Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.036%

Price spread now: Hyperliquid against Variational Omni−0.543%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 Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.068%+$7 on $10k

Price spread, last 3 days (all we have)+0.425%+$43 · spread now −0.543%, 7d avg +0.112%

Together, before fees+0.493%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$49 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.655% cheaper against Variational Omni than usual: you would sell low and buy high, −$66 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni VIRTUAL	0.7178	0.0100	pay 0.0050% / 4h	1h 50m	$526K	$878K	—
Short	Hyperliquid VIRTUAL	0.7139	0.0100	get 0.0013% / 1h	50m 52s	$8.7M	$3.7M	5x

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 −0.543%Rate

Funding earned: $0
Price spread: −0.543% → +0.112%: −$65.55
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: −$74.55
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 33 min ago; Hyperliquid: live order book, 11 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, 33 min ago	4.18 bp	doesn't fit	26.5 bp −$265	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.49 bp	10.5 bp −$11	doesn't fit	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	−0.0591%	1h	0.7127	−0.716%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0160%	1h	0.7128	−0.705%	$324K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7127	−0.722%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7124	−0.758%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7188	+0.139%	$11K	$40K	5x	as long as short
SoDEX VIRTUAL-USD	+0.0002%	1h	0.7126	−0.733%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7134	−0.625%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.855%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7128	−0.702%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7139	−0.543%	$8.7M	$3.7M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7134	−0.624%	$193K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7132	−0.650%	$71K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7139	−0.547%	$16.3M	$37.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7135	−0.604%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7141	−0.521%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7138	−0.563%	$1.4M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7132	−0.646%	$17.1M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7136	−0.591%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7144	−0.479%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7137	−0.577%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7132	−0.646%	$234K	$157K	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7178	long leg	$526K	$878K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7153	−0.358%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7184	+0.081%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7157	−0.298%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7132	−0.646%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7130	−0.674%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7131	−0.654%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7127	−0.721%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7133	−0.632%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7123	−0.772%	$809K	$797K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	−0.033%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0513%	1h	0.7142	−0.509%	$535K	$545K	50x	as long as short