Funding arb · Price arb /

LINK

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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 +0.070%

Price spread now: Hyperliquid against Variational Omni+0.067%7-day average +0.067% · 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 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 7 days−0.044%−$4 · spread now +0.067%, 7d avg +0.067%

Together, before fees+0.048%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	13.184	0.0100	pay 0.0100% / 8h	1h 11m	$3.3M	$1.5M	—
Short	Hyperliquid LINK	13.193	0.0100	get 0.0013% / 1h	11m 46s	$77.9M	$24.1M	10x

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

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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → +0.067%: −$0.02
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: −$9.02
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	3.15 bp	doesn't fit	10.7 bp −$107	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.76 bp	8.0 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.175	−0.069%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.179	−0.035%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.178	−0.046%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.175	−0.063%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0032%	1h	13.174	−0.072%	$349K	$48K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.946%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.183	−0.009%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.170	−0.105%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.175	−0.067%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.173	−0.080%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.172	−0.090%	$403K	$314K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.193	+0.067%	$77.9M	$24.1M	10x
Aster LINKUSDT	+0.0100%	8h	13.179	−0.037%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.177	−0.054%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.173	−0.080%	$122.4M	$303.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.170	−0.105%	$84.9M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.173	−0.082%	$27.8M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.185	+0.009%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.178	−0.044%	$130.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.171	−0.097%	$36.3M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.176	−0.060%	$22.4M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.175	−0.067%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.170	−0.105%	—	$21.4M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	13.184	long leg	$3.3M	$1.5M	—
edgeX LINKUSDC	+0.0100%	4h	13.179	−0.034%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.001%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.024%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.176	−0.060%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.170	−0.106%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.189	+0.039%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.173	−0.082%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.156	−0.209%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.169	−0.114%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.176	−0.061%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.175	−0.067%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.176	−0.060%	$365K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.166	−0.135%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.170	−0.103%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0469%	8h	13.187	+0.024%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.175	−0.067%	$6.9M	$8.1M	50x	as long as short