Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0443%/8h= −48.5% APRpaid last 24h −0.102%

Price spread now: Phemex against Deribit−0.076%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.350% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.076%, 7d avg −0.066%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.066%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.119% in total (about -6.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TRX_USDC-PERPETUAL	0.3484	0.0543	pay 0.0068% / 1h	57m 57s	$805K	$723K	25x
Short	Phemex TRXUSDT	0.3482	0.0100	get 0.0100% / 8h	5h 57m	$3.9M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$92.99
Price spread: −0.076% → −0.066%: −$0.99
Slippage, 4 orders: −$16.01
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$128.99
Costs to cover: 0.350%
Break-even: never at this rate

Slippage from Deribit: live order book, 54 min ago; Phemex: live order book, 4 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, 54 min ago	1.29 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.14 bp	11.2 bp −$11	14.3 bp −$143	doesn't fit	doesn't fit

TRX on 32 exchanges

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
Aster TRXUSDT	−0.0313%	8h	0.3478	−0.185%	$963K	$927K	75x	as long as short
HTX TRX-USDT	−0.0218%	8h	0.3480	−0.117%	$832K	$884K	75x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3479	−0.134%	$5	—	20x	as long as short
Backpack TRX_USDC_PERP	−0.0086%	1h	0.3480	−0.119%	$57K	$8K	10x	as long as short
Phoenix TRX	−0.0023%	1h	0.3485	+0.015%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3483	−0.028%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3481	−0.094%	$126K	—	150x	as long as short
SoDEX TRX-USD	+0.0031%	1h	0.3480	−0.108%	$407	$5K	5x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.239%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3481	−0.102%	—	$32.5M	—	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRX	+0.0096%	1h	0.3481	−0.099%	$482K	$656K	10x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3480	−0.112%	$9K	$52	20x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3480	−0.111%	$14K	$71K	20x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3481	−0.100%	$107.1M	$63.7M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3479	−0.134%	$53.4M	$13.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3481	−0.102%	$15.4M	$11.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3481	−0.102%	$9.6M	$3.2M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3480	−0.111%	$19.1M	$2.3M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3481	−0.096%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3479	−0.139%	$9.7M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3481	−0.100%	$577K	$28K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3482	−0.058%	$594K	$506K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3484	−0.007%	$117K	$619K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3479	−0.159%	$198K	$1.3M	30x	as long as short
Phemex TRXUSDTshort	+0.0100%	8h	0.3482	−0.076%	$3.9M	$2.0M	50x
Extended TRX-USD	+0.0104%	1h	0.3479	−0.155%	$213K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3479	−0.155%	$34K	—	3x	as long as short
Hyperliquid TRX	+0.0142%	1h	0.3485	+0.027%	$14.3M	$2.8M	10x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3481	−0.102%	$4.8M	$3.9M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0269%	1h	0.3480	−0.110%	$2.4M	$1.8M	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0409% / S −0.0492%	1h	0.3483	−0.028%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUALlong	+0.0543%	1h	0.3484	long leg	$805K	$723K	25x