Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0379%/8h= +41.5% APRpaid last 24h +0.061%

Price spread now: Deribit against Binance+0.111%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)−0.189%−$19 · spread now +0.111%, 7d avg +0.063%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.048% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.170% in total (about 8.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TRXUSDT	0.3440	−0.0002	get 0.0002% / 8h	2h 55m	$99.3M	$49.4M	75x
Short	Deribit TRX_USDC-PERPETUAL	0.3444	0.0378	get 0.0047% / 1h	55m 13s	$828K	$407K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.111%Rate

Funding earned: $79.63
Price spread: +0.111% → +0.063%: $4.83
Slippage, 4 orders: −$8.65
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $58.81
Costs to cover: 0.257%
Break-even: 1.8 days

Slippage from Binance: live order book, 3 min ago; Deribit: 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, 3 min ago	0.14 bp	5.3 bp −$5	8.0 bp −$80	31.2 bp −$3,120	doesn't fit
Sell Deribit live order book, 33 min ago	0.73 bp	7.1 bp −$7	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	0.3440	−0.007%	$5	—	20x	as long as short
Backpack TRX_USDC_PERP	−0.0106%	1h	0.3440	+0.003%	$58K	$7K	10x	as long as short
BingX TRX-USDT	−0.0094%	8h	0.3439	−0.015%	—	$38.1M	—	as long as short
Bybit TRXUSDT	−0.0093%	8h	0.3438	−0.044%	$54.7M	$8.2M	75x	as long as short
Variational Omni TRX	−0.0083%	8h	0.3437	−0.067%	$562K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3440	+0.006%	$5K	$13K	10x	as long as short
Aster TRXUSDT	−0.0056%	8h	0.3439	−0.015%	$951K	$636K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	−0.023%	$1K	$100K	12x	as long as short
Lighter TRX	−0.0040%	1h	0.3440	−0.003%	$483K	$628K	10x	as long as short
HTX TRX-USDT	−0.0038%	8h	0.3439	−0.033%	$826K	$704K	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX TRX-USD	−0.0037%	1h	0.3440	−0.006%	$400	$5K	5x	as long as short
Binance TRXUSDTlong	−0.0002%	8h	0.3440	long leg	$99.3M	$49.4M	75x
MEXC TRX_USDT	−0.0001%	8h	0.3440	+0.009%	$17.2M	$1.6M	200x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3441	+0.025%	$181K	$10K	10x	as long as short
Extended TRX-USD	0.0000%	1h	0.3439	−0.019%	$196K	$1.1M	25x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3441	+0.048%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0012%	8h	0.3439	−0.015%	$15.6M	$8.8M	50x	as long as short
Paradex TRX-USD-PERP	+0.0045%	8h	0.3439	−0.026%	$9K	$385	20x	as long as short
Bitget TRXUSDT	+0.0064%	8h	0.3440	−0.003%	$9.4M	$2.1M	75x	as long as short
KuCoin TRXUSDTM	+0.0071%	8h	0.3439	−0.012%	$8.7M	$3.6M	75x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3438	−0.038%	$33K	—	3x	as long as short
Phemex TRXUSDT	+0.0081%	8h	0.3440	−0.006%	$3.8M	$1.6M	50x	as long as short
Orderly PERP_TRX_USDC	+0.0086%	8h	0.3440	+0.015%	$14K	$107K	20x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3442	+0.053%	$1.9M	$994K	25x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3442	+0.061%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3440	0.000%	$9.7M	$2.4M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3439	−0.033%	$587K	$434K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	−0.006%	$115K	$542K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3442	+0.061%	$196K	$912K	30x	as long as short
BloFin TRX-USDT	+0.0118%	8h	0.3440	−0.003%	$4.6M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0350% / S −0.0367%	1h	0.3441	+0.035%	$19K	—	100x	as long as short
Deribit TRX_USDC-PERPETUALshort	+0.0378%	1h	0.3444	+0.111%	$828K	$407K	25x