Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.033%

Price spread now: Gate against Kraken Futures−0.070%51s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.405% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 3 days (all we have)+0.125%+$12 · spread now −0.070%, 7d avg −0.029%

Together, before fees+0.278%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.041% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.070% now, against its 7-day average of −0.029%). If the spread goes back, that is −$4 on $10k: about 10 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.154% in total) that is about 44 hours. 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	0.3440	0.0087	pay 0.0011% / 1h	36m 29s	$1.9M	$978K	25x
Short	Gate TRX_USDT	0.3438	0.0100	get 0.0100% / 8h	2h 36m	$9.7M	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.070%Rate

Funding earned: $2.77
Price spread: −0.070% → −0.029%: −$4.06
Slippage, 4 orders: −$15.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$41.77
Costs to cover: 0.405%
Break-even: 112.4 days

Slippage from Kraken Futures: live order book, 2 min ago; Gate: 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 Kraken Futures live order book, 2 min ago	1.45 bp	8.1 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.46 bp	9.8 bp −$10	24.8 bp −$248	36.3 bp −$3,630	63.1 bp −$31.6K

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	0.3438	−0.070%	$5	—	20x	as long as short
Bybit TRXUSDT	−0.0091%	8h	0.3437	−0.093%	$54.7M	$8.2M	75x	as long as short
Variational Omni TRX	−0.0087%	8h	0.3438	−0.078%	$562K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3439	−0.035%	$5K	$13K	10x	as long as short
Aster TRXUSDT	−0.0057%	8h	0.3437	−0.080%	$950K	$634K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	−0.035%	$1K	$100K	12x	as long as short
Backpack TRX_USDC_PERP	−0.0046%	1h	0.3438	−0.052%	$58K	$7K	10x	as long as short
HTX TRX-USDT	−0.0035%	8h	0.3437	−0.103%	$825K	$707K	75x	as long as short
SoDEX TRX-USD	−0.0029%	1h	0.3438	−0.058%	$402	$5K	5x	as long as short
Lighter TRX	−0.0008%	1h	0.3438	−0.072%	$483K	$628K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TRXUSDT	−0.0003%	8h	0.3439	−0.049%	$99.3M	$49.2M	75x	as long as short
MEXC TRX_USDT	−0.0002%	8h	0.3439	−0.046%	$17.2M	$1.6M	200x	as long as short
Extended TRX-USD	0.0000%	1h	0.3438	−0.076%	$196K	$1.1M	25x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3440	−0.015%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0007%	8h	0.3438	−0.061%	$15.6M	$8.8M	50x	as long as short
Paradex TRX-USD-PERP	+0.0036%	8h	0.3438	−0.062%	$9K	$385	20x	as long as short
KuCoin TRXUSDTM	+0.0039%	8h	0.3437	−0.101%	$8.7M	$3.6M	75x	as long as short
BingX TRX-USDC	+0.0066%	8h	0.3438	−0.072%	—	$6.5M	—	as long as short
Bitget TRXUSDT	+0.0067%	8h	0.3438	−0.070%	$9.4M	$2.1M	75x	as long as short
Phemex TRXUSDT	+0.0071%	8h	0.3439	−0.046%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3437	−0.106%	$33K	—	3x	as long as short
Kraken Futures PF_TRXUSDlong	+0.0087%	1h	0.3440	long leg	$1.9M	$978K	25x
Orderly PERP_TRX_USDC	+0.0087%	8h	0.3438	−0.058%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3440	−0.006%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDTshort	+0.0100%	8h	0.3438	−0.070%	$9.7M	$2.5M	75x
edgeX TRXUSDC	+0.0100%	4h	0.3438	−0.069%	$587K	$435K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3438	−0.058%	$115K	$540K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3441	+0.011%	$196K	$914K	30x	as long as short
BloFin TRX-USDT	+0.0118%	8h	0.3439	−0.035%	$4.6M	$4.0M	50x	as long as short
dYdX TRX-USD	+0.0136%	1h	0.3439	−0.045%	$181K	$10K	10x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0340%	1h	0.3443	+0.068%	$828K	$407K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0351% / S −0.0367%	1h	0.3439	−0.031%	$19K	—	100x	as long as short