Funding you earn now, next payment 22:00 UTC+0.0360%/8h= +39.4% APRnext payment +$0.45 per $10,000 · paid last 24h +0.030%
Price spread now: Deribit against Lighter+0.141%7-day average +0.068% · you sell dearer than you buy
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$210.213% of the position
Funding, last 7 days+0.057%+$6 on $10k
+Price spread, last 3 days (all we have)−0.162%−$16 · spread now +0.141%, 7d avg +0.068%
=Together, before fees−0.105%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.073% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.068%.
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; at this rate the next one is about +$0.45 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 | Lighter TRX | 0.3438 | −0.0008 | get 0.0001% / 1h | 35m 06s | $483K | $628K | 10x |
| Short | Deribit TRX_USDC-PERPETUAL | 0.3442 | 0.0352 | get 0.0044% / 1h | 35m 06s | $828K | $407K | 25x |
Lighter TRX
Deribit TRX_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. 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
- $75.53
- Price spread: +0.141% → +0.068%
- $7.34
- Slippage, 4 orders
- −$14.33
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $61.54
- Costs to cover
- 0.213%
- Break-even
- 1.3 days
Slippage from Lighter: live order book, 49 min ago; Deribit: live order book, 53 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 Lighter live order book, 49 min ago | 0.73 bp | 3.1 bp −$3 | 10.7 bp −$107 | 51.1 bp −$5,108 | doesn't fit |
| Sell Deribit live order book, 53 min ago | 0.73 bp | 7.1 bp −$7 | doesn't fit | 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 | 0.3438 | +0.006% | $5 | — | 20x | as long as short |
| Bybit TRXUSDT | −0.0091% | 8h | 0.3437 | −0.017% | $54.7M | $8.2M | 75x | as long as short |
| Variational Omni TRX | −0.0086% | 8h | 0.3436 | −0.035% | $562K | $39K | — | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3439 | +0.041% | $5K | $13K | 10x | as long as short |
| Aster TRXUSDT | −0.0056% | 8h | 0.3438 | +0.023% | $951K | $638K | 75x | as long as short |
| Injective TRX/USDC PERP | −0.0048% | 1h | 0.3439 | +0.041% | $1K | $100K | 12x | as long as short |
| Backpack TRX_USDC_PERP | −0.0042% | 1h | 0.3438 | +0.015% | $58K | $7K | 10x | as long as short |
| HTX TRX-USDT | −0.0033% | 8h | 0.3437 | −0.010% | $825K | $707K | 75x | as long as short |
| SoDEX TRX-USD | −0.0013% | 1h | 0.3438 | +0.017% | $399 | $5K | 5x | as long as short |
| Lighter TRXlong | −0.0008% | 1h | 0.3438 | long leg | $483K | $628K | 10x |
Reya TRXRUSDPERP
Bybit TRXUSDT
Variational Omni TRX
Phoenix TRX
Aster TRXUSDT
Injective TRX/USDC PERP
Backpack TRX_USDC_PERP
HTX TRX-USDT
SoDEX TRX-USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC TRX_USDT | −0.0003% | 8h | 0.3438 | +0.020% | $17.2M | $1.6M | 200x | as long as short |
| Binance TRXUSDT | −0.0003% | 8h | 0.3438 | +0.017% | $99.3M | $49.2M | 75x | as long as short |
| Extended TRX-USD | 0.0000% | 1h | 0.3438 | −0.002% | $196K | $1.1M | 25x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3440 | +0.059% | $121K | — | 150x | as long as short |
| OKX TRX-USDT-SWAP | +0.0008% | 8h | 0.3438 | +0.017% | $15.6M | $8.8M | 50x | as long as short |
| Paradex TRX-USD-PERP | +0.0038% | 8h | 0.3438 | +0.013% | $9K | $385 | 20x | as long as short |
| KuCoin TRXUSDTM | +0.0038% | 8h | 0.3436 | −0.041% | $8.7M | $3.6M | 75x | as long as short |
| BingX TRX-USDC | +0.0066% | 8h | 0.3438 | +0.003% | — | $6.5M | — | as long as short |
| Bitget TRXUSDT | +0.0067% | 8h | 0.3438 | 0.000% | $9.4M | $2.1M | 75x | as long as short |
| Phemex TRXUSDT | +0.0073% | 8h | 0.3438 | +0.017% | $3.8M | $1.6M | 50x | as long as short |
| Aevo TRX-PERP | +0.0080% | 1h | 0.3437 | −0.032% | $33K | — | 3x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0087% | 1h | 0.3440 | +0.062% | $1.9M | $978K | 25x | as long as short |
| Orderly PERP_TRX_USDC | +0.0087% | 8h | 0.3438 | +0.009% | $14K | $107K | 20x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3440 | +0.073% | $13.2M | $2.2M | 10x | as long as short |
| Gate TRX_USDT | +0.0100% | 8h | 0.3438 | +0.009% | $9.7M | $2.5M | 75x | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3438 | +0.006% | $587K | $435K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3440 | +0.058% | $115K | $541K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3441 | +0.109% | $196K | $914K | 30x | as long as short |
| BloFin TRX-USDT | +0.0117% | 8h | 0.3439 | +0.044% | $4.6M | $4.0M | 50x | as long as short |
| dYdX TRX-USD | +0.0137% | 1h | 0.3439 | +0.031% | $181K | $10K | 10x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0351% / S −0.0367% | 1h | 0.3439 | +0.039% | $19K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUALshort | +0.0352% | 1h | 0.3442 | +0.141% | $828K | $407K | 25x |
MEXC TRX_USDT
Binance TRXUSDT
Extended TRX-USD
gTrade (Gains Network) TRX/USD
OKX TRX-USDT-SWAP
Paradex TRX-USD-PERP
KuCoin TRXUSDTM
BingX TRX-USDC
Bitget TRXUSDT
Phemex TRXUSDT
Aevo TRX-PERP
Kraken Futures PF_TRXUSD
Orderly PERP_TRX_USDC
Hyperliquid TRX
Gate TRX_USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
BloFin TRX-USDT
dYdX TRX-USD
GMX TRX/USD [ETH-USDC]