni ETH	2,765.4	0.0091	get 0.0091% / 8h	2h 37m	$140.3M	$319.1M	—

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

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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.153%Rate

Funding earned: −$1.95
Price spread: −0.153% → −0.033%: −$11.95
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: −$22.89
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 min ago; Variational Omni: RFQ quote, 2 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, 7 min ago	0.18 bp	4.7 bp −$5	4.7 bp −$47	5.2 bp −$516	5.4 bp −$2,677
Sell Variational Omni RFQ quote, 2 min ago	0.47 bp	doesn't fit	0.5 bp −$5	3.1 bp −$311	doesn't fit

ETH on 55 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
Perpl ETH	−0.0112%	43m	2,767.9	−0.060%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.126%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.206%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.157%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767.8	−0.065%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	−0.087%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.8	−0.066%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	−0.029%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768	−0.059%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0016%	8h	2,766.6	−0.107%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,766.3	−0.118%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0025%	1h	2,768.1	−0.056%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,767.8	−0.063%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,767	−0.094%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,766.8	−0.101%	$255.8M	$995.3M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,766.7	−0.104%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,766.9	−0.097%	$6.42B	$17.18B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,768.6	−0.037%	$258.4M	$224.4M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.1	−0.164%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,766.8	−0.101%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,766.7	−0.105%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,767	−0.094%	$183K	$1.8M	20x	as long as short
Variational Omni ETHshort	+0.0091%	8h	2,765.4	−0.153%	$140.3M	$319.1M	—
Lighter ETH	+0.0096%	1h	2,767.2	−0.088%	$115.2M	$511.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.6	−0.036%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.4	−0.045%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.8	−0.066%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.8	−0.065%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.5	−0.075%	$14.8M	$116.7M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,769.6	long leg	$3.19B	$2.38B	25x
Pacifica ETH	+0.0100%	1h	2,768.1	−0.054%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766.6	−0.107%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.4	−0.079%	$2.8M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	+0.001%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.147%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,767.1	−0.090%	$424.4M	$741.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.2	−0.087%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.206%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.140%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.1	−0.162%	$21.3M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.8	−0.065%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.7	−0.032%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.5	−0.042%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.5	−0.003%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.2	−0.121%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.8	−0.101%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.6	−0.109%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.6	−0.109%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.3	−0.049%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,768.5	−0.040%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,770	+0.015%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	−0.105%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,766.3	−0.121%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768	−0.057%	$87.9M	$329.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,767.6	−0.073%	$272K	$1.5M	20x	as long as short