Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.139%

Price spread now: Variational Omni against Hyperliquid−0.333%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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Variational Omni is 0.333% cheaper against Hyperliquid than usual: you would sell low and buy high (−$33 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005070	0.0100	pay 0.0013% / 1h	41m 44s	$370K	$51K	3x
Short	Variational Omni NOT	0.0005053	−0.0346	pay 0.0173% / 4h	1h 41m	$71K	$39K	—

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

click an exchange to add or hide it

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 −0.333%Rate

Funding earned: −$93.65
Price spread: −0.333% → 0.000%: −$33.3
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: −$135.95
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 58 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, 58 min ago	19.72 bp	60.8 bp −$61	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.

NOT on 16 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
Variational Omni NOTshort	−0.0346%	4h	0.0005053	−0.333%	$71K	$39K	—
KuCoin NOTUSDTM	−0.0188%	4h	0.0005066	−0.079%	$464K	$130K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.866%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0049%	4h	0.0005069	−0.020%	$112K	$17K	50x	as long as short
Bybit NOTUSDT	+0.0063%	4h	0.0005065	−0.099%	$2.1M	$862K	25x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005076	+0.110%	$11K	$4K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005070	long leg	$370K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005071	+0.018%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005068	−0.037%	$2.1M	$3.1M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005061	−0.178%	$633K	$651K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005065	−0.099%	$143K	$68K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005070	0.000%	$1.3M	$439K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005069	−0.020%	$672K	$411K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005067	−0.059%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005074	+0.080%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1948%	1h	0.0005079	+0.175%	$50K	$9K	10x	as long as short