Funding you earn now, next payment 04:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h −0.054%
Price spread now: Backpack against Hyperliquid−0.101%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.218%−$22 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.101% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid TRX | 0.3480 | 0.0100 | pay 0.0013% / 1h | 6m 59s | $13.1M | $2.6M | 10x |
| Short | Backpack TRX_USDC_PERP | 0.3476 | 0.0048 | get 0.0006% / 1h | 6m 59s | $62K | $5K | 10x |
Hyperliquid TRX
Backpack TRX_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hyperliquid. 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
- −$10.98
- Price spread: −0.101% → 0.000%
- −$10.06
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$40.04
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 6 min ago; Backpack: no order-book sample. Net counts fees only.
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, 6 min ago | 0.29 bp | 5.7 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 0.3477 | −0.091% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3477 | −0.075% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3476 | −0.101% | $183K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0008% | 1h | 0.3477 | −0.076% | $122K | — | 150x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.112% | $1K | $163K | 12x | as long as short |
| Backpack TRX_USDC_PERPshort | +0.0048% | 1h | 0.3476 | −0.101% | $62K | $5K | 10x | |
| BingX TRX-USDC | +0.0070% | 8h | 0.3477 | −0.092% | — | $6.5M | — | as long as short |
| Paradex TRX-USD-PERP | +0.0094% | 8h | 0.3476 | −0.098% | $9K | $251 | 20x | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3477 | −0.083% | $485K | $669K | 10x | as long as short |
| HTX TRX-USDT | +0.0096% | 8h | 0.3477 | −0.092% | $835K | $856K | 75x | as long as short |
Reya TRXRUSDPERP
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Injective TRX/USDC PERP
BingX TRX-USDC
Paradex TRX-USD-PERP
Lighter TRX
HTX TRX-USDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_TRX_USDC | +0.0099% | 8h | 0.3476 | −0.095% | $15K | $59K | 20x | as long as short |
| Hyperliquid TRXlong | +0.0100% | 1h | 0.3480 | long leg | $13.1M | $2.6M | 10x | |
| Aster TRXUSDT | +0.0100% | 8h | 0.3477 | −0.081% | $963K | $696K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3477 | −0.070% | $105.4M | $58.7M | 75x | as long as short |
| Bybit TRXUSDT | +0.0100% | 8h | 0.3477 | −0.078% | $53.7M | $11.7M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3477 | −0.078% | $15.5M | $9.9M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3477 | −0.086% | $9.6M | $3.0M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3477 | −0.072% | $18.8M | $2.2M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3477 | −0.075% | $8.6M | $3.5M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3477 | −0.069% | $10.4M | $3.3M | 75x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3475 | −0.139% | $569K | $37K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3475 | −0.121% | $593K | $471K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3477 | −0.066% | $116K | $567K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3475 | −0.123% | $197K | $1.2M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3477 | −0.075% | $404 | $5K | 5x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3477 | −0.072% | $3.9M | $1.9M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3476 | −0.103% | $195K | $1.0M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3475 | −0.128% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3477 | −0.072% | $4.7M | $3.9M | 50x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0261% | 1h | 0.3479 | −0.033% | $2.4M | $1.7M | 25x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0405% / S −0.0481% | 1h | 0.3477 | −0.085% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0575% | 1h | 0.3480 | +0.019% | $843K | $504K | 25x | as long as short |
Orderly PERP_TRX_USDC
Aster TRXUSDT
Binance TRXUSDT
Bybit TRXUSDT
OKX TRX-USDT-SWAP
Gate TRX_USDT
MEXC TRX_USDT
KuCoin TRXUSDTM
Bitget TRXUSDT
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
Kraken Futures PF_TRXUSD
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL