Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid+0.026%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1081.080% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.026%, 7d avg +0.113%

Together, before fees+0.039%+ 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: Bybit is 0.087% cheaper against Hyperliquid than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.265	0.0100	pay 0.0013% / 1h	51m 04s	$498K	$240K	3x
Short	Bybit TRBUSDT	19.270	0.0100	get 0.0050% / 4h	2h 51m	$6.4M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.026%Rate

Funding earned: $0
Price spread: +0.026% → +0.113%: −$8.74
Slippage, 4 orders: −$87.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$116.73
Costs to cover: 1.080%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 69 min ago; Bybit: live order book, 2 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, 69 min ago	1.04 bp	28.3 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.16 bp	27.0 bp −$27	102.6 bp −$1,026	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	+0.0098%	4h	19.254	−0.057%	$364K	$184K	50x	as long as short
Hyperliquid TRBlong	+0.0100%	1h	19.265	long leg	$498K	$240K	3x
Aster TRBUSDT	+0.0100%	4h	19.177	−0.455%	$9K	$20K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.244	−0.109%	$5.1M	$10.4M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.270	+0.026%	$6.4M	$2.0M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.270	+0.026%	$4.4M	$4.8M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.237	−0.145%	$15.0M	$990K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.243	−0.114%	$1.2M	$308K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.264	−0.005%	$1.3M	$1.4M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.235	−0.156%	—	$16.3M	—	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	+0.0330%	4h	19.261	−0.021%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0822%	4h	19.270	+0.026%	$638K	$1.6M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1462%	1h	19.267	+0.009%	$102K	$99K	10x	as long as short