Delta Neutral Calculator

Plan your delta neutral farming strategy across perp DEXs

For educational purposes only. Not financial advice. Always DYOR. Fees and rates are approximate — verify on each exchange before trading.

Select Exchanges

Total Capital ($)AccountsTokenPrice ($)Leverage (5x)Hold Time

Exchange Comparisonfor 0G

Exchange	Funding APR	Max Leverage	Maker / Taker	Points / Token
HyperliquidBEST LONG	+1.37%	3x	0.01% / 0.035%	HYPE token live
Aster	+1.37%	—	0.02% / 0.05%	ASTER token live + Points
VariationalBEST SHORT	+10.95%	—	0% / 0.05%	Points program active

Exchange

HyperliquidBEST LONG

Funding APR+1.37%

Max Leverage3x

Maker / Taker0.01% / 0.035%

Points / Token

HYPE token live

Exchange

Aster

Funding APR+1.37%

Max Leverage—

Maker / Taker0.02% / 0.05%

Points / Token

ASTER token live + Points

Exchange

VariationalBEST SHORT

Funding APR+10.95%

Max Leverage—

Maker / Taker0% / 0.05%

Points / Token

Points program active

Recommended Strategy

LONGHyperliquid(+1.37% APR)

SHORTVariational(+10.95% APR)

=+9.58% spread

Show all 3 exchange pairs ranked by spread

1.Long Hyperliquid (+1.37%)+ Short Variational (+10.95%)= +9.58%

2.Long Aster (+1.37%)+ Short Variational (+10.95%)= +9.58%

3.Long Hyperliquid (+1.37%)+ Short Aster (+1.37%)= 0.00%

Position Distribution

#	Exchange	Side	Margin	Leverage	Notional	Liq. Price	Dist. to Liq.
1	Hyperliquid	Long	$500.00	5x	$2.50K	$0	18.0%
2	Variational	Short	$500.00	5x	$2.50K	$0	18.0%
Total			$1.00K	5x	$5.00K

Risk Analysis(24h hold)

Funding Spread

+9.58% APR

Est. Funding (24h)

$0.66

Trading Fees (Round-trip)

$4.25

Est. Net P&L (24h)

-$3.59

First Liquidation At

Long side — 18.0% from current price

Max Drawdown Before Liq.

18.0%

Price move to trigger first liquidation

Break-Even Hold Time

6.5d

When funding covers trading fees

Points / Airdrop Estimation

VariationalPoints program active

Notional: $2.50K | Volume: $5.00K

Projected airdrop value if your trading accounts for a share of the allocation:

FDV	0.001% share	0.01% share	0.1% share
$250.00M	$125.00	$1.25K	$12.50K
$500.00M	$250.00	$2.50K	$25.00K
$1.00B	$500.00	$5.00K	$50.00K
$5.00B	$2.50K	$25.00K	$250.00K

Assumes 5% of token supply allocated to traders. Actual allocations vary. Your share depends on total participation.

Execution Guide

Fund 1 account(s) on Hyperliquid with $500.00 total for long positions.
Fund 1 account(s) on Variational with $500.00 total for short positions.
Open the short position(s) first — this is the more dangerous side if price moves during setup.
Immediately open the matching long position(s) at the same size.
Verify total long notional ≈ total short notional (delta neutral).
Monitor funding rates — if the spread narrows significantly, consider closing.
To close: unwind both sides simultaneously to minimize exposure.

Tips: Use limit orders to save on taker fees. Open the illiquid side first. Avoid closing during high-volatility events. Set price alerts near liquidation levels.

Open Hyperliquid Open Variational