Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.025%

Price spread now: BingX against Hyperliquid−0.083%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days+0.080%+$8 · spread now −0.083%, 7d avg −0.024%

Together, before fees+0.160%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.060% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.024%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRX	0.3475	0.0100	pay 0.0013% / 1h	57m 05s	$13.1M	$2.6M	10x
Short	BingX TRX-USDC	0.3472	0.0070	get 0.0070% / 8h	4h 57m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$6.3
Price spread: −0.083% → −0.024%: −$5.96
Slippage, 4 orders: −$7.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$38.51
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; BingX: live order book, 9 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, 6 min ago	0.14 bp	5.0 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.58 bp	7.3 bp −$7	26.2 bp −$262	195.3 bp −$19.5K	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	0.3472	−0.099%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3473	−0.069%	$5K	$13K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3475	−0.017%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3473	−0.066%	$122K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.987%	$1K	$163K	12x	as long as short
Backpack TRX_USDC_PERP	+0.0039%	1h	0.3472	−0.089%	$62K	$5K	10x	as long as short
BingX TRX-USDCshort	+0.0070%	8h	0.3472	−0.083%	—	$6.5M	—
Lighter TRX	+0.0096%	1h	0.3472	−0.083%	$484K	$664K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0098%	8h	0.3472	−0.092%	$15K	$123K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3471	−0.110%	$9K	$251	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRXlong	+0.0100%	1h	0.3475	long leg	$13.1M	$2.6M	10x
Aster TRXUSDT	+0.0100%	8h	0.3472	−0.104%	$962K	$694K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3473	−0.053%	$105.1M	$58.4M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3473	−0.078%	$53.7M	$11.6M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3473	−0.069%	$15.5M	$9.6M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3473	−0.081%	$9.6M	$2.9M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3473	−0.058%	$18.8M	$2.1M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3474	−0.040%	$8.6M	$3.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3474	−0.046%	$10.3M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3471	−0.130%	$568K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3471	−0.115%	$592K	$473K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3472	−0.083%	$115K	$562K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3472	−0.092%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3473	−0.078%	$411	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3471	−0.135%	$834K	$839K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3473	−0.081%	$3.9M	$1.8M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3472	−0.102%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3471	−0.137%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3473	−0.058%	$4.7M	$3.9M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0261%	1h	0.3473	−0.062%	$2.4M	$1.7M	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3473	−0.074%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0608%	1h	0.3476	+0.027%	$844K	$503K	25x	as long as short