Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Hyperliquid−0.063%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

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

costs, in and out, $10k−$750.747% 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)+0.147%+$15 · spread now −0.063%, 7d avg +0.047%

Together, before fees+0.137%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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 0.110% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.134	0.0100	pay 0.0013% / 1h	59m 50s	$475K	$273K	3x
Short	BingX TRB-USDT	19.122	0.0100	get 0.0050% / 4h	3h 59m	—	$5.0M	—

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 −0.063%Rate

Funding earned: $0
Price spread: −0.063% → +0.047%: −$10.99
Slippage, 4 orders: −$55.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$85.68
Costs to cover: 0.747%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 60 min ago; BingX: 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, 60 min ago	1.30 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	5.49 bp	20.2 bp −$20	57.8 bp −$578	234.9 bp −$23.5K	337.9 bp −$169.0K

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
BloFin TRB-USDT	+0.0079%	4h	19.121	−0.068%	$353K	$167K	50x	as long as short
Hyperliquid TRBlong	+0.0100%	1h	19.134	long leg	$475K	$273K	3x
Aster TRBUSDT	+0.0100%	4h	19.106	−0.144%	$6K	$26K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.116	−0.094%	$5.0M	$11.9M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.142	+0.042%	$6.2M	$2.2M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.120	−0.073%	$4.4M	$5.3M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.120	−0.073%	$559K	$2.2M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.118	−0.084%	$15.6M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.124	−0.052%	$1.2M	$332K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.130	−0.021%	$1.3M	$1.6M	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX TRB-USDTshort	+0.0100%	4h	19.122	−0.063%	—	$5.0M	—
Variational Omni TRB	+0.0112%	4h	19.145	+0.057%	$15K	$16K	—	as long as short
Kraken Futures PF_TRBUSD	+0.1735%	1h	19.218	+0.437%	$103K	$51K	10x	as long as short