Funding you earn now, next payment 09:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.031%
Price spread now: Hyperliquid against Bybit+0.100%7-day average +0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$18as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$270.270% of the position
Funding, last 7 days+0.092%+$9 on $10k
+Price spread, last 7 days−0.099%−$10 · spread now +0.100%, 7d avg +0.037%
=Together, before fees−0.007%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 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 0.063% dearer against Bybit 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 | Bybit TRXUSDT | 0.3484 | 0.0100 | pay 0.0100% / 8h | 7h 58m | $53.5M | $12.7M | 75x |
| Short | Hyperliquid TRX | 0.3488 | 0.0106 | get 0.0013% / 1h | 58m 40s | $13.4M | $2.8M | 10x |
Bybit TRXUSDT
Hyperliquid TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Bybit. 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
- $1.33
- Price spread: +0.100% → +0.037%
- $6.33
- Slippage, 4 orders
- −$6.99
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$19.32
- Costs to cover
- 0.270%
- Break-even
- 108.6 days
Slippage from Bybit: live order book, 5 min ago; Hyperliquid: live order book, 4 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 Bybit live order book, 5 min ago | 1.44 bp | 6.9 bp −$7 | 10.6 bp −$106 | 46.2 bp −$4,615 | doesn't fit |
| Sell Hyperliquid live order book, 4 min ago | 0.14 bp | 5.0 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 | 0.3483 | −0.027% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3484 | −0.003% | $5K | $13K | 10x | as long as short |
| HTX TRX-USDT | −0.0010% | 8h | 0.3479 | −0.135% | $834K | $959K | 75x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3485 | +0.027% | $183K | $12K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3484 | −0.001% | $126K | — | 150x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0020% | 1h | 0.3485 | +0.010% | $2.3M | $1.9M | 25x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.240% | $1K | $163K | 12x | as long as short |
| BingX TRX-USDC | +0.0070% | 8h | 0.3485 | +0.011% | — | $6.5M | — | as long as short |
| Backpack TRX_USDC_PERP | +0.0084% | 1h | 0.3483 | −0.020% | $62K | $5K | 10x | as long as short |
| Paradex TRX-USD-PERP | +0.0090% | 8h | 0.3484 | −0.007% | $9K | $251 | 20x | as long as short |
Reya TRXRUSDPERP
Phoenix TRX
HTX TRX-USDT
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Kraken Futures PF_TRXUSD
Injective TRX/USDC PERP
BingX TRX-USDC
Backpack TRX_USDC_PERP
Paradex TRX-USD-PERPShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TRX | +0.0096% | 1h | 0.3484 | +0.006% | $487K | $671K | 10x | as long as short |
| Orderly PERP_TRX_USDC | +0.0099% | 8h | 0.3483 | −0.023% | $14K | $63K | 20x | as long as short |
| Aster TRXUSDT | +0.0100% | 8h | 0.3483 | −0.047% | $972K | $715K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3485 | +0.021% | $107.0M | $65.0M | 75x | as long as short |
| Bybit TRXUSDTlong | +0.0100% | 8h | 0.3484 | long leg | $53.5M | $12.7M | 75x | |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3485 | +0.014% | $15.7M | $10.9M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3484 | +0.006% | $9.6M | $3.3M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3485 | +0.014% | $19.0M | $2.3M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3485 | +0.017% | $8.5M | $3.3M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3484 | −0.011% | $9.8M | $4.4M | 75x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3482 | −0.062% | $569K | $30K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3482 | −0.058% | $594K | $502K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3482 | −0.055% | $116K | $607K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3482 | −0.062% | $198K | $1.4M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3484 | −0.011% | $410 | $5K | 5x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3484 | 0.000% | $4.0M | $2.0M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3484 | −0.016% | $206K | $1.2M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3482 | −0.052% | $34K | — | 3x | as long as short |
| Hyperliquid TRXshort | +0.0106% | 1h | 0.3488 | +0.100% | $13.4M | $2.8M | 10x | |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3483 | −0.023% | $4.8M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0411% / S −0.0492% | 1h | 0.3484 | −0.012% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0579% | 1h | 0.3487 | +0.090% | $843K | $726K | 25x | as long as short |
Lighter TRX
Orderly PERP_TRX_USDC
Aster TRXUSDT
Binance TRXUSDT
OKX TRX-USDT-SWAP
Gate TRX_USDT
MEXC TRX_USDT
KuCoin TRXUSDTM
Bitget TRXUSDT
Variational Omni TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
Phemex TRXUSDT
Extended TRX-USD
Aevo TRX-PERP
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL