Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Binance−0.016%7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$710.709% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.016%, 7d avg +0.032%

Together, before fees+0.086%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 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 0.048% cheaper against Binance than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TRBUSDT	19.144	0.0100	pay 0.0050% / 4h	1h 36m	$5.0M	$11.8M	50x
Short	Hyperliquid TRB	19.141	0.0100	get 0.0013% / 1h	36m 14s	$475K	$274K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → +0.032%: −$4.77
Slippage, 4 orders: −$51.88
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$75.65
Costs to cover: 0.709%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Hyperliquid: live order book, 33 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 Binance live order book, 4 min ago	0.26 bp	17.7 bp −$18	54.6 bp −$546	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 33 min ago	1.31 bp	18.4 bp −$18	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	19.141	−0.016%	$475K	$274K	3x
Aster TRBUSDT	+0.0100%	4h	19.152	+0.042%	$7K	$25K	5x	as long as short
Binance TRBUSDTlong	+0.0100%	4h	19.144	long leg	$5.0M	$11.8M	50x
Bybit TRBUSDT	+0.0100%	4h	19.170	+0.136%	$6.3M	$2.2M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.140	−0.021%	$4.4M	$5.3M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.160	+0.084%	$569K	$2.2M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.131	−0.068%	$15.4M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.163	+0.099%	$1.2M	$333K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.157	+0.068%	$1.3M	$1.6M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.150	+0.031%	—	$5.0M	—	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	19.190	+0.241%	$15K	$4K	—	as long as short
BloFin TRB-USDT	+0.0139%	4h	19.166	+0.115%	$356K	$167K	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1564%	1h	19.166	+0.115%	$103K	$51K	10x	as long as short