Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Hyperliquid against Variational Omni−0.194%7-day average −0.065% · you buy dearer than you sell

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)−0.133%−$13 on $10k

Price spread, last 3 days (all we have)+0.085%+$9 · spread now −0.194%, 7d avg −0.065%

Together, before fees−0.048%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$5 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: Hyperliquid is 0.129% cheaper against Variational Omni than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni STABLE	0.02471	0.0100	pay 0.0050% / 4h	1h 23m	$145K	$50K	—
Short	Hyperliquid STABLE	0.02466	0.0100	get 0.0013% / 1h	23m 21s	$869K	$225K	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 −0.194%Rate

Funding earned: $0
Price spread: −0.194% → −0.065%: −$12.87
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: −$21.87
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 61 min ago; Hyperliquid: live order book, 57 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, 61 min ago	8.07 bp	doesn't fit	427.9 bp −$4,279	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 57 min ago	2.02 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit

STABLE 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
Aster STABLEUSDT	−0.0168%	4h	0.02468	−0.109%	$19K	$7K	20x	as long as short
Lighter STABLE	+0.0096%	1h	0.02479	+0.352%	$114K	$3K	3x	as long as short
Hyperliquid STABLEshort	+0.0100%	1h	0.02466	−0.194%	$869K	$225K	3x
Binance STABLEUSDT	+0.0100%	4h	0.02464	−0.257%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02469	−0.085%	$1.5M	$763K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02466	−0.190%	$203K	$406K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02467	−0.149%	$172K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02465	−0.230%	$658K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02474	+0.134%	$177K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02467	−0.149%	$291K	$116K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02468	−0.109%	—	$6.5M	—	as long as short
Variational Omni STABLElong	+0.0100%	4h	0.02471	long leg	$145K	$50K	—
SunX STABLE-USDT	+0.0100%	4h	0.02466	−0.206%	$2K	$658K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02464	−0.277%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0125%	4h	0.02463	−0.311%	$113K	$7K	75x	as long as short