Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%
Price spread now: Phemex against Hyperliquid−0.066%7-day average −0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$240.245% of the position
Funding, last 7 days+0.074%+$7 on $10k
+Price spread, last 4 days (all we have)−0.055%−$5 · spread now −0.066%, 7d avg −0.030%
=Together, before fees+0.019%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.036% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.030%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid TRX | 0.3478 | 0.0100 | pay 0.0013% / 1h | 18m 54s | $13.1M | $2.6M | 10x |
| Short | Phemex TRXUSDT | 0.3475 | 0.0100 | get 0.0100% / 8h | 5h 18m | $3.9M | $1.8M | 50x |
Hyperliquid TRX
Phemex TRXUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- $0
- Price spread: −0.066% → −0.030%
- −$3.6
- Slippage, 4 orders
- −$3.5
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$28.09
- Costs to cover
- 0.245%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Phemex: 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 | 4.6 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 0.14 bp | 7.3 bp −$7 | 11.6 bp −$116 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3473 | −0.143% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3484 | +0.187% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3476 | −0.037% | $183K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3474 | −0.100% | $122K | — | 150x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.052% | $1K | $163K | 12x | as long as short |
| BingX TRX-USDC | +0.0070% | 8h | 0.3476 | −0.058% | — | $6.5M | — | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3474 | −0.104% | $485K | $664K | 10x | as long as short |
| Orderly PERP_TRX_USDC | +0.0097% | 8h | 0.3474 | −0.112% | $14K | $122K | 20x | as long as short |
| Paradex TRX-USD-PERP | +0.0099% | 8h | 0.3476 | −0.056% | $9K | $251 | 20x | as long as short |
| Hyperliquid TRXlong | +0.0100% | 1h | 0.3478 | long leg | $13.1M | $2.6M | 10x |
Reya TRXRUSDPERP
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Injective TRX/USDC PERP
BingX TRX-USDC
Lighter TRX
Orderly PERP_TRX_USDC
Paradex TRX-USD-PERPShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster TRXUSDT | +0.0100% | 8h | 0.3474 | −0.112% | $961K | $691K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3475 | −0.066% | $105.3M | $57.4M | 75x | as long as short |
| Bybit TRXUSDT | +0.0100% | 8h | 0.3476 | −0.046% | $53.8M | $11.4M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3476 | −0.052% | $15.5M | $9.5M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3475 | −0.075% | $9.7M | $2.9M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3475 | −0.083% | $18.6M | $2.1M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3475 | −0.072% | $8.6M | $3.5M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3476 | −0.052% | $10.4M | $3.3M | 75x | as long as short |
| Backpack TRX_USDC_PERP | +0.0100% | 1h | 0.3473 | −0.124% | $59K | $4K | 10x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3478 | +0.007% | $568K | $36K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3479 | +0.033% | $593K | $467K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3481 | +0.089% | $116K | $562K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3471 | −0.177% | $197K | $1.2M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3474 | −0.112% | $409 | $5K | 5x | as long as short |
| HTX TRX-USDT | +0.0100% | 8h | 0.3472 | −0.153% | $839K | $828K | 75x | as long as short |
| Phemex TRXUSDTshort | +0.0100% | 8h | 0.3475 | −0.066% | $3.9M | $1.8M | 50x | |
| Extended TRX-USD | +0.0104% | 1h | 0.3474 | −0.105% | $198K | $1.0M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3472 | −0.156% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3474 | −0.112% | $4.7M | $3.9M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0403% / S −0.0481% | 1h | 0.3474 | −0.093% | $20K | — | 100x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0586% | 1h | 0.3474 | −0.095% | $2.4M | $1.7M | 25x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0608% | 1h | 0.3477 | −0.030% | $844K | $502K | 25x | as long as short |
Aster TRXUSDT
Binance TRXUSDT
Bybit TRXUSDT
OKX TRX-USDT-SWAP
Gate TRX_USDT
MEXC TRX_USDT
KuCoin TRXUSDTM
Bitget TRXUSDT
Backpack TRX_USDC_PERP
Variational Omni TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
HTX TRX-USDT
Extended TRX-USD
Aevo TRX-PERP
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Kraken Futures PF_TRXUSD
Deribit TRX_USDC-PERPETUAL