Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Hyperliquid+0.141%7-day average +0.114% · 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−$91as in the Price arb table

costs, in and out, $10k−$930.933% 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)−0.033%−$3 · spread now +0.141%, 7d avg +0.114%

Together, before fees−0.033%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 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 0.027% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.114%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRB	19.061	0.0100	pay 0.0013% / 1h	38m 00s	$485K	$225K	3x
Short	Bybit TRBUSDT	19.088	0.0100	get 0.0050% / 4h	1h 38m	$6.3M	$1.9M	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 +0.141%Rate

Funding earned: $0
Price spread: +0.141% → +0.114%: $2.65
Slippage, 4 orders: −$73.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$90.6
Costs to cover: 0.933%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 42 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, 42 min ago	2.87 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.44 bp	31.5 bp −$32	104.2 bp −$1,042	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
BloFin TRB-USDT	+0.0047%	4h	19.100	+0.204%	$360K	$174K	50x	as long as short
Hyperliquid TRBlong	+0.0100%	1h	19.061	long leg	$485K	$225K	3x
Aster TRBUSDT	+0.0100%	4h	19.081	+0.105%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.050	−0.059%	$5.0M	$10.2M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.088	+0.141%	$6.3M	$1.9M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.070	+0.046%	$4.4M	$4.6M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.079	+0.093%	$14.4M	$898K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.094	+0.172%	$1.1M	$308K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.051	−0.054%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.072	+0.057%	—	$16.5M	—	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	19.162	+0.530%	$14K	$3K	—	as long as short
Gate TRB_USDT	+0.0238%	4h	19.110	+0.256%	$576K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSD	+0.1241%	1h	19.082	+0.109%	$101K	$98K	10x	as long as short