Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Hyperliquid−0.268%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 0.268% cheaper against Hyperliquid than usual: you would sell low and buy high, −$27 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 IO	0.1520	0.0100	pay 0.0013% / 1h	38m 45s	$1.0M	$386K	3x
Short	Variational Omni IO	0.1516	0.0100	get 0.0050% / 4h	1h 38m	$30K	$5K	—

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 −0.268%Rate

Funding earned: $0
Price spread: −0.268% → 0.000%: −$26.81
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: −$35.81
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 1 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, 1 min ago	1.32 bp	22.7 bp −$23	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.

IO on 14 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_IOUSD	−0.0636%	1h	0.1523	+0.173%	$39K	$21K	10x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1520	long leg	$1.0M	$386K	3x
Aster IOUSDT	+0.0100%	4h	0.1522	+0.108%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1520	+0.007%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1518	−0.151%	$1.1M	$876K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1521	+0.046%	$232K	$527K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1519	−0.059%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1519	−0.059%	$409K	$656K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1520	+0.007%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1521	+0.072%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IOshort	+0.0100%	4h	0.1516	−0.268%	$30K	$5K	—
Extended IO-USD	+0.0104%	1h	0.1520	+0.006%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0123%	4h	0.1520	+0.007%	$193K	$30K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1509	−0.717%	$2K	$102	5.5x	as long as short