Funding arb · Price arb /

KAS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0937%/8h= −102.6% APRpaid last 24h −0.016%

Price spread now: Variational Omni against Hyperliquid+0.080%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Variational Omni is 0.080% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.080% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid KAS	0.04370	0.1037	pay 0.0130% / 1h	56m 14s	$2.9M	$974K	3x
Short	Variational Omni KAS	0.04374	0.0100	get 0.0050% / 4h	56m 14s	$26K	$21K	—

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 +0.080%Rate

Funding earned: −$196.81
Price spread: +0.080% → 0.000%: $8.03
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: −$197.78
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 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, 5 min ago	1.59 bp	doesn't fit	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.

KAS on 15 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
gTrade (Gains Network) KAS/USD	L +0.0010% / S −0.0017%	1h	0.04357	−0.312%	$11K	—	150x	as long as short
Injective KAS/USDC PERP	+0.0033%	1h	0.04361	−0.215%	$45	$154K	5.5x	as long as short
Aster KASUSDT	+0.0100%	4h	0.04354	−0.368%	$255K	$201K	20x	as long as short
Binance KASUSDT	+0.0100%	4h	0.04363	−0.170%	$4.0M	$11.2M	75x	as long as short
Bybit KASUSDT	+0.0100%	4h	0.04357	−0.307%	$10.8M	$7.1M	50x	as long as short
Gate KAS_USDT	+0.0100%	8h	0.04352	−0.421%	$2.1M	$1.6M	75x	as long as short
MEXC KAS_USDT	+0.0100%	4h	0.04363	−0.169%	$28.1M	$4.4M	200x	as long as short
KuCoin KASUSDTM	+0.0100%	4h	0.04361	−0.206%	$4.2M	$6.8M	50x	as long as short
Bitget KASUSDT	+0.0100%	4h	0.04359	−0.261%	$12.0M	$2.9M	50x	as long as short
BingX KAS-USDT	+0.0100%	4h	0.04360	−0.238%	—	$69.5M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni KASshort	+0.0100%	4h	0.04374	+0.080%	$26K	$21K	—
GMX KAS/USD [WBTC.b-USDC]	L +0.0203% / S −0.3042%	1h	0.04358	−0.293%	$11K	—	100x	as long as short
Kraken Futures PF_KASUSD	+0.0314%	1h	0.04361	−0.221%	$297K	$450K	20x	as long as short
BloFin KAS-USDT	+0.0340%	4h	0.04372	+0.037%	$377K	$209K	75x	as long as short
Hyperliquid KASlong	+0.1037%	1h	0.04370	long leg	$2.9M	$974K	3x