Funding arb · Price arb /

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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 0.000%

Price spread now: Variational Omni against Hyperliquid−0.237%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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.237% cheaper against Hyperliquid than usual: you would sell low and buy high, −$24 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid IO	0.1519	0.0100	pay 0.0013% / 1h	56m 48s	$1.0M	$387K	3x
Short	Variational Omni IO	0.1516	0.0100	get 0.0050% / 4h	56m 48s	$30K	$5K	—

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 −0.237%Rate

Funding earned: $0
Price spread: −0.237% → 0.000%: −$23.72
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: −$32.72
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 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, 3 min ago	1.64 bp	22.2 bp −$22	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.

IO on 14 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
Injective IO/USDC PERP	−0.0159%	1h	0.1514	−0.355%	$2K	$102	5.5x	as long as short
BloFin IO-USDT	+0.0060%	4h	0.1519	−0.026%	$193K	$31K	50x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1519	long leg	$1.0M	$387K	3x
Aster IOUSDT	+0.0100%	4h	0.1521	+0.134%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1520	+0.007%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1517	−0.132%	$1.1M	$880K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1520	+0.059%	$245K	$547K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1518	−0.092%	$1.1M	$224K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1519	−0.026%	$388K	$658K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1522	+0.171%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1519	−0.026%	—	$1.3M	—	as long as short
Variational Omni IOshort	+0.0100%	4h	0.1516	−0.237%	$30K	$5K	—
Extended IO-USD	+0.0104%	1h	0.1520	+0.019%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+1.2533%	1h	0.1522	+0.153%	$39K	$21K	10x	as long as short