Funding arb · Price arb /

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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 0.000%

Price spread now: Hyperliquid against Binance−0.011%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$800.796% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.011%, 7d avg +0.029%

Together, before fees+0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.040% cheaper against Binance than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TRBUSDT	19.189	0.0100	pay 0.0050% / 4h	1h 00m	$5.1M	$10.2M	50x
Short	Hyperliquid TRB	19.187	0.0100	get 0.0013% / 1h	0m 41s	$483K	$228K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 BinancebpFee HyperliquidbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.029%: −$4.01
Slippage, 4 orders: −$60.63
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$83.63
Costs to cover: 0.796%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Hyperliquid: live order book, 9 min ago.

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 Binance live order book, 9 min ago	0.52 bp	17.4 bp −$17	59.4 bp −$594	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.26 bp	21.9 bp −$22	doesn't fit	doesn't fit	doesn't fit

TRB on 13 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
BloFin TRB-USDT	+0.0056%	4h	19.196	+0.036%	$359K	$174K	50x	as long as short
Hyperliquid TRBshort	+0.0100%	1h	19.187	−0.011%	$483K	$228K	3x
Aster TRBUSDT	+0.0100%	4h	19.200	+0.057%	$9K	$20K	5x	as long as short
Binance TRBUSDTlong	+0.0100%	4h	19.189	long leg	$5.1M	$10.2M	50x
Bybit TRBUSDT	+0.0100%	4h	19.214	+0.130%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.190	+0.005%	$4.4M	$4.7M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.187	−0.011%	$14.6M	$928K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.217	+0.145%	$1.1M	$302K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.195	+0.031%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.185	−0.022%	—	$16.5M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.127	−0.324%	$14K	$3K	—	as long as short
Gate TRB_USDT	+0.0290%	4h	19.230	+0.213%	$580K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1233%	1h	19.219	+0.157%	$102K	$98K	10x	as long as short