Funding you earn now, next payment 06:00 UTC+0.0565%/8h= +61.9% APRpaid last 24h +0.095%
Price spread now: Deribit against Bybit+0.165%7-day average +0.092% · you sell dearer than you buy
Net, funding: paid 7d − costs−$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$280.276% of the position
Funding, last 7 days+0.246%+$25 on $10k
+Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.165%, 7d avg +0.092%
=Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Deribit is 0.073% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.092%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.246% in total (about 12.8% 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 | Bybit TRXUSDT | 0.3482 | 0.0100 | pay 0.0100% / 8h | 2h 40m | $53.9M | $12.0M | 75x |
| Short | Deribit TRX_USDC-PERPETUAL | 0.3488 | 0.0665 | get 0.0083% / 1h | 40m 06s | $902K | $643K | 25x |
Bybit TRXUSDT
Deribit TRX_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Bybit. 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
- $118.75
- Price spread: +0.165% → +0.092%
- $7.3
- Slippage, 4 orders
- −$9.56
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $98.49
- Costs to cover
- 0.276%
- Break-even
- 1.2 days
Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 9 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 Bybit live order book, 4 min ago | 1.43 bp | 9.1 bp −$9 | 13.0 bp −$130 | 43.7 bp −$4,373 | doesn't fit |
| Sell Deribit live order book, 9 min ago | 0.14 bp | 7.4 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 | 0.3481 | −0.037% | $5 | — | 20x | as long as short |
| Phoenix TRX | −0.0023% | 1h | 0.3486 | +0.103% | $5K | $14K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3481 | −0.016% | $182K | $12K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0008% | 1h | 0.3482 | +0.007% | $123K | — | 150x | as long as short |
| Injective TRX/USDC PERP | +0.0033% | 1h | 0.3441 | −1.177% | $1K | $163K | 12x | as long as short |
| HTX TRX-USDT | +0.0051% | 8h | 0.3480 | −0.049% | $827K | $918K | 75x | as long as short |
| BingX TRX-USDT | +0.0070% | 8h | 0.3483 | +0.014% | — | $32.8M | — | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3483 | +0.020% | $486K | $671K | 10x | as long as short |
| Paradex TRX-USD-PERP | +0.0099% | 8h | 0.3480 | −0.049% | $9K | $251 | 20x | as long as short |
| Orderly PERP_TRX_USDC | +0.0100% | 8h | 0.3483 | +0.014% | $14K | $60K | 20x | as long as short |
Reya TRXRUSDPERP
Phoenix TRX
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Injective TRX/USDC PERP
HTX TRX-USDT
BingX TRX-USDT
Lighter TRX
Paradex TRX-USD-PERP
Orderly PERP_TRX_USDCShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid TRX | +0.0100% | 1h | 0.3486 | +0.126% | $13.2M | $2.7M | 10x | as long as short |
| Aster TRXUSDT | +0.0100% | 8h | 0.3482 | +0.011% | $964K | $697K | 75x | as long as short |
| Binance TRXUSDT | +0.0100% | 8h | 0.3483 | +0.040% | $107.0M | $62.3M | 75x | as long as short |
| Bybit TRXUSDTlong | +0.0100% | 8h | 0.3482 | long leg | $53.9M | $12.0M | 75x | |
| OKX TRX-USDT-SWAP | +0.0100% | 8h | 0.3483 | +0.023% | $15.5M | $10.3M | 50x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3483 | +0.017% | $9.7M | $3.1M | 75x | as long as short |
| MEXC TRX_USDT | +0.0100% | 8h | 0.3483 | +0.032% | $18.9M | $2.1M | 200x | as long as short |
| KuCoin TRXUSDTM | +0.0100% | 8h | 0.3483 | +0.032% | $8.5M | $3.4M | 75x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3482 | −0.003% | $9.9M | $4.3M | 75x | as long as short |
| Backpack TRX_USDC_PERP | +0.0100% | 1h | 0.3483 | +0.014% | $62K | $5K | 10x | as long as short |
| Variational Omni TRX | +0.0100% | 8h | 0.3482 | −0.001% | $570K | $37K | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3486 | +0.122% | $594K | $473K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3486 | +0.126% | $116K | $581K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3481 | −0.024% | $198K | $1.3M | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3483 | +0.029% | $409 | $5K | 5x | as long as short |
| Phemex TRXUSDT | +0.0100% | 8h | 0.3483 | +0.043% | $4.0M | $1.9M | 50x | as long as short |
| Extended TRX-USD | +0.0104% | 1h | 0.3481 | −0.018% | $195K | $1.1M | 25x | as long as short |
| Aevo TRX-PERP | +0.0104% | 1h | 0.3481 | −0.022% | $34K | — | 3x | as long as short |
| BloFin TRX-USDT | +0.0220% | 8h | 0.3483 | +0.026% | $4.7M | $3.9M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0411% / S −0.0492% | 1h | 0.3482 | +0.008% | $20K | — | 100x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0415% | 1h | 0.3484 | +0.047% | $2.4M | $1.8M | 25x | as long as short |
| Deribit TRX_USDC-PERPETUALshort | +0.0665% | 1h | 0.3488 | +0.165% | $902K | $643K | 25x |
Hyperliquid TRX
Aster TRXUSDT
Binance TRXUSDT
OKX TRX-USDT-SWAP
Gate TRX_USDT
MEXC TRX_USDT
KuCoin TRXUSDTM
Bitget TRXUSDT
Backpack TRX_USDC_PERP
Variational Omni TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
Phemex TRXUSDT
Extended TRX-USD
Aevo TRX-PERP
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Kraken Futures PF_TRXUSD