Funding you earn now, next payment 23:00 UTC−0.0038%/8h= −4.1% APRnext payment −$0.05 per $10,000 · paid last 24h −0.057%
Price spread now: Backpack against Kraken Futures−0.042%51s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.135%−$13 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_TRXUSD | 0.3442 | 0.0026 | pay 0.0003% / 1h | 50m 17s | $1.9M | $985K | 25x |
| Short | Backpack TRX_USDC_PERP | 0.3441 | −0.0011 | pay 0.0001% / 1h | 50m 17s | $58K | $4K | 10x |
Kraken Futures PF_TRXUSD
Backpack TRX_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$7.92
- Price spread: −0.042% → 0.000%
- −$4.16
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$32.08
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 3 min ago; Backpack: no order-book sample. Net counts fees only.
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 Kraken Futures live order book, 3 min ago | 1.31 bp | 10.2 bp −$10 | 16.1 bp −$161 | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 0.3440 | −0.063% | $5 | — | 20x | as long as short |
| Injective TRX/USDC PERP | −0.0120% | 1h | 0.3441 | −0.030% | $1K | $163K | 12x | as long as short |
| Variational Omni TRX | −0.0085% | 8h | 0.3439 | −0.082% | $563K | $39K | — | as long as short |
| Bybit TRXUSDT | −0.0079% | 8h | 0.3440 | −0.059% | $54.7M | $8.2M | 75x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3443 | +0.022% | $5K | $13K | 10x | as long as short |
| Aster TRXUSDT | −0.0023% | 8h | 0.3440 | −0.053% | $952K | $639K | 75x | as long as short |
| HTX TRX-USDT | −0.0020% | 8h | 0.3440 | −0.053% | $826K | $713K | 75x | as long as short |
| KuCoin TRXUSDTM | −0.0018% | 8h | 0.3439 | −0.074% | $8.7M | $3.6M | 75x | as long as short |
| Backpack TRX_USDC_PERPshort | −0.0011% | 1h | 0.3441 | −0.042% | $58K | $4K | 10x | |
| SoDEX TRX-USD | 0.0000% | 1h | 0.3440 | −0.053% | $404 | $5K | 5x | as long as short |
Reya TRXRUSDPERP
Injective TRX/USDC PERP
Variational Omni TRX
Bybit TRXUSDT
Phoenix TRX
Aster TRXUSDT
HTX TRX-USDT
KuCoin TRXUSDTM
SoDEX TRX-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter TRX | 0.0000% | 1h | 0.3440 | −0.050% | $482K | $637K | 10x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3443 | +0.020% | $181K | $10K | 10x | as long as short |
| OKX TRX-USDT-SWAP | +0.0003% | 8h | 0.3440 | −0.062% | $15.6M | $8.8M | 50x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3442 | −0.009% | $121K | — | 150x | as long as short |
| MEXC TRX_USDT | +0.0007% | 8h | 0.3441 | −0.042% | $18.2M | $1.7M | 200x | as long as short |
| Binance TRXUSDT | +0.0007% | 8h | 0.3441 | −0.045% | $99.3M | $48.6M | 75x | as long as short |
| Extended TRX-USD | +0.0008% | 1h | 0.3439 | −0.076% | $196K | $1.1M | 25x | as long as short |
| Kraken Futures PF_TRXUSDlong | +0.0026% | 1h | 0.3442 | long leg | $1.9M | $985K | 25x | |
| BloFin TRX-USDT | +0.0030% | 8h | 0.3441 | −0.039% | $4.6M | $4.0M | 50x | as long as short |
| Paradex TRX-USD-PERP | +0.0052% | 8h | 0.3440 | −0.050% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDT | +0.0074% | 8h | 0.3441 | −0.039% | $3.8M | $1.6M | 50x | as long as short |
| Aevo TRX-PERP | +0.0080% | 1h | 0.3439 | −0.092% | $33K | — | 3x | as long as short |
| BingX TRX-USDC | +0.0084% | 8h | 0.3440 | −0.050% | — | $6.5M | — | as long as short |
| Bitget TRXUSDT | +0.0089% | 8h | 0.3441 | −0.042% | $9.4M | $2.1M | 75x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3441 | −0.042% | $14K | $107K | 20x | as long as short |
| Gate TRX_USDT | +0.0097% | 8h | 0.3441 | −0.042% | $9.7M | $2.5M | 75x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3442 | −0.001% | $13.2M | $2.2M | 10x | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3441 | −0.037% | $587K | $433K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3441 | −0.027% | $115K | $545K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3443 | +0.015% | $196K | $916K | 30x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3442 | −0.007% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0407% | 1h | 0.3444 | +0.065% | $832K | $411K | 25x | as long as short |
Lighter TRX
dYdX TRX-USD
OKX TRX-USDT-SWAP
gTrade (Gains Network) TRX/USD
MEXC TRX_USDT
Binance TRXUSDT
Extended TRX-USD
BloFin TRX-USDT
Paradex TRX-USD-PERP
Phemex TRXUSDT
Aevo TRX-PERP
BingX TRX-USDC
Bitget TRXUSDT
Orderly PERP_TRX_USDC
Gate TRX_USDT
Hyperliquid TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL