Funding you earn now, next payment 09:00 UTC−0.0128%/8h= −14.0% APRnext payment −$0.16 per $10,000 · paid last 24h −0.007%
Price spread now: Lighter against Hyperliquid−0.135%7-day average −0.040% · you buy dearer than you sell
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$25as in the Price arb table
costs, in and out, $10k−$160.158% of the position
Funding, last 7 days+0.062%+$6 on $10k
+Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.135%, 7d avg −0.040%
=Together, before fees+0.188%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter is 0.095% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.062%, 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 | 0.3488 | 0.0224 | pay 0.0028% / 1h | 5m 14s | $13.6M | $2.8M | 10x |
| Short | Lighter TRX | 0.3483 | 0.0096 | get 0.0012% / 1h | 5m 14s | $488K | $672K | 10x |
Hyperliquid TRX
Lighter TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- −$26.85
- Price spread: −0.135% → −0.040%
- −$9.47
- Slippage, 4 orders
- −$6.77
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$52.09
- Costs to cover
- 0.158%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 7 min ago; Lighter: live order book, 25 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, 7 min ago | 0.14 bp | 4.8 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 25 min ago | 2.30 bp | 2.5 bp −$2 | 7.3 bp −$73 | 38.7 bp −$3,872 | 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 | |
|---|---|---|---|---|---|---|---|---|
| HTX TRX-USDT | −0.0165% | 8h | 0.3482 | −0.180% | $834K | $935K | 75x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3483 | −0.150% | $5 | — | 20x | as long as short |
| Aster TRXUSDT | −0.0072% | 8h | 0.3481 | −0.212% | $969K | $883K | 75x | as long as short |
| Phoenix TRX | −0.0046% | 1h | 0.3485 | −0.092% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3484 | −0.126% | $183K | $12K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3484 | −0.106% | $126K | — | 150x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0020% | 1h | 0.3484 | −0.113% | $2.4M | $1.7M | 25x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.345% | $1K | $163K | 12x | as long as short |
| Backpack TRX_USDC_PERP | +0.0063% | 1h | 0.3484 | −0.097% | $62K | $5K | 10x | as long as short |
| BingX TRX-USDC | +0.0070% | 8h | 0.3486 | −0.046% | — | $6.5M | — | as long as short |
HTX TRX-USDT
Reya TRXRUSDPERP
Aster TRXUSDT
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Kraken Futures PF_TRXUSD
Injective TRX/USDC PERP
Backpack TRX_USDC_PERP
BingX TRX-USDCShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TRXshort | +0.0096% | 1h | 0.3483 | −0.135% | $488K | $672K | 10x | |
| Paradex TRX-USD-PERP | +0.0097% | 8h | 0.3483 | −0.146% | $9K | $61 | 20x | as long as short |
| Orderly PERP_TRX_USDC | +0.0099% | 8h | 0.3484 | −0.112% | $14K | $68K | 20x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3483 | −0.135% | $107.1M | $64.5M | 75x | as long as short |
| Bybit TRXUSDT | +0.0100% | 8h | 0.3487 | −0.026% | $53.6M | $12.7M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3486 | −0.043% | $15.6M | $11.1M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3484 | −0.123% | $9.6M | $3.4M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3486 | −0.066% | $18.9M | $2.4M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3487 | −0.029% | $8.5M | $3.3M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3485 | −0.086% | $9.7M | $4.4M | 75x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3483 | −0.143% | $577K | $36K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3483 | −0.132% | $594K | $503K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3483 | −0.138% | $117K | $616K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3481 | −0.198% | $198K | $1.4M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3483 | −0.138% | $405 | $5K | 5x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3484 | −0.115% | $3.9M | $2.0M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3482 | −0.164% | $206K | $1.2M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3482 | −0.176% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3484 | −0.123% | $4.7M | $4.1M | 50x | as long as short |
| Hyperliquid TRXlong | +0.0224% | 1h | 0.3488 | long leg | $13.6M | $2.8M | 10x | |
| Deribit TRX_USDC-PERPETUAL | +0.0353% | 1h | 0.3486 | −0.044% | $808K | $754K | 25x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0408% / S −0.0492% | 1h | 0.3484 | −0.117% | $20K | — | 100x | as long as short |
Paradex TRX-USD-PERP
Orderly PERP_TRX_USDC
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
Deribit TRX_USDC-PERPETUAL
GMX TRX/USD [ETH-USDC]