Funding you earn now, next payment 00:00 UTC−0.0038%/8h= −4.2% APRnext payment −$0.05 per $10,000 · paid last 24h +0.002%
Price spread now: Kraken Futures against Hyperliquid−0.009%50s7-day average −0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs−$39as 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−$310.308% of the position
Funding, last 7 days−0.079%−$8 on $10k
+Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.009%, 7d avg −0.011%
=Together, before fees−0.088%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 50 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 | 0.3445 | 0.0100 | pay 0.0013% / 1h | 33m 25s | $13.2M | $2.2M | 10x |
| Short | Kraken Futures PF_TRXUSD | 0.3445 | 0.0062 | get 0.0008% / 1h | 33m 25s | $1.9M | $1.0M | 25x |
Hyperliquid TRX
Kraken Futures PF_TRXUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$7.97
- Price spread: −0.009% → −0.011%
- $0.19
- Slippage, 4 orders
- −$11.83
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$38.61
- Costs to cover
- 0.308%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Kraken Futures: 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, 9 min ago | 0.14 bp | 5.1 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 5 min ago | 1.60 bp | 8.3 bp −$8 | 14.2 bp −$142 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective TRX/USDC PERP | −0.0146% | 1h | 0.3441 | −0.122% | $1K | $163K | 12x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3443 | −0.066% | $5 | — | 20x | as long as short |
| KuCoin TRXUSDTM | −0.0090% | 8h | 0.3443 | −0.058% | $8.7M | $3.7M | 75x | as long as short |
| Backpack TRX_USDC_PERP | −0.0081% | 1h | 0.3443 | −0.073% | $58K | $4K | 10x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3445 | −0.012% | $5K | $13K | 10x | as long as short |
| Variational Omni TRX | −0.0040% | 8h | 0.3442 | −0.090% | $563K | $36K | — | as long as short |
| HTX TRX-USDT | −0.0027% | 8h | 0.3442 | −0.098% | $827K | $728K | 75x | as long as short |
| Bybit TRXUSDT | −0.0021% | 8h | 0.3443 | −0.073% | $54.7M | $8.0M | 75x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3445 | +0.007% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3445 | −0.019% | $121K | — | 150x | as long as short |
Injective TRX/USDC PERP
Reya TRXRUSDPERP
KuCoin TRXUSDTM
Backpack TRX_USDC_PERP
Phoenix TRX
Variational Omni TRX
HTX TRX-USDT
Bybit TRXUSDT
dYdX TRX-USD
gTrade (Gains Network) TRX/USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX TRX-USDT-SWAP | +0.0014% | 8h | 0.3443 | −0.055% | $15.6M | $8.7M | 50x | as long as short |
| MEXC TRX_USDT | +0.0028% | 8h | 0.3443 | −0.055% | $18.2M | $1.8M | 200x | as long as short |
| Binance TRXUSDT | +0.0029% | 8h | 0.3443 | −0.052% | $99.3M | $47.9M | 75x | as long as short |
| Extended TRX-USD | +0.0032% | 1h | 0.3443 | −0.071% | $196K | $1.1M | 25x | as long as short |
| Aster TRXUSDT | +0.0052% | 8h | 0.3444 | −0.026% | $956K | $659K | 75x | as long as short |
| Kraken Futures PF_TRXUSDshort | +0.0062% | 1h | 0.3445 | −0.009% | $1.9M | $1.0M | 25x | |
| Paradex TRX-USD-PERP | +0.0065% | 8h | 0.3443 | −0.060% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDT | +0.0083% | 8h | 0.3443 | −0.055% | $3.8M | $1.6M | 50x | as long as short |
| Gate TRX_USDT | +0.0085% | 8h | 0.3443 | −0.067% | $9.6M | $2.5M | 75x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3442 | −0.102% | $33K | — | 3x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3443 | −0.064% | $14K | $107K | 20x | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3443 | −0.070% | $482K | $630K | 10x | as long as short |
| Hyperliquid TRXlong | +0.0100% | 1h | 0.3445 | long leg | $13.2M | $2.2M | 10x | |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3443 | −0.052% | $9.5M | $2.2M | 75x | as long as short |
| BingX TRX-USDT | +0.0100% | 8h | 0.3443 | −0.055% | — | $40.0M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3444 | −0.045% | $588K | $431K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3445 | −0.006% | $115K | $564K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3445 | −0.017% | $196K | $923K | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3443 | −0.052% | $405 | $5K | 5x | as long as short |
| BloFin TRX-USDT | +0.0115% | 8h | 0.3443 | −0.052% | $4.6M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3444 | −0.034% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0409% | 1h | 0.3447 | +0.058% | $830K | $414K | 25x | as long as short |
OKX TRX-USDT-SWAP
MEXC TRX_USDT
Binance TRXUSDT
Extended TRX-USD
Aster TRXUSDT
Paradex TRX-USD-PERP
Phemex TRXUSDT
Gate TRX_USDT
Aevo TRX-PERP
Orderly PERP_TRX_USDC
Lighter TRX
Bitget TRXUSDT
BingX TRX-USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL