Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1222%/8h= −133.8% APRpaid last 24h −0.315%

Price spread now: Variational Omni against Hyperliquid−0.285%7-day average −0.161% · 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)−0.569%−$57 on $10k

Price spread, last 3 days (all we have)+0.779%+$78 · spread now −0.285%, 7d avg −0.161%

Together, before fees+0.211%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and Variational Omni is 0.125% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.161%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03905	0.0100	pay 0.0013% / 1h	33m 28s	$985K	$911K	5x
Short	Variational Omni S	0.03894	−0.1122	pay 0.0561% / 4h	2h 33m	$606K	$34K	—

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 −0.285%Rate

Funding earned: −$256.69
Price spread: −0.285% → −0.161%: −$12.45
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: −$278.14
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 17 min ago; Variational Omni: RFQ quote, 55 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, 17 min ago	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 55 min ago	6.32 bp	doesn't fit	69.5 bp −$695	doesn't fit	doesn't fit

S on 25 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_SUSD	−0.1463%	1h	0.03901	−0.107%	$33K	$32K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.036%	$47K	$5K	25x	as long as short
Variational Omni Sshort	−0.1122%	4h	0.03894	−0.285%	$606K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0188% / S +0.0183%	1h	0.03905	−0.013%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03902	−0.087%	$4	—	15x	as long as short
Aster SUSDT	−0.0026%	4h	0.03910	+0.114%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0017%	4h	0.03903	−0.064%	$101K	$339K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.027%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03910	+0.115%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.980%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03910	+0.115%	$164K	$240K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03905	long leg	$985K	$911K	5x
Binance SUSDT	+0.0100%	4h	0.03907	+0.029%	$5.3M	$23.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03900	−0.141%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03905	−0.013%	$972K	$7.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.064%	$320K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03907	+0.038%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03905	−0.013%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03907	+0.038%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03905	−0.013%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.115%	$19K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03905	−0.018%	$219K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03908	+0.064%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	−0.064%	$269K	$177K	75x	as long as short
Backpack S_USDC_PERP	+0.0550%	1h	0.03910	+0.115%	$114K	$288K	5x	as long as short