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: Hyperliquid against Kraken Futures+0.008%7-day average +0.011% · you sell dearer than you buy
Net, funding: paid 7d − costs−$23as in the Funding arb table
Net, price: spread back to 7d avg − costs−$31as in the Price arb table
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)+0.010%+$1 · spread now +0.008%, 7d avg +0.011%
=Together, before fees+0.089%+ 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.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_TRXUSD | 0.3445 | 0.0062 | pay 0.0008% / 1h | 33m 23s | $1.9M | $1.0M | 25x |
| Short | Hyperliquid TRX | 0.3445 | 0.0100 | get 0.0013% / 1h | 33m 23s | $13.2M | $2.2M | 10x |
Kraken Futures PF_TRXUSD
Hyperliquid TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Kraken Futures. 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: +0.008% → +0.011%
- −$0.34
- Slippage, 4 orders
- −$11.83
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$23.19
- Costs to cover
- 0.308%
- Break-even
- 27.4 days
Slippage from Kraken Futures: live order book, 5 min ago; Hyperliquid: live order book, 9 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 Kraken Futures live order book, 5 min ago | 1.60 bp | 11.5 bp −$11 | 20.5 bp −$205 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 0.14 bp | 6.0 bp −$6 | doesn't fit | 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 | −0.114% | $1K | $163K | 12x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3443 | −0.058% | $5 | — | 20x | as long as short |
| KuCoin TRXUSDTM | −0.0090% | 8h | 0.3443 | −0.050% | $8.7M | $3.7M | 75x | as long as short |
| Backpack TRX_USDC_PERP | −0.0081% | 1h | 0.3443 | −0.065% | $58K | $4K | 10x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3445 | −0.004% | $5K | $13K | 10x | as long as short |
| Variational Omni TRX | −0.0040% | 8h | 0.3442 | −0.082% | $563K | $36K | — | as long as short |
| HTX TRX-USDT | −0.0026% | 8h | 0.3442 | −0.089% | $827K | $728K | 75x | as long as short |
| Bybit TRXUSDT | −0.0021% | 8h | 0.3442 | −0.082% | $54.6M | $8.0M | 75x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3445 | +0.015% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3445 | −0.011% | $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 | −0.047% | $15.6M | $8.7M | 50x | as long as short |
| MEXC TRX_USDT | +0.0028% | 8h | 0.3443 | −0.047% | $18.2M | $1.8M | 200x | as long as short |
| Binance TRXUSDT | +0.0029% | 8h | 0.3443 | −0.044% | $99.3M | $47.9M | 75x | as long as short |
| Extended TRX-USD | +0.0032% | 1h | 0.3443 | −0.063% | $196K | $1.1M | 25x | as long as short |
| Aster TRXUSDT | +0.0052% | 8h | 0.3444 | −0.018% | $956K | $659K | 75x | as long as short |
| Kraken Futures PF_TRXUSDlong | +0.0062% | 1h | 0.3445 | long leg | $1.9M | $1.0M | 25x | |
| Paradex TRX-USD-PERP | +0.0065% | 8h | 0.3443 | −0.052% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDT | +0.0084% | 8h | 0.3443 | −0.044% | $3.8M | $1.6M | 50x | as long as short |
| Gate TRX_USDT | +0.0085% | 8h | 0.3443 | −0.047% | $9.6M | $2.5M | 75x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3442 | −0.097% | $33K | — | 3x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3443 | −0.056% | $14K | $107K | 20x | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3443 | −0.050% | $482K | $630K | 10x | as long as short |
| Hyperliquid TRXshort | +0.0100% | 1h | 0.3445 | +0.008% | $13.2M | $2.2M | 10x | |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3443 | −0.044% | $9.5M | $2.2M | 75x | as long as short |
| BingX TRX-USDC | +0.0100% | 8h | 0.3443 | −0.053% | — | $6.5M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3444 | −0.037% | $588K | $431K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3445 | +0.002% | $115K | $564K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3445 | −0.010% | $196K | $923K | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3443 | −0.044% | $402 | $5K | 5x | as long as short |
| BloFin TRX-USDT | +0.0116% | 8h | 0.3443 | −0.056% | $4.6M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3444 | −0.027% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0467% | 1h | 0.3447 | +0.069% | $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-USDC
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL