Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.025%

Price spread now: BingX against Hyperliquid−0.083%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.083%, 7d avg −0.024%

Together, before fees+0.170%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.059% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.024%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRX	0.3483	0.0100	pay 0.0013% / 1h	40m 01s	$13.1M	$2.5M	10x
Short	BingX TRX-USDT	0.3480	0.0070	get 0.0070% / 8h	5h 40m	—	$32.8M	—

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 −0.083%Rate

Funding earned: −$6.3
Price spread: −0.083% → −0.024%: −$5.94
Slippage, 4 orders: −$1.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$32.87
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; BingX: live order book, 14 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, 3 min ago	0.14 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	0.43 bp	5.4 bp −$5	7.3 bp −$73	13.4 bp −$1,340	15.4 bp −$7,694

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	−0.105%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3481	−0.049%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3479	−0.103%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3480	−0.086%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.203%	$1K	$163K	12x	as long as short
BingX TRX-USDTshort	+0.0070%	8h	0.3480	−0.083%	—	$32.8M	—
KuCoin TRXUSDTM	+0.0094%	8h	0.3481	−0.069%	$8.8M	$3.5M	75x	as long as short
Lighter TRX	+0.0096%	1h	0.3480	−0.086%	$485K	$662K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0097%	8h	0.3480	−0.092%	$14K	$122K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3479	−0.120%	$9K	$251	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRXlong	+0.0100%	1h	0.3483	long leg	$13.1M	$2.5M	10x
Aster TRXUSDT	+0.0100%	8h	0.3480	−0.095%	$963K	$692K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3480	−0.074%	$105.2M	$56.0M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3480	−0.083%	$54.0M	$11.2M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3480	−0.095%	$15.6M	$9.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3479	−0.098%	$9.7M	$2.9M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3480	−0.078%	$18.7M	$2.1M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3480	−0.075%	$10.4M	$3.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3479	−0.106%	$59K	$4K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3479	−0.117%	$568K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3479	−0.108%	$593K	$464K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3479	−0.109%	$116K	$561K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3476	−0.212%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3480	−0.089%	$404	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3479	−0.100%	$840K	$822K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3480	−0.078%	$3.9M	$1.8M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3479	−0.115%	$198K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3478	−0.145%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3479	−0.098%	$4.7M	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3479	−0.098%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0585%	1h	0.3481	−0.066%	$2.4M	$1.7M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0793%	1h	0.3484	+0.021%	$841K	$498K	25x	as long as short