TRB

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1162%/8h= +127.3% APRnext payment +$1.45 per $10,000 · paid last 24h +0.274%

Price spread now: Kraken Futures against Hyperliquid+0.260%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4,419as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,413as in the Price arb table

costs, in and out, $10k−$4,43144.311% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)−0.594%−$59 · spread now +0.260%, 7d avg +0.078%

Together, before fees−0.474%+ Points / potential airdropHyperliquid: Season 2 · farm board−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Kraken Futures is 0.182% dearer against Hyperliquid than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.078%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.120% in total (about 6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.45 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.505	0.0100	pay 0.0013% / 1h	42m 47s	$499K	$248K	3x
Short	Kraken Futures PF_TRBUSD	19.556	0.1262	get 0.0158% / 1h	42m 47s	$104K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.260%Rate

Funding earned: $244.07
Price spread: +0.260% → +0.078%: $18.23
Slippage, 4 orders: −$4,412.09
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$4,168.79
Costs to cover: 44.311%
Break-even: 126.6 days

Slippage from Hyperliquid: live order book, 67 min ago; Kraken Futures: live order book, 19 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, 67 min ago	0.78 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 19 min ago	30.78 bp	48.4 bp −$48	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 TRBlong	+0.0100%	1h	19.505	long leg	$499K	$248K	3x
Aster TRBUSDT	+0.0100%	4h	19.498	−0.036%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.497	−0.039%	$5.2M	$10.6M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.524	+0.097%	$6.5M	$2.1M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.500	−0.026%	$4.5M	$5.0M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.500	−0.026%	$15.4M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.507	+0.010%	$1.2M	$306K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.504	−0.005%	$1.3M	$1.4M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.512	+0.036%	—	$16.2M	—	as long as short
BloFin TRB-USDT	+0.0116%	4h	19.480	−0.128%	$372K	$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	−0.199%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0922%	4h	19.530	+0.128%	$624K	$1.8M	50x	as long as short
Kraken Futures PF_TRBUSDshort	+0.1262%	1h	19.556	+0.260%	$104K	$99K	10x