Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.034%

Price spread now: Phemex against Kraken Futures−0.022%7-day average −0.020% · 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−$36as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.022%, 7d avg −0.020%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.112%, 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 0.112% in total (about 5.8% 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	Kraken Futures PF_TRXUSD	0.3491	0.0415	pay 0.0052% / 1h	15m 26s	$2.4M	$1.8M	25x
Short	Phemex TRXUSDT	0.3490	0.0100	get 0.0100% / 8h	2h 15m	$4.0M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$66.08
Price spread: −0.022% → −0.020%: −$0.18
Slippage, 4 orders: −$13.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$102.07
Costs to cover: 0.358%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phemex: live order book, 3 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	1.72 bp	13.8 bp −$14	20.4 bp −$204	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.15 bp	7.1 bp −$7	11.5 bp −$115	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	0.3489	−0.036%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3491	+0.007%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3490	−0.004%	$183K	$12K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3490	−0.013%	$123K	—	150x	as long as short
HTX TRX-USDT	+0.0025%	8h	0.3488	−0.074%	$834K	$930K	75x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.420%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3490	−0.025%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3490	−0.025%	$487K	$671K	10x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3489	−0.034%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3490	−0.028%	$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	+0.050%	$13.3M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3491	+0.001%	$968K	$701K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3490	−0.007%	$107.3M	$62.5M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3490	−0.016%	$54.0M	$12.2M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3491	−0.002%	$15.5M	$10.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3490	−0.022%	$9.7M	$3.1M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3490	−0.011%	$18.9M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3490	−0.016%	$8.5M	$3.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3489	−0.042%	$9.9M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3489	−0.045%	$63K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3489	−0.047%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3490	−0.023%	$595K	$476K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3489	−0.031%	$116K	$580K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3488	−0.084%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3490	−0.022%	$410	$5K	5x	as long as short
Phemex TRXUSDTshort	+0.0100%	8h	0.3490	−0.022%	$4.0M	$2.0M	50x
Extended TRX-USD	+0.0104%	1h	0.3489	−0.047%	$195K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3488	−0.073%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3490	−0.016%	$4.7M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3490	−0.029%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSDlong	+0.0415%	1h	0.3491	long leg	$2.4M	$1.8M	25x
Deribit TRX_USDC-PERPETUAL	+0.1059%	1h	0.3495	+0.117%	$904K	$668K	25x	as long as short