Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.038%

Price spread now: Gate against Hyperliquid−0.052%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.052%, 7d avg −0.016%

Together, before fees+0.119%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Gate is 0.036% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.016%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.065%, 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	0.3443	0.0100	pay 0.0013% / 1h	24m 39s	$13.2M	$2.2M	10x
Short	Gate TRX_USDT	0.3441	0.0089	get 0.0089% / 8h	1h 24m	$9.6M	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.052%Rate

Funding earned: −$2.31
Price spread: −0.052% → −0.016%: −$3.6
Slippage, 4 orders: −$10.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.3
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Gate: live order book, 4 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, 8 min ago	0.14 bp	5.7 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.44 bp	11.1 bp −$11	24.8 bp −$248	37.2 bp −$3,716	63.6 bp −$31.8K

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
Injective TRX/USDC PERP	−0.0120%	1h	0.3441	−0.064%	$1K	$163K	12x	as long as short
Variational Omni TRX	−0.0078%	8h	0.3440	−0.091%	$563K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3441	−0.052%	$5K	$13K	10x	as long as short
Bybit TRXUSDT	−0.0060%	8h	0.3441	−0.064%	$54.7M	$8.2M	75x	as long as short
KuCoin TRXUSDTM	−0.0051%	8h	0.3441	−0.078%	$8.7M	$3.6M	75x	as long as short
HTX TRX-USDT	−0.0020%	8h	0.3441	−0.062%	$826K	$718K	75x	as long as short
Backpack TRX_USDC_PERP	−0.0017%	1h	0.3441	−0.076%	$58K	$4K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3442	−0.023%	$181K	$10K	10x	as long as short
OKX TRX-USDT-SWAP	0.0000%	8h	0.3441	−0.061%	$15.6M	$8.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRXUSDT	+0.0002%	8h	0.3442	−0.031%	$957K	$658K	75x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3443	−0.013%	$121K	—	150x	as long as short
MEXC TRX_USDT	+0.0013%	8h	0.3442	−0.049%	$18.2M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0014%	8h	0.3441	−0.051%	$99.3M	$48.3M	75x	as long as short
Lighter TRX	+0.0016%	1h	0.3441	−0.064%	$482K	$637K	10x	as long as short
Extended TRX-USD	+0.0016%	1h	0.3441	−0.075%	$196K	$1.1M	25x	as long as short
SoDEX TRX-USD	+0.0017%	1h	0.3442	−0.049%	$402	$5K	5x	as long as short
Kraken Futures PF_TRXUSD	+0.0026%	1h	0.3443	−0.011%	$1.9M	$1.0M	25x	as long as short
Paradex TRX-USD-PERP	+0.0051%	8h	0.3441	−0.068%	$9K	$385	20x	as long as short
BloFin TRX-USDT	+0.0054%	8h	0.3442	−0.049%	$4.6M	$4.0M	50x	as long as short
Phemex TRXUSDT	+0.0074%	8h	0.3442	−0.049%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0088%	1h	0.3440	−0.102%	$33K	—	3x	as long as short
Gate TRX_USDTshort	+0.0089%	8h	0.3441	−0.052%	$9.6M	$2.5M	75x
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3441	−0.061%	$14K	$107K	20x	as long as short
Hyperliquid TRXlong	+0.0100%	1h	0.3443	long leg	$13.2M	$2.2M	10x
Bitget TRXUSDT	+0.0100%	8h	0.3442	−0.046%	$9.4M	$2.0M	75x	as long as short
BingX TRX-USDT	+0.0100%	8h	0.3441	−0.052%	—	$40.0M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3440	−0.101%	$587K	$430K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3441	−0.052%	$115K	$548K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	−0.013%	$196K	$918K	30x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0223%	1h	0.3444	+0.036%	$832K	$411K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	−0.026%	$20K	—	100x	as long as short