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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: Variational Omni against Hyperliquid−0.694%7-day average −0.279% · 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)−0.242%−$24 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.694%, 7d avg −0.279%

Together, before fees−0.170%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$17 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: Variational Omni is 0.415% cheaper against Hyperliquid than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of −0.279%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AR	4.6125	0.0100	pay 0.0013% / 1h	28m 12s	$4.1M	$4.9M	5x
Short	Variational Omni AR	4.5805	0.0100	get 0.0100% / 8h	28m 12s	$139K	$172K	—

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 −0.694%Rate

Funding earned: $0
Price spread: −0.694% → −0.279%: −$41.51
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: −$50.51
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Variational Omni: RFQ quote, 51 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	2.72 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 51 min ago	6.02 bp	doesn't fit	146.8 bp −$1,468	doesn't fit	doesn't fit

AR on 17 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_ARUSD	−0.1955%	1h	4.6031	−0.204%	$52K	$163K	20x	as long as short
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.6112	−0.028%	$592K	—	50x	as long as short
OKX AR-USDT-SWAP	−0.0025%	8h	4.6020	−0.228%	$2.4M	$21.0M	20x	as long as short
MEXC AR_USDT	+0.0031%	8h	4.6050	−0.163%	$6.8M	$4.4M	100x	as long as short
Extended AR-USD	+0.0032%	1h	4.6051	−0.159%	$37K	$237K	10x	as long as short
Binance ARUSDT	+0.0032%	8h	4.6050	−0.163%	$9.2M	$55.6M	75x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	−0.878%	$3K	$339	5.5x	as long as short
Hyperliquid ARlong	+0.0100%	1h	4.6125	long leg	$4.1M	$4.9M	5x
Aster ARUSDT	+0.0100%	8h	4.6028	−0.211%	$20K	$611K	10x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.6030	−0.206%	$4.6M	$8.9M	75x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AR_USDT	+0.0100%	8h	4.6060	−0.141%	$2.6M	$2.3M	50x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.6050	−0.163%	$1.4M	$1.2M	50x	as long as short
Bitget ARUSDT	+0.0100%	8h	4.6030	−0.206%	$3.9M	$5.6M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.6040	−0.184%	—	$2.9M	—	as long as short
Variational Omni ARshort	+0.0100%	8h	4.5805	−0.694%	$139K	$172K	—
ApeX Omni ARUSDT	+0.0100%	1h	4.5900	−0.488%	$58K	$747K	50x	as long as short
BloFin AR-USDT	+0.0128%	8h	4.6000	−0.271%	$435K	$677K	20x	as long as short