Funding arb · Price arb /

MNT

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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 −0.044%

Price spread now: Variational Omni against Hyperliquid−0.233%7-day average −0.159% · 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)−0.168%−$17 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.233%, 7d avg −0.159%

Together, before fees−0.125%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$12 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 0.074% cheaper against Hyperliquid than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.159%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid MNT	0.6517	0.0100	pay 0.0013% / 1h	4m 25s	$6.7M	$1.0M	5x
Short	Variational Omni MNT	0.6502	0.0100	get 0.0100% / 8h	4m 25s	$294K	$168K	—

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 −0.233%Rate

Funding earned: $0
Price spread: −0.233% → −0.159%: −$7.42
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: −$16.42
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Variational Omni: RFQ quote, 10 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, 8 min ago	1.61 bp	26.2 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 10 min ago	4.61 bp	doesn't fit	92.1 bp −$921	doesn't fit	doesn't fit

MNT 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6506	−0.162%	$19	—	100x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6507	−0.153%	$781	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+0.141%	$3K	$210K	12x	as long as short
Hyperliquid MNTlong	+0.0100%	1h	0.6517	long leg	$6.7M	$1.0M	5x
Bybit MNTUSDT	+0.0100%	8h	0.6504	−0.196%	$42.8M	$14.5M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6484	−0.503%	$413K	$152K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6503	−0.212%	$2.5M	$589K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6501	−0.242%	—	$2.5M	—	as long as short
Variational Omni MNTshort	+0.0100%	8h	0.6502	−0.233%	$294K	$168K	—
ApeX Omni MNTUSDT	+0.0100%	1h	0.6512	−0.074%	$11K	$634K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6514	−0.043%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6506	−0.166%	$89K	$219K	25x	as long as short
Lighter MNT	+0.0472%	1h	0.6522	+0.077%	$140K	$71K	5x	as long as short
Kraken Futures PF_MNTUSD	+0.0649%	1h	0.6506	−0.171%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERP	+0.0757%	1h	0.6499	−0.273%	$39K	$47K	10x	as long as short