Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Hyperliquid−0.015%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now −0.015%, 7d avg +0.048%

Together, before fees+0.311%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 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: BingX is 0.063% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.455	0.0100	pay 0.0013% / 1h	45m 56s	$498K	$248K	3x
Short	BingX TRB-USDT	19.452	0.0100	get 0.0050% / 4h	1h 45m	—	$16.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $0
Price spread: −0.015% → +0.048%: −$6.3
Slippage, 4 orders: −$61.05
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$86.34
Costs to cover: 0.800%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 64 min ago; BingX: live order book, 7 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 Hyperliquid live order book, 64 min ago	0.78 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.88 bp	20.3 bp −$20	55.3 bp −$553	263.5 bp −$26.4K	332.9 bp −$166.4K

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 TRBlong	+0.0100%	1h	19.455	long leg	$498K	$248K	3x
Aster TRBUSDT	+0.0100%	4h	19.450	−0.026%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.443	−0.061%	$5.2M	$10.5M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.476	+0.108%	$6.4M	$2.1M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.450	−0.026%	$4.5M	$5.0M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.447	−0.041%	$15.3M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.450	−0.026%	$1.2M	$307K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.467	+0.062%	$1.3M	$1.4M	50x	as long as short
BingX TRB-USDTshort	+0.0100%	4h	19.452	−0.015%	—	$16.3M	—
BloFin TRB-USDT	+0.0129%	4h	19.409	−0.236%	—	$165K	50x	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	+0.0316%	4h	19.466	+0.057%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0928%	4h	19.450	−0.026%	$622K	$1.8M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1267%	1h	19.483	+0.144%	$104K	$99K	10x	as long as short