TRX

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0599%/8h= +65.6% APRnext payment +$0.75 per $10,000 · paid last 24h +0.051%

Price spread now: Deribit against Kraken Futures+0.104%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

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

Long on Kraken Futures Short on Deribit

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)−0.073%−$7 · spread now +0.104%, 7d avg +0.045%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Deribit is 0.059% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.045%.

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 +$0.75 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	Kraken Futures PF_TRXUSD	0.3490	0.0252	pay 0.0031% / 1h	35m 35s	$2.4M	$1.8M	25x
Short	Deribit TRX_USDC-PERPETUAL	0.3493	0.0850	get 0.0106% / 1h	35m 35s	$907K	$684K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 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 Kraken FuturesbpFee DeribitbpOrdersPrice spread, now +0.104%Rate

Funding earned: $125.73
Price spread: +0.104% → +0.045%: $5.91
Slippage, 4 orders: −$11.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $103.62
Costs to cover: 0.280%
Break-even: 1.2 days

Slippage from Kraken Futures: live order book, 3 min ago; Deribit: live order book, 8 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 Kraken Futures live order book, 3 min ago	1.86 bp	10.4 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit
Sell Deribit live order book, 8 min ago	0.14 bp	7.0 bp −$7	24.7 bp −$247	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	−0.045%	$5	—	20x	as long as short
HTX TRX-USDT	−0.0017%	8h	0.3485	−0.117%	$833K	$938K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3490	+0.025%	$183K	$12K	10x	as long as short
Phoenix TRX	0.0000%	1h	0.3491	+0.027%	$5K	$14K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3489	−0.011%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.391%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3489	−0.013%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3488	−0.042%	$487K	$670K	10x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3488	−0.037%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3488	−0.030%	$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	+0.056%	$13.3M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3489	−0.027%	$966K	$701K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3489	−0.029%	$107.4M	$62.5M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3489	−0.016%	$53.6M	$12.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3488	−0.030%	$15.5M	$10.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3489	−0.016%	$9.7M	$3.2M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3488	−0.036%	$19.6M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3490	+0.004%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3488	−0.053%	$9.8M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3487	−0.062%	$62K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3489	−0.019%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3489	−0.005%	$595K	$462K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3490	+0.007%	$116K	$583K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3487	−0.069%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3489	−0.027%	$409	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3489	−0.024%	$4.0M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3488	−0.057%	$205K	$647K	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3487	−0.062%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3490	+0.013%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSDlong	+0.0252%	1h	0.3490	long leg	$2.4M	$1.8M	25x
GMX TRX/USD [ETH-USDC]	L +0.0411% / S −0.0492%	1h	0.3489	−0.003%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUALshort	+0.0850%	1h	0.3493	+0.104%	$907K	$684K	25x