Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0546%/8h= −59.8% APRpaid last 24h −0.188%

Price spread now: Variational Omni against Hyperliquid+0.155%7-day average −0.144% · 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)−0.383%−$38 on $10k

Price spread, last 3 days (all we have)−0.313%−$31 · spread now +0.155%, 7d avg −0.144%

Together, before fees−0.696%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.299% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.155% now, against its 7-day average of −0.144%): +$30 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SYRUP	0.2306	0.0646	pay 0.0081% / 1h	37m 34s	$5.8M	$1.5M	3x
Short	Variational Omni SYRUP	0.2310	0.0100	get 0.0050% / 4h	1h 37m	$166K	$51K	—

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 +0.155%Rate

Funding earned: −$114.73
Price spread: +0.155% → −0.144%: $29.89
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: −$93.83
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 4 min ago; Variational Omni: RFQ quote, 46 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, 4 min ago	1.51 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 46 min ago	6.41 bp	doesn't fit	211.7 bp −$2,117	doesn't fit	doesn't fit

SYRUP 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
Lighter SYRUP	+0.0096%	1h	0.2307	+0.009%	$209K	$225K	5x	as long as short
Aster SYRUPUSDT	+0.0100%	4h	0.2304	−0.103%	$12K	$61K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2301	−0.217%	$9.7M	$6.5M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2301	−0.212%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2302	−0.191%	$1.2M	$992K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2304	−0.100%	$430K	$67K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2301	−0.234%	$3.1M	$561K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2309	+0.108%	$2.0M	$107K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2302	−0.191%	$677K	$431K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2303	−0.160%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUPshort	+0.0100%	4h	0.2310	+0.155%	$166K	$51K	—
BloFin SYRUP-USDT	+0.0120%	4h	0.2308	+0.065%	$466K	$133K	50x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2301	−0.215%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2303	−0.131%	$3K	—	50x	as long as short
Hyperliquid SYRUPlong	+0.0646%	1h	0.2306	long leg	$5.8M	$1.5M	3x
Kraken Futures PF_SYRUPUSD	+0.1422%	1h	0.2304	−0.085%	$41K	$23K	10x	as long as short