Funding you earn now, next payment 06:00 UTC−0.1133%/8h= −124.0% APRnext payment −$1.42 per $10,000 · paid last 24h −0.063%
Price spread now: Hyperliquid against Deribit−0.078%7-day average −0.033% · you buy dearer than you sell
Net, funding: paid 7d − costs−$40as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$240.241% of the position
Funding, last 7 days−0.163%−$16 on $10k
+Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.078%, 7d avg −0.033%
=Together, before fees−0.103%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Hyperliquid is 0.045% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.033%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.163% in total (about -8.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.42 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 | Deribit TRX_USDC-PERPETUAL | 0.3492 | 0.1233 | pay 0.0154% / 1h | 0m 49s | $909K | $680K | 25x |
| Short | Hyperliquid TRX | 0.3489 | 0.0100 | get 0.0013% / 1h | 0m 49s | $13.2M | $2.7M | 10x |
Deribit TRX_USDC-PERPETUAL
Hyperliquid TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$237.89
- Price spread: −0.078% → −0.033%
- −$4.49
- Slippage, 4 orders
- −$8.11
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$266.48
- Costs to cover
- 0.241%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 48 min ago; Hyperliquid: live order book, 12 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 Deribit live order book, 48 min ago | 0.14 bp | 4.1 bp −$4 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 12 min ago | 0.14 bp | 5.2 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
TRX on 32 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 | |
|---|---|---|---|---|---|---|---|---|
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3485 | −0.187% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3489 | −0.067% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3486 | −0.156% | $183K | $12K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0008% | 1h | 0.3486 | −0.156% | $123K | — | 150x | as long as short |
| HTX TRX-USDT | +0.0003% | 8h | 0.3483 | −0.242% | $833K | $932K | 75x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.456% | $1K | $163K | 12x | as long as short |
| BingX TRX-USDT | +0.0070% | 8h | 0.3486 | −0.156% | — | $32.8M | — | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3486 | −0.164% | $487K | $671K | 10x | as long as short |
| Paradex TRX-USD-PERP | +0.0100% | 8h | 0.3486 | −0.178% | $9K | $251 | 20x | as long as short |
| Orderly PERP_TRX_USDC | +0.0100% | 8h | 0.3486 | −0.167% | $14K | $60K | 20x | as long as short |
Reya TRXRUSDPERP
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
HTX TRX-USDT
Injective TRX/USDC PERP
BingX TRX-USDT
Lighter TRX
Paradex TRX-USD-PERP
Orderly PERP_TRX_USDCShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid TRXshort | +0.0100% | 1h | 0.3489 | −0.078% | $13.2M | $2.7M | 10x | |
| Aster TRXUSDT | +0.0100% | 8h | 0.3485 | −0.182% | $966K | $701K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3487 | −0.153% | $107.2M | $62.6M | 75x | as long as short |
| Bybit TRXUSDT | +0.0100% | 8h | 0.3486 | −0.167% | $53.6M | $12.5M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3486 | −0.167% | $15.5M | $10.5M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3486 | −0.161% | $9.7M | $3.2M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3487 | −0.147% | $18.9M | $2.2M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3487 | −0.144% | $8.5M | $3.4M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3485 | −0.198% | $9.9M | $4.3M | 75x | as long as short |
| Backpack TRX_USDC_PERP | +0.0100% | 1h | 0.3485 | −0.184% | $62K | $5K | 10x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3485 | −0.200% | $570K | $37K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3486 | −0.172% | $594K | $474K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3487 | −0.147% | $116K | $580K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3485 | −0.205% | $198K | $1.3M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3486 | −0.156% | $409 | $5K | 5x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3487 | −0.150% | $4.0M | $2.0M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3485 | −0.200% | $195K | $1.1M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3484 | −0.210% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3486 | −0.156% | $4.7M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0410% / S −0.0492% | 1h | 0.3486 | −0.158% | $20K | — | 100x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0415% | 1h | 0.3487 | −0.145% | $2.4M | $1.8M | 25x | as long as short |
| Deribit TRX_USDC-PERPETUALlong | +0.1233% | 1h | 0.3492 | long leg | $909K | $680K | 25x |
Aster TRXUSDT
Binance TRXUSDT
Bybit TRXUSDT
OKX TRX-USDT-SWAP
Gate TRX_USDT
MEXC TRX_USDT
KuCoin TRXUSDTM
Bitget TRXUSDT
Backpack TRX_USDC_PERP
Variational Omni TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
Phemex TRXUSDT
Extended TRX-USD
Aevo TRX-PERP
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Kraken Futures PF_TRXUSD