Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid+0.181%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$930.931% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.181%, 7d avg +0.112%

Together, before fees−0.077%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 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: Bybit is 0.069% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.312	0.0100	pay 0.0013% / 1h	57m 58s	$482K	$260K	3x
Short	Bybit TRBUSDT	19.347	0.0100	get 0.0050% / 4h	3h 57m	$6.3M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.181%Rate

Funding earned: $0
Price spread: +0.181% → +0.112%: $6.94
Slippage, 4 orders: −$73.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.2
Costs to cover: 0.931%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 32 min ago; Bybit: 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, 32 min ago	2.33 bp	19.9 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	3.11 bp	22.6 bp −$23	101.0 bp −$1,010	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 TRBlong	+0.0100%	1h	19.312	long leg	$482K	$260K	3x
Aster TRBUSDT	+0.0100%	4h	19.294	−0.092%	$10K	$20K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.318	+0.031%	$5.2M	$11.0M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.347	+0.181%	$6.3M	$2.1M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.330	+0.093%	$4.4M	$5.2M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.320	+0.041%	$572K	$2.0M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.315	+0.016%	$15.5M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.309	−0.016%	$1.2M	$316K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.325	+0.067%	$1.3M	$1.5M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.313	+0.005%	—	$16.2M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.338	+0.135%	$15K	$4K	—	as long as short
BloFin TRB-USDT	+0.0119%	4h	19.309	−0.016%	$367K	$172K	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1002%	1h	19.331	+0.099%	$103K	$99K	10x	as long as short