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: Hyperliquid against Kraken Futures−0.259%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4,443as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,449as in the Price arb table

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

Long on Kraken Futures Short on Hyperliquid

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)+0.593%+$59 · spread now −0.259%, 7d avg −0.078%

Together, before fees+0.473%+ Points / potential airdropHyperliquid: Season 2 · farm board+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Hyperliquid is 0.182% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

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	Kraken Futures PF_TRBUSD	19.556	0.1262	pay 0.0158% / 1h	42m 45s	$104K	$99K	10x
Short	Hyperliquid TRB	19.505	0.0100	get 0.0013% / 1h	42m 45s	$499K	$248K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now −0.259%Rate

Funding earned: −$244.07
Price spread: −0.259% → −0.078%: −$18.16
Slippage, 4 orders: −$4,412.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$4,693.33
Costs to cover: 44.311%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 19 min ago; Hyperliquid: live order book, 67 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 Kraken Futures live order book, 19 min ago	30.78 bp	4343.8 bp −$4,344	18726.6 bp −$187.3K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 67 min ago	0.78 bp	20.8 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	19.505	−0.259%	$499K	$248K	3x
Aster TRBUSDT	+0.0100%	4h	19.498	−0.295%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.497	−0.298%	$5.2M	$10.6M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.524	−0.162%	$6.5M	$2.1M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.500	−0.285%	$4.5M	$5.0M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.500	−0.285%	$15.4M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.507	−0.249%	$1.2M	$306K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.504	−0.264%	$1.3M	$1.4M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.512	−0.223%	—	$16.2M	—	as long as short
BloFin TRB-USDT	+0.0116%	4h	19.480	−0.387%	$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	−0.458%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0922%	4h	19.530	−0.131%	$624K	$1.8M	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1262%	1h	19.556	long leg	$104K	$99K	10x