TRX

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0481%/8h= −52.7% APRnext payment −$0.60 per $10,000 · paid last 24h −0.051%

Price spread now: Kraken Futures against Deribit−0.098%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Deribit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.098%, 7d avg −0.045%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Kraken Futures is 0.052% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.231% in total (about -12.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 per $10,000. 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	0.3494	0.0733	pay 0.0092% / 1h	36m 24s	$907K	$684K	25x
Short	Kraken Futures PF_TRXUSD	0.3490	0.0252	get 0.0031% / 1h	36m 24s	$2.4M	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$101.01
Price spread: −0.098% → −0.045%: −$5.24
Slippage, 4 orders: −$11.02
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$134.27
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from Deribit: live order book, 7 min ago; Kraken Futures: live order book, 2 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, 7 min ago	0.14 bp	3.6 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	1.86 bp	7.0 bp −$7	9.9 bp −$99	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	0.3488	−0.167%	$5	—	20x	as long as short
HTX TRX-USDT	−0.0015%	8h	0.3485	−0.247%	$833K	$938K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3490	−0.097%	$183K	$12K	10x	as long as short
Phoenix TRX	0.0000%	1h	0.3491	−0.094%	$5K	$14K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3489	−0.133%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.511%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3489	−0.135%	—	$32.8M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3490	−0.120%	$487K	$670K	10x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3489	−0.126%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3488	−0.152%	$14K	$60K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRX	+0.0100%	1h	0.3492	−0.054%	$13.3M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3489	−0.149%	$966K	$701K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3489	−0.151%	$107.4M	$62.5M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3488	−0.152%	$53.6M	$12.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3488	−0.152%	$15.5M	$10.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3489	−0.123%	$9.7M	$3.2M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3489	−0.123%	$19.6M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3490	−0.106%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3489	−0.137%	$9.8M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3489	−0.137%	$63K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3489	−0.141%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3489	−0.142%	$595K	$461K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3490	−0.109%	$116K	$582K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3489	−0.146%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3490	−0.103%	$412	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3490	−0.103%	$4.0M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3489	−0.148%	$205K	$681K	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3488	−0.162%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3490	−0.109%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSDshort	+0.0252%	1h	0.3490	−0.098%	$2.4M	$1.8M	25x
GMX TRX/USD [ETH-USDC]	L +0.0411% / S −0.0492%	1h	0.3489	−0.125%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUALlong	+0.0733%	1h	0.3494	long leg	$907K	$684K	25x