Funding you earn now, next payment 22:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h −0.045%
Price spread now: Bybit against Hyperliquid−0.102%7-day average −0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs−$33as in the Price arb table
costs, in and out, $10k−$260.258% of the position
Funding, last 7 days−0.076%−$8 on $10k
+Price spread, last 7 days+0.082%+$8 · spread now −0.102%, 7d avg −0.034%
=Together, before fees+0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.067% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.034%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% a year). A funding rate is set anew for every payment. 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 | Hyperliquid TRX | 0.3443 | 0.0100 | pay 0.0013% / 1h | 18m 53s | $13.2M | $2.2M | 10x |
| Short | Bybit TRXUSDT | 0.3440 | −0.0091 | pay 0.0091% / 8h | 2h 18m | $54.7M | $8.2M | 75x |
Hyperliquid TRX
Bybit TRXUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- −$40.12
- Price spread: −0.102% → −0.034%
- −$6.72
- Slippage, 4 orders
- −$5.8
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$72.64
- Costs to cover
- 0.258%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago | 0.14 bp | 5.8 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 1.45 bp | 7.0 bp −$7 | 10.7 bp −$107 | 57.9 bp −$5,795 | 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 | 0.3441 | −0.070% | $5 | — | 20x | as long as short |
| Bybit TRXUSDTshort | −0.0091% | 8h | 0.3440 | −0.102% | $54.7M | $8.2M | 75x | |
| Variational Omni TRX | −0.0089% | 8h | 0.3439 | −0.110% | $562K | $39K | — | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3442 | −0.035% | $5K | $13K | 10x | as long as short |
| Backpack TRX_USDC_PERP | −0.0061% | 1h | 0.3441 | −0.067% | $58K | $5K | 10x | as long as short |
| Injective TRX/USDC PERP | −0.0048% | 1h | 0.3440 | −0.090% | $1K | $129K | 12x | as long as short |
| Aster TRXUSDT | −0.0044% | 8h | 0.3440 | −0.090% | $951K | $638K | 75x | as long as short |
| HTX TRX-USDT | −0.0027% | 8h | 0.3440 | −0.098% | $826K | $710K | 75x | as long as short |
| MEXC TRX_USDT | −0.0001% | 8h | 0.3441 | −0.052% | $17.9M | $1.7M | 200x | as long as short |
| Binance TRXUSDT | −0.0001% | 8h | 0.3441 | −0.055% | $99.3M | $49.0M | 75x | as long as short |
Reya TRXRUSDPERP
Variational Omni TRX
Phoenix TRX
Backpack TRX_USDC_PERP
Injective TRX/USDC PERP
Aster TRXUSDT
HTX TRX-USDT
MEXC TRX_USDT
Binance TRXUSDTShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TRX | 0.0000% | 1h | 0.3441 | −0.064% | $482K | $639K | 10x | as long as short |
| Extended TRX-USD | 0.0000% | 1h | 0.3440 | −0.077% | $196K | $1.1M | 25x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3443 | −0.014% | $121K | — | 150x | as long as short |
| OKX TRX-USDT-SWAP | +0.0006% | 8h | 0.3441 | −0.070% | $15.6M | $8.8M | 50x | as long as short |
| KuCoin TRXUSDTM | +0.0013% | 8h | 0.3440 | −0.078% | $8.7M | $3.6M | 75x | as long as short |
| SoDEX TRX-USD | +0.0029% | 1h | 0.3441 | −0.064% | $401 | $5K | 5x | as long as short |
| Paradex TRX-USD-PERP | +0.0051% | 8h | 0.3441 | −0.067% | $9K | $385 | 20x | as long as short |
| BingX TRX-USDT | +0.0071% | 8h | 0.3441 | −0.076% | — | $40.0M | — | as long as short |
| Phemex TRXUSDT | +0.0072% | 8h | 0.3441 | −0.064% | $3.8M | $1.6M | 50x | as long as short |
| Bitget TRXUSDT | +0.0073% | 8h | 0.3441 | −0.055% | $9.4M | $2.1M | 75x | as long as short |
| Aevo TRX-PERP | +0.0080% | 1h | 0.3439 | −0.112% | $33K | — | 3x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0087% | 1h | 0.3443 | −0.011% | $1.9M | $977K | 25x | as long as short |
| Orderly PERP_TRX_USDC | +0.0089% | 8h | 0.3441 | −0.067% | $14K | $107K | 20x | as long as short |
| Hyperliquid TRXlong | +0.0100% | 1h | 0.3443 | long leg | $13.2M | $2.2M | 10x | |
| Gate TRX_USDT | +0.0100% | 8h | 0.3441 | −0.073% | $9.7M | $2.5M | 75x | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3441 | −0.067% | $587K | $438K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3441 | −0.073% | $115K | $541K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3444 | +0.019% | $196K | $918K | 30x | as long as short |
| BloFin TRX-USDT | +0.0119% | 8h | 0.3441 | −0.058% | $4.6M | $4.0M | 50x | as long as short |
| dYdX TRX-USD | +0.0141% | 1h | 0.3443 | −0.013% | $181K | $10K | 10x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0302% | 1h | 0.3445 | +0.057% | $829K | $407K | 25x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3442 | −0.033% | $20K | — | 100x | as long as short |
Lighter TRX
Extended TRX-USD
gTrade (Gains Network) TRX/USD
OKX TRX-USDT-SWAP
KuCoin TRXUSDTM
SoDEX TRX-USD
Paradex TRX-USD-PERP
BingX TRX-USDT
Phemex TRXUSDT
Bitget TRXUSDT
Aevo TRX-PERP
Kraken Futures PF_TRXUSD
Orderly PERP_TRX_USDC
Gate TRX_USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
BloFin TRX-USDT
dYdX TRX-USD
Deribit TRX_USDC-PERPETUAL
GMX TRX/USD [ETH-USDC]