Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: ApeX Omni against Hyperliquid+0.060%105s7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.324% of the position

Long on Hyperliquid Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.293%+$29 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.060%, 7d avg −0.028%

Together, before fees+0.277%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 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: ApeX Omni is 0.088% dearer against Hyperliquid than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRX	0.3479	0.0100	pay 0.0013% / 1h	19m 41s	$13.1M	$2.6M	10x
Short	ApeX Omni TRXUSDT	0.3481	0.0100	get 0.0013% / 1h	19m 41s	$116K	$562K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.060%Rate

Funding earned: $0
Price spread: +0.060% → −0.028%: $8.83
Slippage, 4 orders: −$13.41
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.58
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; ApeX Omni: live order book, 43 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, 3 min ago	0.14 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 43 min ago	3.74 bp	11.3 bp −$11	102.1 bp −$1,021	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	0.3479	−0.009%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3484	+0.149%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3480	+0.019%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3479	+0.009%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.089%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3479	0.000%	—	$32.8M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3476	−0.092%	$485K	$664K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0097%	8h	0.3480	+0.020%	$14K	$122K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3479	−0.007%	$9K	$251	20x	as long as short
Hyperliquid TRXlong	+0.0100%	1h	0.3479	long leg	$13.1M	$2.6M	10x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRXUSDT	+0.0100%	8h	0.3479	−0.003%	$963K	$691K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3476	−0.075%	$105.3M	$57.1M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3476	−0.095%	$53.8M	$11.3M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3476	−0.095%	$15.6M	$9.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3479	0.000%	$9.7M	$2.9M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3479	+0.014%	$18.6M	$2.1M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3480	+0.026%	$8.6M	$3.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3476	−0.086%	$10.3M	$3.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3479	−0.009%	$59K	$4K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3478	−0.030%	$568K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3482	+0.080%	$594K	$465K	20x	as long as short
ApeX Omni TRXUSDTshort	+0.0100%	1h	0.3481	+0.060%	$116K	$562K	50x
SunX TRX-USDT	+0.0100%	8h	0.3477	−0.055%	$198K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3479	+0.011%	$408	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3478	−0.014%	$840K	$817K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3480	+0.034%	$3.9M	$1.8M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3478	−0.015%	$198K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3477	−0.043%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3479	+0.017%	$4.7M	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3479	+0.017%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0585%	1h	0.3480	+0.036%	$2.4M	$1.7M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0724%	1h	0.3483	+0.126%	$846K	$502K	25x	as long as short