Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.028%

Price spread now: SunX against Deribit−0.038%7-day average −0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$540.538% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 3 days (all we have)−0.198%−$20 · spread now −0.038%, 7d avg −0.166%

Together, before fees−0.141%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.128% dearer against Deribit than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.166%): +$13 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 44 hours. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% 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	0.3446	0.0331	pay 0.0041% / 1h	55m 04s	$829K	$414K	25x
Short	SunX TRX-USDT	0.3445	0.0100	get 0.0100% / 8h	55m 04s	$196K	$917K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$48.46
Price spread: −0.038% → −0.166%: $12.82
Slippage, 4 orders: −$38.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$89.49
Costs to cover: 0.538%
Break-even: never at this rate

Slippage from Deribit: live order book, 24 min ago; SunX: live order book, 7 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, 24 min ago	0.73 bp	5.1 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	7.89 bp	29.3 bp −$29	39.7 bp −$397	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
Backpack TRX_USDC_PERP	−0.0150%	1h	0.3442	−0.119%	$58K	$4K	10x	as long as short
Injective TRX/USDC PERP	−0.0146%	1h	0.3441	−0.140%	$1K	$163K	12x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3442	−0.112%	$5	—	20x	as long as short
KuCoin TRXUSDTM	−0.0087%	8h	0.3442	−0.108%	$8.7M	$3.7M	75x	as long as short
Phoenix TRX	−0.0070%	1h	0.3442	−0.111%	$5K	$13K	10x	as long as short
Variational Omni TRX	−0.0060%	8h	0.3440	−0.168%	$563K	$38K	—	as long as short
Bybit TRXUSDT	−0.0043%	8h	0.3442	−0.119%	$54.6M	$8.1M	75x	as long as short
HTX TRX-USDT	−0.0026%	8h	0.3440	−0.181%	$826K	$723K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3442	−0.097%	$181K	$10K	10x	as long as short
OKX TRX-USDT-SWAP	+0.0003%	8h	0.3443	−0.096%	$15.6M	$8.7M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3444	−0.063%	$121K	—	150x	as long as short
MEXC TRX_USDT	+0.0021%	8h	0.3443	−0.096%	$18.1M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0021%	8h	0.3442	−0.098%	$99.3M	$47.8M	75x	as long as short
Extended TRX-USD	+0.0024%	1h	0.3442	−0.117%	$196K	$1.1M	25x	as long as short
Aster TRXUSDT	+0.0029%	8h	0.3443	−0.084%	$956K	$659K	75x	as long as short
Lighter TRX	+0.0040%	1h	0.3442	−0.111%	$482K	$630K	10x	as long as short
SoDEX TRX-USD	+0.0044%	1h	0.3442	−0.099%	$403	$5K	5x	as long as short
Paradex TRX-USD-PERP	+0.0049%	8h	0.3442	−0.115%	$9K	$385	20x	as long as short
Kraken Futures PF_TRXUSD	+0.0062%	1h	0.3444	−0.047%	$1.9M	$1.0M	25x	as long as short
Phemex TRXUSDT	+0.0075%	8h	0.3442	−0.102%	$3.8M	$1.6M	50x	as long as short
BloFin TRX-USDT	+0.0085%	8h	0.3442	−0.122%	$4.6M	$4.0M	50x	as long as short
Gate TRX_USDT	+0.0086%	8h	0.3443	−0.090%	$9.6M	$2.5M	75x	as long as short
Aevo TRX-PERP	+0.0088%	1h	0.3441	−0.151%	$33K	—	3x	as long as short
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3442	−0.116%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3444	−0.047%	$13.2M	$2.2M	10x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3443	−0.090%	$9.5M	$2.1M	75x	as long as short
BingX TRX-USDT	+0.0100%	8h	0.3442	−0.113%	—	$40.0M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	−0.152%	$587K	$429K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	−0.166%	$115K	$556K	50x	as long as short
SunX TRX-USDTshort	+0.0100%	8h	0.3445	−0.038%	$196K	$917K	30x
Deribit TRX_USDC-PERPETUALlong	+0.0331%	1h	0.3446	long leg	$829K	$414K	25x
GMX TRX/USD [ETH-USDC]	L +0.0365% / S −0.0395%	1h	0.3443	−0.075%	$20K	—	100x	as long as short