Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.052%

Price spread now: Variational Omni against Hyperliquid−0.344%7-day average −0.036% · 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)−0.065%−$7 on $10k

Price spread, last 7 days+0.326%+$33 · spread now −0.344%, 7d avg −0.036%

Together, before fees+0.260%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$26 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 0.307% cheaper against Hyperliquid than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	94.136	0.0100	pay 0.0013% / 1h	3m 26s	$2.05B	$680.0M	10x
Short	Variational Omni HYPE	93.812	0.0100	get 0.0100% / 8h	3m 26s	$31.3M	$54.2M	—

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 −0.344%Rate

Funding earned: $0
Price spread: −0.344% → −0.036%: −$30.75
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: −$39.75
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 1 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	0.05 bp	4.6 bp −$5	5.7 bp −$57	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.41 bp	doesn't fit	5.0 bp −$50	27.8 bp −$2,779	doesn't fit

HYPE on 55 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
Hibachi HYPE/USDT-P	−0.1376%	1h	93.897	−0.254%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0359%	1h	93.910	−0.240%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	−0.229%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	−0.176%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	−0.100%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.034	−0.108%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.931	−0.218%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	93.996	−0.149%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.158%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.081	−0.058%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.016	−0.128%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.253%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.046	−0.096%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.035	−0.107%	$323.7M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.972	−0.174%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.042	−0.100%	$88.5M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.049	−0.092%	$384.4M	$898.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.294%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	−0.092%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	94.052	−0.089%	$44.2M	$60.0M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.124%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.050	−0.091%	$116.1M	$323.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	−0.067%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.045	−0.097%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.991	−0.154%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	−0.102%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	−0.075%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	−0.092%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.136	long leg	$2.05B	$680.0M	10x
Pacifica HYPE	+0.0100%	1h	94.071	−0.069%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.263%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.025	−0.118%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.054	−0.087%	$227.8M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.040	−0.102%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.051	−0.090%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.812	−0.344%	$31.3M	$54.2M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.289%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.339%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	−0.181%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.086%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	−0.070%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.001	−0.143%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.019	−0.124%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.992	−0.153%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.291%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.028	−0.115%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	−0.081%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.993	−0.152%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	−0.294%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.150	+0.015%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	−0.100%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	−0.047%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.015	−0.128%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.089	−0.050%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.112	−0.025%	$21.0M	$29.5M	50x	as long as short