Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.039%

Price spread now: Kraken Futures against Phemex−0.030%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.030%, 7d avg +0.020%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.050% cheaper against Phemex than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.020%). If the spread goes back, that is −$5 on $10k: about 26 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.104%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TRXUSDT	0.3491	0.0100	pay 0.0100% / 8h	1h 06m	$4.0M	$2.0M	50x
Short	Kraken Futures PF_TRXUSD	0.3490	0.0252	get 0.0031% / 1h	6m 20s	$2.4M	$1.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now −0.030%Rate

Funding earned: $31.87
Price spread: −0.030% → +0.020%: −$4.97
Slippage, 4 orders: −$11.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$6.93
Costs to cover: 0.338%
Break-even: 8.5 days

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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 Phemex live order book, 2 min ago	0.14 bp	8.4 bp −$8	12.6 bp −$126	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	2.01 bp	8.4 bp −$8	12.7 bp −$127	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	−0.058%	$5	—	20x	as long as short
HTX TRX-USDT	−0.0065%	8h	0.3488	−0.076%	$834K	$942K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3490	−0.006%	$183K	$12K	10x	as long as short
Phoenix TRX	0.0000%	1h	0.3491	−0.003%	$5K	$14K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3490	−0.025%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.421%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3489	−0.043%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3490	−0.026%	$488K	$671K	10x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3490	−0.030%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3489	−0.032%	$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	0.3493	+0.054%	$13.3M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3489	−0.056%	$968K	$706K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3490	−0.028%	$107.5M	$62.4M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3489	−0.046%	$53.6M	$12.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3489	−0.032%	$15.6M	$10.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3490	−0.020%	$9.7M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3490	−0.029%	$19.6M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3491	+0.003%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3489	−0.052%	$9.8M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3489	−0.057%	$63K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3488	−0.079%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3489	−0.049%	$595K	$460K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3489	−0.052%	$116K	$587K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3488	−0.065%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3490	−0.029%	$412	$5K	5x	as long as short
Phemex TRXUSDTlong	+0.0100%	8h	0.3491	long leg	$4.0M	$2.0M	50x
Extended TRX-USD	+0.0104%	1h	0.3488	−0.070%	$205K	$593K	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3488	−0.076%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3489	−0.040%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSDshort	+0.0252%	1h	0.3490	−0.030%	$2.4M	$1.8M	25x
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3490	−0.029%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.1048%	1h	0.3495	+0.112%	$908K	$687K	25x	as long as short