Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.199%

Price spread now: Hyperliquid against Variational Omni+0.022%7-day average +0.190% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.389%+$39 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now +0.022%, 7d avg +0.190%

Together, before fees+0.300%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.168% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.190%). If the spread goes back, that is −$17 on $10k: about 2.4 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni MEGA	0.04599	0.0100	pay 0.0050% / 4h	3h 33m	$325K	$226K	—
Short	Hyperliquid MEGA	0.04600	0.0329	get 0.0041% / 1h	33m 17s	$7.9M	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.022%Rate

Funding earned: $48.07
Price spread: +0.022% → +0.190%: −$16.81
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $22.27
Costs to cover: 0.090%
Break-even: 3.8 days

Slippage unknown: Variational Omni: RFQ quote, 21 min ago; Hyperliquid: live order book, 9 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 Variational Omni RFQ quote, 21 min ago	5.45 bp	doesn't fit	158.2 bp −$1,582	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.74 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit

MEGA on 28 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
Coinbase International MEGA-PERP-INTX	−0.0680%	1h	0.04589	−0.211%	$5K	$12K	50x	as long as short
Bybit MEGAUSDT	−0.0101%	4h	0.04591	−0.178%	$3.5M	$5.8M	20x	as long as short
Phoenix MEGA	0.0000%	1h	0.04606	+0.148%	$21K	$7K	5x	as long as short
gTrade (Gains Network) MEGA/USD	L +0.0001% / S +0.0023%	1h	0.04592	−0.162%	$1K	—	150x	as long as short
Nado MEGA-PERP	+0.0080%	1h	0.04593	−0.146%	$198K	$144K	2x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04593	−0.125%	$19K	$91K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04594	−0.119%	$14K	$9K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04594	−0.114%	$4.1M	$13.7M	50x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04592	−0.156%	$937K	$3.2M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04599	−0.014%	$136K	$111	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MEGA_USDT	+0.0100%	4h	0.04593	−0.135%	$204K	$326K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04594	−0.113%	$805K	$375K	50x	as long as short
KuCoin MEGAUSDTM	+0.0100%	4h	0.04594	−0.113%	$234K	$119K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04593	−0.135%	$1.1M	$1.5M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04591	−0.178%	—	$1.7M	—	as long as short
Variational Omni MEGAlong	+0.0100%	4h	0.04599	long leg	$325K	$226K	—
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04595	−0.091%	$29K	$1.8M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04610	+0.235%	$24K	$230K	50x	as long as short
Orderly PERP_MEGA_USDC	+0.0100%	4h	0.04592	−0.156%	$3K	$2K	10x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04591	−0.178%	$2K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04592	−0.163%	$129K	$821K	5x	as long as short
BloFin MEGA-USDT	+0.0120%	4h	0.04595	−0.091%	$203K	$95K	50x	as long as short
Backpack MEGA_USDC_PERP	+0.0133%	1h	0.04596	−0.069%	$19K	$53K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04591	−0.185%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0238% / S −0.5353%	1h	0.04591	−0.167%	$3K	—	45x	as long as short
Hyperliquid MEGAshort	+0.0329%	1h	0.04600	+0.022%	$7.9M	$2.6M	3x
Lighter MEGA	+0.0880%	1h	0.04616	+0.365%	$653K	$341K	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1165%	1h	0.04599	−0.002%	$111	$15	25x	as long as short