Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h −0.122%

Price spread now: Variational Omni against Hyperliquid−0.461%7-day average +0.044% · 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)−0.377%−$38 on $10k

Price spread, last 7 days+0.356%+$36 · spread now −0.461%, 7d avg +0.044%

Together, before fees−0.021%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.505% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.461% now, against its 7-day average of +0.044%). If the spread goes back, that is −$50 on $10k: about 51 days of funding at the current rate (+$1 a day). Mind the row above: over the last 3 days funding on this pair cost −0.377%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2806	0.1354	pay 0.0169% / 1h	55m 17s	$13.9M	$20.9M	3x
Short	Variational Omni USELESS	0.2793	0.1387	get 0.0694% / 4h	55m 17s	$1.2M	$1.7M	—

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 −0.461%Rate

Funding earned: $6.94
Price spread: −0.461% → +0.044%: −$50.46
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: −$52.52
Costs to cover: 0.090%
Break-even: 59.9 days

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 4 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, 8 min ago	0.73 bp	17.0 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.42 bp	doesn't fit	77.6 bp −$776	doesn't fit	doesn't fit

USELESS on 24 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
Lighter USELESS	+0.0096%	1h	0.2812	+0.214%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2794	−0.453%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2808	+0.075%	$9.8M	$65.7M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2808	+0.064%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2799	−0.242%	$18K	$492K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2800	−0.224%	$563K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0117%	1h	0.2803	−0.114%	$30K	$152K	3x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2810	+0.125%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0326%	4h	0.2800	−0.239%	$5.2M	$9.9M	12x	as long as short
Gate USELESS_USDT	+0.0384%	4h	0.2804	−0.086%	$7.0M	$8.2M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0438%	4h	0.2810	+0.146%	$5.4M	$9.2M	20x	as long as short
edgeX USELESSUSDC	+0.0519%	4h	0.2791	−0.549%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0524%	4h	0.2804	−0.071%	$10.2M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0526%	4h	0.2808	+0.061%	$23.8M	$115.1M	50x	as long as short
Extended USELESS-USD	+0.0528%	1h	0.2809	+0.080%	$295K	$966K	5x	as long as short
ApeX Omni USELESSUSDT	+0.0582%	1h	0.2789	−0.616%	$39K	$701K	25x	as long as short
Aster USELESSUSDT	+0.1140%	4h	0.2801	−0.192%	$644K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1194%	4h	0.2808	+0.064%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1214%	4h	0.2808	+0.057%	$27.9M	$45.3M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1333%	4h	0.2811	+0.153%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESSlong	+0.1354%	1h	0.2806	long leg	$13.9M	$20.9M	3x
Variational Omni USELESSshort	+0.1387%	4h	0.2793	−0.461%	$1.2M	$1.7M	—
BloFin USELESS-USDT	+0.1587%	4h	0.2814	+0.274%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2957	+5.352%	$5K	$9K	5.5x	as long as short