Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0516%/8h= −56.5% APRpaid last 24h −0.043%

Price spread now: Variational Omni against Hyperliquid+0.129%7-day average — · you sell dearer than you buy

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

The price spread pays, funding is against you. Variational Omni is 0.129% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.129% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STBL	0.02664	0.0616	pay 0.0077% / 1h	2m 52s	$2.0M	$263K	3x
Short	Variational Omni STBL	0.02668	0.0100	get 0.0050% / 4h	2m 52s	$973	$276	—

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 +0.129%Rate

Funding earned: −$108.42
Price spread: +0.129% → 0.000%: $12.89
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: −$104.54
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 8 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, 8 min ago	1.69 bp	32.2 bp −$32	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.

STBL on 12 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
Lighter STBL	+0.0096%	1h	0.02659	−0.191%	$80K	$2K	3x	as long as short
Aster STBLUSDT	+0.0100%	4h	0.02663	−0.045%	$89K	$5K	5x	as long as short
Binance STBLUSDT	+0.0100%	4h	0.02667	+0.109%	$1.9M	$2.1M	50x	as long as short
MEXC STBL_USDT	+0.0100%	4h	0.02668	+0.146%	$362K	$149K	100x	as long as short
KuCoin STBLUSDTM	+0.0100%	4h	0.02660	−0.154%	$1.1M	$235K	20x	as long as short
Variational Omni STBLshort	+0.0100%	4h	0.02668	+0.129%	$973	$276	—
SunX STBL-USDT	+0.0100%	4h	0.02662	−0.079%	$2K	$1.1M	20x	as long as short
BloFin STBL-USDT	+0.0151%	4h	0.02671	+0.259%	$127K	$22K	50x	as long as short
Gate STBL_USDT	+0.0260%	4h	0.02677	+0.484%	$1.2M	$94K	50x	as long as short
BingX STBL-USDT	+0.0596%	4h	0.02667	+0.109%	—	$6.6M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid STBLlong	+0.0616%	1h	0.02664	long leg	$2.0M	$263K	3x
Bybit STBLUSDT	+0.0712%	4h	0.02667	+0.109%	$1.5M	$659K	20x	as long as short