Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.007%
Price spread now: Hyperliquid against Lighter+0.092%7-day average +0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$160.164% of the position
Funding, last 7 days−0.078%−$8 on $10k
+Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.092%, 7d avg +0.037%
=Together, before fees−0.161%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board−$16 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: Hyperliquid is 0.055% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.037%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter TRX | 0.3479 | 0.0096 | pay 0.0012% / 1h | 20m 05s | $485K | $664K | 10x |
| Short | Hyperliquid TRX | 0.3483 | 0.0100 | get 0.0013% / 1h | 20m 05s | $13.1M | $2.6M | 10x |
Lighter TRX
Hyperliquid TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Lighter. 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
- $0.84
- Price spread: +0.092% → +0.037%
- $5.51
- Slippage, 4 orders
- −$7.45
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$10.1
- Costs to cover
- 0.164%
- Break-even
- 91.2 days
Slippage from Lighter: live order book, 40 min ago; Hyperliquid: live order book, 3 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 Lighter live order book, 40 min ago | 1.73 bp | 5.0 bp −$5 | 14.2 bp −$142 | 44.7 bp −$4,465 | doesn't fit |
| Sell Hyperliquid live order book, 3 min ago | 0.14 bp | 4.6 bp −$5 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3479 | −0.027% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3484 | +0.132% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3480 | +0.002% | $183K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3479 | −0.008% | $123K | — | 150x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.106% | $1K | $163K | 12x | as long as short |
| BingX TRX-USDC | +0.0070% | 8h | 0.3479 | −0.006% | — | $6.5M | — | as long as short |
| Lighter TRXlong | +0.0096% | 1h | 0.3479 | long leg | $485K | $664K | 10x | |
| Orderly PERP_TRX_USDC | +0.0097% | 8h | 0.3480 | +0.003% | $14K | $122K | 20x | as long as short |
| Paradex TRX-USD-PERP | +0.0099% | 8h | 0.3479 | −0.025% | $9K | $251 | 20x | as long as short |
| Hyperliquid TRXshort | +0.0100% | 1h | 0.3483 | +0.092% | $13.1M | $2.6M | 10x |
Reya TRXRUSDPERP
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Injective TRX/USDC PERP
BingX TRX-USDC
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 | 0.3479 | −0.020% | $963K | $691K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3479 | 0.000% | $105.4M | $56.5M | 75x | as long as short |
| Bybit TRXUSDT | +0.0100% | 8h | 0.3479 | −0.014% | $53.9M | $11.3M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3479 | −0.017% | $15.6M | $9.4M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3479 | −0.014% | $9.7M | $2.9M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3479 | 0.000% | $18.6M | $2.1M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3480 | +0.003% | $8.6M | $3.5M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3480 | +0.009% | $10.4M | $3.3M | 75x | as long as short |
| Backpack TRX_USDC_PERP | +0.0100% | 1h | 0.3479 | −0.026% | $59K | $4K | 10x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3478 | −0.047% | $568K | $36K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3482 | +0.063% | $594K | $465K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3481 | +0.043% | $116K | $562K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3477 | −0.072% | $198K | $1.2M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3479 | −0.006% | $408 | $5K | 5x | as long as short |
| HTX TRX-USDT | +0.0100% | 8h | 0.3478 | −0.031% | $840K | $817K | 75x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3480 | +0.017% | $3.9M | $1.8M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3478 | −0.030% | $198K | $1.0M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3477 | −0.060% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3479 | 0.000% | $4.7M | $3.9M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0404% / S −0.0481% | 1h | 0.3479 | −0.001% | $20K | — | 100x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0585% | 1h | 0.3480 | +0.018% | $2.4M | $1.7M | 25x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0724% | 1h | 0.3483 | +0.108% | $846K | $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
Phemex TRXUSDT
Extended TRX-USD
Aevo TRX-PERP
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Kraken Futures PF_TRXUSD
Deribit TRX_USDC-PERPETUAL