Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1272%/8h= +139.3% APRpaid last 24h +0.315%

Price spread now: Hyperliquid against Variational Omni+0.040%7-day average +0.161% · 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 3 days (all we have)+0.569%+$57 on $10k

Price spread, last 3 days (all we have)−0.535%−$53 · spread now +0.040%, 7d avg +0.161%

Together, before fees+0.034%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.120% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.040% now, against its 7-day average of +0.161%). If the spread goes back, that is −$12 on $10k: about 8 hours of funding at the current rate (+$38 a day). At the pace of the last 3 days (+0.569% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03903	−0.1172	get 0.0586% / 4h	2h 37m	$608K	$34K	—
Short	Hyperliquid S	0.03905	0.0100	get 0.0013% / 1h	37m 24s	$985K	$911K	5x

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 +0.040%Rate

Funding earned: $267.06
Price spread: +0.040% → +0.161%: −$12.01
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: $246.05
Costs to cover: 0.090%
Break-even: 0.6 days

Slippage unknown: Variational Omni: RFQ quote, 51 min ago; Hyperliquid: live order book, 13 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, 51 min ago	6.32 bp	doesn't fit	82.1 bp −$821	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	1.40 bp	16.4 bp −$16	doesn't fit	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	−0.1463%	1h	0.03902	−0.026%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−1.973%	$47K	$5K	25x	as long as short
Variational Omni Slong	−0.1172%	4h	0.03903	long leg	$608K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03906	+0.084%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03905	+0.042%	$4	—	15x	as long as short
Aster SUSDT	−0.0040%	4h	0.03905	+0.052%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0018%	4h	0.03905	+0.051%	$101K	$339K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03900	−0.077%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.092%	$602	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.047%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03905	+0.051%	$164K	$240K	5x	as long as short
OKX S-USDT-SWAP	+0.0097%	4h	0.03902	−0.026%	$972K	$7.5M	20x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03905	+0.040%	$985K	$911K	5x
Binance SUSDT	+0.0100%	4h	0.03906	+0.087%	$5.3M	$24.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03899	−0.103%	$5.6M	$6.5M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03900	−0.077%	$318K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03906	+0.076%	$3.4M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03902	−0.026%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03905	+0.051%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03902	−0.026%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.179%	$23K	$470K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03902	−0.037%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03911	+0.204%	$271K	$178K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0518%	1h	0.03910	+0.179%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0582%	1h	0.03910	+0.179%	$114K	$288K	5x	as long as short