Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0099%/8h= −10.9% APRpaid last 24h −0.036%

Price spread now: Variational Omni against Hyperliquid−0.197%7-day average −0.112% · 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)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.343%+$34 · spread now −0.197%, 7d avg −0.112%

Together, before fees+0.276%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.084% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.112%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7147	0.0100	pay 0.0013% / 1h	38m 20s	$8.7M	$3.6M	5x
Short	Variational Omni VIRTUAL	0.7133	0.0001	get 0.0000% / 4h	2h 38m	$520K	$874K	—

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 −0.197%Rate

Funding earned: −$20.87
Price spread: −0.197% → −0.112%: −$8.44
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: −$38.31
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Variational Omni: RFQ quote, 50 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, 4 min ago	0.56 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 50 min ago	3.50 bp	doesn't fit	20.3 bp −$203	doesn't fit	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0871%	1h	0.7131	−0.218%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.414%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7136	−0.144%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7114	−0.459%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7136	−0.148%	$2K	$131	10x	as long as short
Variational Omni VIRTUALshort	+0.0001%	4h	0.7133	−0.197%	$520K	$874K	—
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7145	−0.021%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7143	−0.050%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7132	−0.210%	$324K	$391K	5x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7147	long leg	$8.7M	$3.6M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7141	−0.080%	$194K	$81K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7141	−0.072%	$74K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7141	−0.078%	$16.4M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7137	−0.134%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7139	−0.106%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7141	−0.078%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7138	−0.120%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7140	−0.092%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7142	−0.064%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7138	−0.120%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7130	−0.232%	$234K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7140	−0.093%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7138	−0.126%	$632K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7147	+0.006%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7140	−0.087%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7129	−0.246%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7127	−0.276%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7139	−0.103%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7144	−0.039%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7146	−0.015%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7126	−0.288%	$810K	$799K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.076%	$195K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0527%	1h	0.7137	−0.132%	$523K	$528K	50x	as long as short