Funding arb · Price arb /

CASHCAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Variational Omni against Hyperliquid−0.655%7-day average +0.155% · 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 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 7 days+0.615%+$61 · spread now −0.655%, 7d avg +0.155%

Together, before fees+0.591%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$59 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 0.810% cheaper against Hyperliquid than usual: you would sell low and buy high, −$81 on $10k if it goes back to its 7-day average of +0.155%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CASHCAT	0.1647	0.0100	pay 0.0013% / 1h	32m 28s	$45.0M	$20.3M	3x
Short	Variational Omni CASHCAT	0.1636	0.0100	get 0.0050% / 4h	1h 32m	$1.0M	$1.8M	—

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 −0.655%Rate

Funding earned: $0
Price spread: −0.655% → +0.155%: −$81.04
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: −$90.04
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 2 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, 11 min ago	2.75 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	9.15 bp	doesn't fit	88.5 bp −$885	doesn't fit	doesn't fit

CASHCAT on 22 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 CASHCAT	−0.0352%	1h	0.1647	0.000%	$1.1M	$1.8M	3x	as long as short
Lighter RH CASHCAT	+0.0096%	1h	0.1648	+0.036%	$341K	$959K	3x	as long as short
Hyperliquid CASHCATlong	+0.0100%	1h	0.1647	long leg	$45.0M	$20.3M	3x
Gate CASHCAT_USDT	+0.0100%	4h	0.1647	+0.006%	$1.5M	$2.0M	20x	as long as short
KuCoin CASHCATUSDTM	+0.0100%	4h	0.1646	−0.043%	$578K	$2.4M	10x	as long as short
Variational Omni CASHCATshort	+0.0100%	4h	0.1636	−0.655%	$1.0M	$1.8M	—
SunX CASHCAT-USDT	+0.0100%	1h	0.1648	+0.063%	—	$2.4M	10x	as long as short
SoDEX CASHCAT-USD	+0.0100%	1h	0.1648	+0.049%	$494	$1K	3x	as long as short
HTX CASHCAT-USDT	+0.0100%	1h	0.1640	−0.441%	$20K	$292K	10x	as long as short
ApeX Omni CASHCATUSDT	+0.0120%	1h	0.1635	−0.741%	$74K	$59K	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado CASHCAT-PERP	+0.0307%	1h	0.1644	−0.176%	$207K	$194K	5x	as long as short
Bybit CASHCATUSDT	+0.0310%	4h	0.1648	+0.067%	$12.3M	$19.2M	10x	as long as short
MEXC CASHCAT_USDT	+0.0318%	4h	0.1647	+0.006%	$8.2M	$527K	20x	as long as short
Extended CASHCAT-USD	+0.0480%	1h	0.1647	+0.016%	$106K	$756K	5x	as long as short
Polymarket Perps CASHCAT-USD	+0.0744%	1h	0.1648	+0.049%	$65K	$1.3M	3x	as long as short
edgeX CASHCATUSDC	+0.0769%	4h	0.1636	−0.677%	$50K	$169K	5x	as long as short
Arcus CASHCAT-USD	+0.0990%	1h	0.1650	+0.174%	$111K	$289K	5x	as long as short
BingX CASHCAT-USDT	+0.0992%	4h	0.1646	−0.055%	—	$1.1M	—	as long as short
OKX CASHCAT-USDT-SWAP	+0.1002%	4h	0.1646	−0.055%	$1.5M	$12.3M	20x	as long as short
BloFin CASHCAT-USDT	+0.1303%	4h	0.1641	−0.358%	$53K	$563K	20x	as long as short
Aster CASHCATUSDT	+0.1640%	1h	0.1643	−0.221%	$551K	$1.1M	10x	as long as short
Injective CASHCAT/USDC PERP	+0.5000%	1h	0.1659	+0.735%	$8K	$19K	5.5x	as long as short