Funding arb · Price arb /

HMSTR

all HMSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3092%/8h= −338.6% APRpaid last 24h −0.497%

Price spread now: Variational Omni against Hyperliquid−1.039%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$93 a day on $10k at the current rate, and Variational Omni is 1.039% cheaper against Hyperliquid than usual: you would sell low and buy high (−$104 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HMSTR	0.0001780	0.3192	pay 0.0399% / 1h	36m 41s	$2.0M	$255K	3x
Short	Variational Omni HMSTR	0.0001762	0.0100	get 0.0050% / 4h	2h 36m	$2K	$2K	—

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

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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −1.039%Rate

Funding earned: −$649.35
Price spread: −1.039% → 0.000%: −$103.88
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: −$762.24
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Variational Omni: no order-book sample. 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	28.17 bp	61.7 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HMSTR on 13 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
BingX HMSTR-USDT	+0.0070%	4h	0.0001763	−0.955%	—	$1.3M	—	as long as short
Aster HMSTRUSDT	+0.0100%	4h	0.0001765	−0.865%	$33K	$7K	5x	as long as short
Binance HMSTRUSDT	+0.0100%	4h	0.0001765	−0.865%	$2.2M	$2.4M	10x	as long as short
Bybit HMSTRUSDT	+0.0100%	4h	0.0001764	−0.899%	$1.5M	$614K	25x	as long as short
OKX HMSTR-USDT-SWAP	+0.0100%	4h	0.0001764	−0.899%	$586K	$962K	10x	as long as short
Gate HMSTR_USDT	+0.0100%	4h	0.0001763	−0.955%	$391K	$143K	25x	as long as short
MEXC HMSTR_USDT	+0.0100%	4h	0.0001765	−0.843%	$377K	$119K	50x	as long as short
KuCoin HMSTRUSDTM	+0.0100%	4h	0.0001763	−0.955%	$247K	$62K	10x	as long as short
Variational Omni HMSTRshort	+0.0100%	4h	0.0001762	−1.039%	$2K	$2K	—
ApeX Omni HMSTRUSDT	+0.0100%	1h	0.0001763	−0.955%	$13K	$622K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended kHMSTR-USD	+0.0104%	1h	0.0001764	−0.878%	$918	—	5x	as long as short
Kraken Futures PF_HMSTRUSD	+0.1010%	1h	0.0001762	−1.030%	$10K	$11K	10x	as long as short
Hyperliquid HMSTRlong	+0.3192%	1h	0.0001780	long leg	$2.0M	$255K	3x