Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.040%

Price spread now: Hyperliquid against Variational Omni+0.061%7-day average +0.091% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.091%+$9 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now +0.061%, 7d avg +0.091%

Together, before fees+0.070%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.030% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.061% now, against its 7-day average of +0.091%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TRX	0.3438	−0.0087	get 0.0087% / 8h	2h 37m	$562K	$39K	—
Short	Hyperliquid TRX	0.3440	0.0100	get 0.0013% / 1h	37m 40s	$13.2M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.061%Rate

Funding earned: $39.2
Price spread: +0.061% → +0.091%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $27.21
Costs to cover: 0.090%
Break-even: 2.1 days

Slippage unknown: Variational Omni: RFQ quote, 51 min ago; Hyperliquid: live order book, 5 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 Variational Omni RFQ quote, 51 min ago	5.81 bp	doesn't fit	8.7 bp −$87	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.29 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit

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	0.3437	−0.018%	$5	—	20x	as long as short
Bybit TRXUSDT	−0.0092%	8h	0.3437	−0.015%	$54.7M	$8.2M	75x	as long as short
Variational Omni TRXlong	−0.0087%	8h	0.3438	long leg	$562K	$39K	—
Phoenix TRX	−0.0070%	1h	0.3439	+0.049%	$5K	$13K	10x	as long as short
Aster TRXUSDT	−0.0057%	8h	0.3437	−0.008%	$950K	$634K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	+0.043%	$1K	$100K	12x	as long as short
Backpack TRX_USDC_PERP	−0.0046%	1h	0.3438	0.000%	$58K	$7K	10x	as long as short
HTX TRX-USDT	−0.0035%	8h	0.3437	−0.018%	$825K	$707K	75x	as long as short
SoDEX TRX-USD	−0.0033%	1h	0.3438	0.000%	$402	$5K	5x	as long as short
Lighter TRX	−0.0008%	1h	0.3438	+0.008%	$483K	$628K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TRXUSDT	−0.0002%	8h	0.3438	+0.029%	$99.3M	$49.2M	75x	as long as short
MEXC TRX_USDT	−0.0002%	8h	0.3438	+0.008%	$17.2M	$1.6M	200x	as long as short
Extended TRX-USD	0.0000%	1h	0.3438	+0.007%	$196K	$1.1M	25x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3439	+0.052%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0007%	8h	0.3438	+0.017%	$15.6M	$8.8M	50x	as long as short
Paradex TRX-USD-PERP	+0.0035%	8h	0.3438	+0.016%	$9K	$385	20x	as long as short
KuCoin TRXUSDTM	+0.0040%	8h	0.3437	−0.018%	$8.7M	$3.6M	75x	as long as short
Bitget TRXUSDT	+0.0066%	8h	0.3438	+0.008%	$9.4M	$2.1M	75x	as long as short
BingX TRX-USDC	+0.0066%	8h	0.3438	+0.008%	—	$6.5M	—	as long as short
Phemex TRXUSDT	+0.0072%	8h	0.3438	+0.005%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3436	−0.044%	$33K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3440	+0.062%	$1.9M	$978K	25x	as long as short
Orderly PERP_TRX_USDC	+0.0087%	8h	0.3438	+0.023%	$14K	$107K	20x	as long as short
Hyperliquid TRXshort	+0.0100%	1h	0.3440	+0.061%	$13.2M	$2.2M	10x
Gate TRX_USDT	+0.0100%	8h	0.3438	+0.020%	$9.7M	$2.5M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3438	+0.025%	$587K	$434K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3438	+0.020%	$115K	$540K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3441	+0.089%	$196K	$914K	30x	as long as short
BloFin TRX-USDT	+0.0118%	8h	0.3439	+0.043%	$4.6M	$4.0M	50x	as long as short
dYdX TRX-USD	+0.0132%	1h	0.3439	+0.033%	$181K	$10K	10x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0221%	1h	0.3442	+0.121%	$828K	$407K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0351% / S −0.0367%	1h	0.3439	+0.044%	$19K	—	100x	as long as short