Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1074%/8h= −117.6% APRpaid last 24h −0.462%

Price spread now: Variational Omni against Hyperliquid−0.610%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 4 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

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Variational Omni is 0.610% cheaper against Hyperliquid than usual: you would sell low and buy high (−$61 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HMSTR	0.0001770	0.1174	pay 0.0147% / 1h	23m 40s	$1.9M	$113K	3x
Short	Variational Omni HMSTR	0.0001759	0.0100	get 0.0050% / 4h	2h 23m	$2K	$919	—

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 −0.610%Rate

Funding earned: −$225.52
Price spread: −0.610% → 0.000%: −$60.96
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: −$295.48
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 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, 7 min ago	28.17 bp	97.0 bp −$97	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.

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001761	−0.508%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001761	−0.514%	$33K	$6K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001761	−0.508%	$2.2M	$1.9M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001762	−0.452%	$1.4M	$597K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001762	−0.452%	$612K	$739K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001759	−0.621%	$403K	$228K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001760	−0.565%	$381K	$115K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001761	−0.508%	$251K	$54K	10x	as long as short
Variational Omni HMSTRshort	+0.0100%	4h	0.0001759	−0.610%	$2K	$919	—
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001757	−0.734%	$13K	$603K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001760	−0.591%	$917	—	5x	as long as short
Hyperliquid HMSTRlong	+0.1174%	1h	0.0001770	long leg	$1.9M	$113K	3x
Kraken Futures PF_HMSTRUSD	+0.2886%	1h	0.0001767	−0.176%	$10K	$6K	10x	as long as short