Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1274%/8h= −139.5% APRpaid last 24h −0.315%

Price spread now: Variational Omni against Hyperliquid−0.162%7-day average −0.161% · 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)−0.569%−$57 on $10k

Price spread, last 3 days (all we have)+0.657%+$66 · spread now −0.162%, 7d avg −0.161%

Together, before fees+0.088%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.161%, so right now this pair is about funding alone: −$38 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03927	0.0100	pay 0.0013% / 1h	43m 40s	$990K	$929K	5x
Short	Variational Omni S	0.03921	−0.1174	pay 0.0587% / 4h	2h 43m	$610K	$34K	—

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 −0.162%Rate

Funding earned: −$267.56
Price spread: −0.162% → −0.161%: −$0.18
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: −$276.74
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 7 min ago; Variational Omni: RFQ quote, 45 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, 7 min ago	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 45 min ago	6.32 bp	doesn't fit	69.5 bp −$695	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1455%	1h	0.03924	−0.086%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.569%	$47K	$5K	25x	as long as short
Variational Omni Sshort	−0.1174%	4h	0.03921	−0.162%	$610K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03924	−0.076%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03919	−0.205%	$4	—	15x	as long as short
Aster SUSDT	−0.0038%	4h	0.03929	+0.061%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0018%	4h	0.03922	−0.125%	$101K	$340K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03920	−0.176%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03926	−0.034%	$605	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03928	+0.028%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.408%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0076%	4h	0.03924	−0.074%	$977K	$7.6M	20x	as long as short
Lighter S	+0.0096%	1h	0.03930	+0.079%	$165K	$240K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03927	long leg	$990K	$929K	5x
Binance SUSDT	+0.0100%	4h	0.03927	+0.003%	$5.4M	$24.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03921	−0.150%	$5.6M	$6.5M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03918	−0.227%	$320K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03927	+0.003%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03927	+0.003%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03926	−0.023%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03927	+0.003%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.079%	$23K	$474K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03926	−0.029%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERP	+0.0319%	1h	0.03930	+0.079%	$114K	$285K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03926	−0.023%	$273K	$178K	75x	as long as short