Funding arb · Price arb /

GRASS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.174%

Price spread now: Variational Omni against Hyperliquid−1.924%7-day average −0.284% · 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)−0.347%−$35 on $10k

Price spread, last 7 days+1.602%+$160 · spread now −1.924%, 7d avg −0.284%

Together, before fees+1.255%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$126 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 1.640% cheaper against Hyperliquid than usual: you would sell low and buy high (−$164 if the spread goes back to its 7-day average of −0.284%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid GRASS	0.4485	0.0300	pay 0.0037% / 1h	37m 10s	$16.5M	$2.4M	3x
Short	Variational Omni GRASS	0.4399	0.0100	get 0.0050% / 4h	2h 37m	$2.1M	$1.1M	—

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 −1.924%Rate

Funding earned: −$41.94
Price spread: −1.924% → −0.284%: −$163.95
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: −$214.89
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 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, 6 min ago	5.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	7.90 bp	doesn't fit	39.5 bp −$395	doesn't fit	doesn't fit

GRASS 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
Reya GRASSRUSDPERP	−0.0114%	1h	0.4458	−0.604%	$670	—	15x	as long as short
Bybit GRASSUSDT	+0.0100%	4h	0.4468	−0.366%	$24.9M	$10.2M	25x	as long as short
OKX GRASS-USDT-SWAP	+0.0100%	4h	0.4476	−0.196%	$3.2M	$6.8M	20x	as long as short
Gate GRASS_USDT	+0.0100%	4h	0.4467	−0.397%	$1.2M	$1.1M	50x	as long as short
KuCoin GRASSUSDTM	+0.0100%	4h	0.4470	−0.330%	$1.5M	$924K	50x	as long as short
Bitget GRASSUSDT	+0.0100%	4h	0.4474	−0.236%	$5.2M	$1.9M	75x	as long as short
Variational Omni GRASSshort	+0.0100%	4h	0.4399	−1.924%	$2.1M	$1.1M	—
Hyperliquid GRASSlong	+0.0300%	1h	0.4485	long leg	$16.5M	$2.4M	3x
BloFin GRASS-USDT	+0.0311%	4h	0.4478	−0.152%	$579K	$261K	20x	as long as short
MEXC GRASS_USDT	+0.0358%	4h	0.4469	−0.352%	$1.5M	$1.1M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX GRASS-USDT	+0.0358%	4h	0.4475	−0.219%	—	$7.0M	—	as long as short
Extended GRASS-USD	+0.0368%	1h	0.4462	−0.502%	$220K	$823K	10x	as long as short
Binance GRASSUSDT	+0.0368%	4h	0.4477	−0.170%	$10.9M	$13.9M	75x	as long as short
Lighter GRASS	+0.1464%	1h	0.4480	−0.100%	$705K	$522K	5x	as long as short
Kraken Futures PF_GRASSUSD	+0.1507%	1h	0.4467	−0.405%	$169K	$70K	20x	as long as short
Aster GRASSUSDT	+0.1534%	4h	0.4469	−0.352%	$64K	$119K	10x	as long as short
Injective GRASS/USDC PERP	+0.5000%	1h	0.4267	−4.856%	$7	$23K	5.5x	as long as short