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: BingX against Hyperliquid−0.047%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

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

Long on Hyperliquid Short on BingX

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)+0.227%+$23 · spread now −0.047%, 7d avg +0.051%

Together, before fees+0.217%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 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: BingX is 0.098% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 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	Hyperliquid TRB	19.198	0.0100	pay 0.0013% / 1h	24m 39s	$531K	$193K	3x
Short	BingX TRB-USDT	19.189	0.0100	get 0.0050% / 4h	2h 24m	—	$16.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → +0.051%: −$9.76
Slippage, 4 orders: −$69.45
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$98.22
Costs to cover: 0.885%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 60 min ago; BingX: 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 Hyperliquid live order book, 60 min ago	1.04 bp	24.5 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	4.71 bp	21.8 bp −$22	59.4 bp −$594	217.4 bp −$21.7K	303.8 bp −$151.9K

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 TRBlong	+0.0100%	1h	19.198	long leg	$531K	$193K	3x
Aster TRBUSDT	+0.0100%	4h	19.194	−0.020%	$9K	$24K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.170	−0.146%	$5.0M	$10.1M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.221	+0.120%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.190	−0.042%	$4.4M	$4.6M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.180	−0.094%	$542K	$1.5M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.178	−0.104%	$14.4M	$875K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.152	−0.240%	$1.1M	$307K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.175	−0.120%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDTshort	+0.0100%	4h	19.189	−0.047%	—	$16.5M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.205	+0.036%	$14K	$3K	—	as long as short
BloFin TRB-USDT	+0.0155%	4h	19.179	−0.099%	$363K	$175K	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1326%	1h	19.189	−0.047%	$103K	$98K	10x	as long as short