Funding you earn now, next payment 23:00 UTC+0.0075%/8h= +8.2% APRnext payment +$0.09 per $10,000 · paid last 24h +0.057%
Price spread now: Hyperliquid against Backpack+0.058%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.218%+$22 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.058% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack TRX_USDC_PERP | 0.3441 | 0.0025 | pay 0.0003% / 1h | 54m 21s | $58K | $4K | 10x |
| Short | Hyperliquid TRX | 0.3443 | 0.0100 | get 0.0013% / 1h | 54m 21s | $13.2M | $2.2M | 10x |
Backpack TRX_USDC_PERP
Hyperliquid TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Backpack. 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
- $15.7
- Price spread: +0.058% → 0.000%
- $5.81
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $2.51
- Costs to cover
- 0.190%
- Break-even
- 5.9 days
Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 8 min ago. Net counts fees only.
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 Backpack no order-book sample | — | — | — | — | — |
| Sell Hyperliquid live order book, 8 min ago | 0.14 bp | 5.2 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 0.3441 | −0.005% | $5 | — | 20x | as long as short |
| Injective TRX/USDC PERP | −0.0120% | 1h | 0.3442 | +0.017% | $36K | $146K | 12x | as long as short |
| Variational Omni TRX | −0.0086% | 8h | 0.3440 | −0.035% | $563K | $39K | — | as long as short |
| Bybit TRXUSDT | −0.0080% | 8h | 0.3441 | −0.012% | $54.7M | $8.2M | 75x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3442 | +0.023% | $5K | $13K | 10x | as long as short |
| Aster TRXUSDT | −0.0026% | 8h | 0.3441 | −0.013% | $952K | $638K | 75x | as long as short |
| HTX TRX-USDT | −0.0020% | 8h | 0.3441 | −0.018% | $826K | $713K | 75x | as long as short |
| KuCoin TRXUSDTM | −0.0013% | 8h | 0.3442 | +0.009% | $8.7M | $3.7M | 75x | as long as short |
| SoDEX TRX-USD | −0.0004% | 1h | 0.3442 | +0.009% | $403 | $5K | 5x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3443 | +0.038% | $181K | $10K | 10x | as long as short |
Reya TRXRUSDPERP
Injective TRX/USDC PERP
Variational Omni TRX
Bybit TRXUSDT
Phoenix TRX
Aster TRXUSDT
HTX TRX-USDT
KuCoin TRXUSDTM
SoDEX TRX-USD
dYdX TRX-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3443 | +0.050% | $121K | — | 150x | as long as short |
| OKX TRX-USDT-SWAP | +0.0004% | 8h | 0.3441 | 0.000% | $15.6M | $8.8M | 50x | as long as short |
| MEXC TRX_USDT | +0.0005% | 8h | 0.3442 | +0.015% | $18.2M | $1.7M | 200x | as long as short |
| Binance TRXUSDT | +0.0007% | 8h | 0.3442 | +0.015% | $99.3M | $48.8M | 75x | as long as short |
| Extended TRX-USD | +0.0008% | 1h | 0.3441 | −0.012% | $196K | $1.1M | 25x | as long as short |
| Lighter TRX | +0.0016% | 1h | 0.3441 | −0.003% | $482K | $637K | 10x | as long as short |
| BloFin TRX-USDT | +0.0024% | 8h | 0.3442 | +0.012% | $4.6M | $4.0M | 50x | as long as short |
| Backpack TRX_USDC_PERPlong | +0.0025% | 1h | 0.3441 | long leg | $58K | $4K | 10x | |
| Kraken Futures PF_TRXUSD | +0.0026% | 1h | 0.3444 | +0.066% | $1.9M | $972K | 25x | as long as short |
| Paradex TRX-USD-PERP | +0.0055% | 8h | 0.3442 | +0.004% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDT | +0.0076% | 8h | 0.3442 | +0.015% | $3.8M | $1.6M | 50x | as long as short |
| Aevo TRX-PERP | +0.0080% | 1h | 0.3440 | −0.031% | $33K | — | 3x | as long as short |
| BingX TRX-USDT | +0.0084% | 8h | 0.3441 | −0.003% | — | $40.0M | — | as long as short |
| Bitget TRXUSDT | +0.0087% | 8h | 0.3442 | +0.003% | $9.4M | $2.1M | 75x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3442 | +0.012% | $14K | $107K | 20x | as long as short |
| Gate TRX_USDT | +0.0097% | 8h | 0.3441 | −0.003% | $9.7M | $2.5M | 75x | as long as short |
| Hyperliquid TRXshort | +0.0100% | 1h | 0.3443 | +0.058% | $13.2M | $2.2M | 10x | |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3441 | −0.005% | $587K | $432K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3442 | +0.009% | $115K | $546K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3444 | +0.073% | $196K | $919K | 30x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0180% | 1h | 0.3446 | +0.122% | $833K | $411K | 25x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3443 | +0.038% | $20K | — | 100x | as long as short |
gTrade (Gains Network) TRX/USD
OKX TRX-USDT-SWAP
MEXC TRX_USDT
Binance TRXUSDT
Extended TRX-USD
Lighter TRX
BloFin TRX-USDT
Kraken Futures PF_TRXUSD
Paradex TRX-USD-PERP
Phemex TRXUSDT
Aevo TRX-PERP
BingX TRX-USDT
Bitget TRXUSDT
Orderly PERP_TRX_USDC
Gate TRX_USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
Deribit TRX_USDC-PERPETUAL
GMX TRX/USD [ETH-USDC]