Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against BingX+0.041%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$880.885% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.221%−$22 · spread now +0.041%, 7d avg −0.051%

Together, before fees−0.210%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 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 0.092% dearer against BingX than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX TRB-USDT	19.114	0.0100	pay 0.0050% / 4h	2h 29m	—	$16.3M	—
Short	Hyperliquid TRB	19.122	0.0100	get 0.0013% / 1h	29m 26s	$530K	$195K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee HyperliquidbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → −0.051%: $9.16
Slippage, 4 orders: −$69.45
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$79.3
Costs to cover: 0.885%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Hyperliquid: live order book, 55 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 BingX live order book, 4 min ago	4.71 bp	20.0 bp −$20	51.6 bp −$516	291.2 bp −$29.1K	367.8 bp −$183.9K
Sell Hyperliquid live order book, 55 min ago	1.04 bp	22.1 bp −$22	doesn't fit	doesn't fit	doesn't fit

TRB on 13 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
Hyperliquid TRBshort	+0.0100%	1h	19.122	+0.041%	$530K	$195K	3x
Aster TRBUSDT	+0.0100%	4h	19.098	−0.082%	$9K	$24K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.098	−0.082%	$5.0M	$10.1M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.129	+0.078%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.110	−0.021%	$4.4M	$4.6M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.120	+0.031%	$531K	$1.5M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.100	−0.073%	$14.3M	$869K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.103	−0.058%	$1.1M	$307K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.103	−0.058%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDTlong	+0.0100%	4h	19.114	long leg	—	$16.3M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.143	+0.150%	$14K	$3K	—	as long as short
BloFin TRB-USDT	+0.0149%	4h	19.094	−0.105%	$363K	$177K	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1330%	1h	19.126	+0.061%	$103K	$97K	10x	as long as short