Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.139%

Price spread now: Hyperliquid against Variational Omni+0.289%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.289% dearer against Variational Omni than usual: you sell high and buy low: +$29 more if the spread 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	Variational Omni NOT	0.0005115	−0.0136	get 0.0068% / 4h	3h 14m	$72K	$39K	—
Short	Hyperliquid NOT	0.0005130	0.0100	get 0.0013% / 1h	14m 01s	$375K	$51K	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

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 +0.289%Rate

Funding earned: $49.51
Price spread: +0.289% → 0.000%: $28.92
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: $69.43
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Hyperliquid: live order book, 36 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 no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 36 min ago	9.81 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit

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.

NOT on 16 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_NOTUSD	−0.0330%	1h	0.0005138	+0.443%	$50K	$10K	10x	as long as short
Variational Omni NOTlong	−0.0136%	4h	0.0005115	long leg	$72K	$39K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.715%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0041%	4h	0.0005127	+0.231%	$113K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005140	+0.485%	$12K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005130	+0.289%	$375K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005129	+0.264%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005130	+0.291%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005124	+0.172%	$2.2M	$824K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005128	+0.250%	$637K	$614K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005124	+0.172%	$143K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005131	+0.309%	$1.4M	$466K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005128	+0.250%	$468K	$136K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005133	+0.348%	$674K	$394K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005126	+0.211%	—	$723K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005129	+0.267%	$4K	$491	5x	as long as short