Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.002%

Price spread now: Hyperliquid against BloFin−0.073%47s7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.674% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.205%+$21 · spread now −0.073%, 7d avg +0.025%

Together, before fees+0.225%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hyperliquid is 0.098% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.025%). Swap the legs. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TRB-USDT	19.117	0.0124	pay 0.0062% / 4h	1h 40m	$360K	$174K	50x
Short	Hyperliquid TRB	19.103	0.0100	get 0.0013% / 1h	40m 17s	$486K	$226K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$5.12
Price spread: −0.073% → +0.025%: −$9.83
Slippage, 4 orders: −$46.41
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$82.37
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from BloFin: live order book, 40 min ago; Hyperliquid: live order book, 39 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 BloFin live order book, 40 min ago	0.52 bp	16.4 bp −$16	39.2 bp −$392	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 39 min ago	2.87 bp	21.2 bp −$21	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
Hyperliquid TRBshort	+0.0100%	1h	19.103	−0.073%	$486K	$226K	3x
Aster TRBUSDT	+0.0100%	4h	19.090	−0.139%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.094	−0.119%	$5.0M	$10.2M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.110	−0.037%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.100	−0.089%	$4.4M	$4.6M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.094	−0.120%	$14.5M	$898K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.096	−0.110%	$1.1M	$304K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.083	−0.178%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.108	−0.047%	—	$16.5M	—	as long as short
Variational Omni TRB	+0.0100%	4h	19.162	+0.237%	$14K	$3K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin TRB-USDTlong	+0.0124%	4h	19.117	long leg	$360K	$174K	50x
Gate TRB_USDT	+0.0226%	4h	19.100	−0.089%	$578K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1238%	1h	19.133	+0.086%	$103K	$98K	10x	as long as short