Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h −0.071%

Price spread now: BingX against Deribit−0.114%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.305% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now −0.114%, 7d avg −0.073%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BingX is 0.042% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.063% in total (about -3.3% 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	Deribit TRX_USDC-PERPETUAL	0.3443	0.0343	pay 0.0043% / 1h	56m 12s	$828K	$407K	25x
Short	BingX TRX-USDC	0.3439	−0.0093	pay 0.0093% / 8h	2h 56m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$91.55
Price spread: −0.114% → −0.073%: −$4.19
Slippage, 4 orders: −$13.45
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$126.19
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Deribit: live order book, 32 min ago; BingX: live order book, 10 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 Deribit live order book, 32 min ago	0.73 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.58 bp	8.6 bp −$9	27.5 bp −$275	343.4 bp −$34.3K	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	0.3438	−0.131%	$5	—	20x	as long as short
Backpack TRX_USDC_PERP	−0.0105%	1h	0.3438	−0.117%	$58K	$7K	10x	as long as short
Bybit TRXUSDT	−0.0095%	8h	0.3438	−0.132%	$54.7M	$8.2M	75x	as long as short
BingX TRX-USDCshort	−0.0093%	8h	0.3439	−0.114%	—	$6.5M	—
Variational Omni TRX	−0.0081%	8h	0.3439	−0.116%	$562K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3440	−0.074%	$5K	$13K	10x	as long as short
SoDEX TRX-USD	−0.0063%	1h	0.3438	−0.120%	$403	$5K	5x	as long as short
Aster TRXUSDT	−0.0056%	8h	0.3439	−0.094%	$951K	$636K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	−0.103%	$1K	$100K	12x	as long as short
Lighter TRX	−0.0040%	1h	0.3438	−0.123%	$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
HTX TRX-USDT	−0.0038%	8h	0.3438	−0.132%	$825K	$704K	75x	as long as short
Binance TRXUSDT	−0.0001%	8h	0.3438	−0.120%	$99.2M	$49.6M	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3441	−0.055%	$181K	$10K	10x	as long as short
Extended TRX-USD	0.0000%	1h	0.3438	−0.140%	$196K	$1.1M	25x	as long as short
MEXC TRX_USDT	0.0000%	8h	0.3438	−0.117%	$17.2M	$1.6M	200x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3440	−0.075%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0012%	8h	0.3438	−0.129%	$15.6M	$8.8M	50x	as long as short
Paradex TRX-USD-PERP	+0.0046%	8h	0.3439	−0.117%	$9K	$385	20x	as long as short
Bitget TRXUSDT	+0.0064%	8h	0.3438	−0.135%	$9.4M	$2.1M	75x	as long as short
KuCoin TRXUSDTM	+0.0071%	8h	0.3437	−0.158%	$8.7M	$3.6M	75x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3437	−0.153%	$33K	—	3x	as long as short
Phemex TRXUSDT	+0.0081%	8h	0.3439	−0.103%	$3.8M	$1.6M	50x	as long as short
Orderly PERP_TRX_USDC	+0.0086%	8h	0.3439	−0.097%	$14K	$107K	20x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3440	−0.062%	$1.9M	$993K	25x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3441	−0.053%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3438	−0.126%	$9.7M	$2.4M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3440	−0.083%	$587K	$434K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3441	−0.033%	$115K	$543K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3441	−0.046%	$196K	$912K	30x	as long as short
BloFin TRX-USDT	+0.0119%	8h	0.3439	−0.091%	$4.6M	$4.0M	50x	as long as short
Deribit TRX_USDC-PERPETUALlong	+0.0343%	1h	0.3443	long leg	$828K	$407K	25x
GMX TRX/USD [ETH-USDC]	L +0.0351% / S −0.0367%	1h	0.3440	−0.073%	$19K	—	100x	as long as short