Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0243%/8h= +26.6% APRpaid last 24h +0.022%

Price spread now: Deribit against SunX+0.046%7-day average +0.169% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$7 on $10k

Price spread, last 3 days (all we have)+0.131%+$13 · spread now +0.046%, 7d avg +0.169%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.122% cheaper against SunX than usual: you would sell low and buy high (spread +0.046% now, against its 7-day average of +0.169%). If the spread goes back, that is −$12 on $10k: about 40 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.065%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.065% in total (about -3.4% 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	SunX TRX-USDT	0.3441	0.0100	pay 0.0100% / 8h	2h 55m	$196K	$912K	30x
Short	Deribit TRX_USDC-PERPETUAL	0.3443	0.0343	get 0.0043% / 1h	55m 53s	$828K	$407K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: $51.02
Price spread: +0.046% → +0.169%: −$12.24
Slippage, 4 orders: −$42.42
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$18.65
Costs to cover: 0.574%
Break-even: 9.6 days

Slippage from SunX: live order book, 26 min ago; Deribit: live order book, 33 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 SunX live order book, 26 min ago	2.99 bp	10.3 bp −$10	24.8 bp −$248	doesn't fit	doesn't fit
Sell Deribit live order book, 33 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	−0.084%	$5	—	20x	as long as short
Backpack TRX_USDC_PERP	−0.0114%	1h	0.3438	−0.071%	$58K	$7K	10x	as long as short
Bybit TRXUSDT	−0.0095%	8h	0.3438	−0.085%	$54.7M	$8.2M	75x	as long as short
BingX TRX-USDT	−0.0094%	8h	0.3439	−0.068%	—	$38.1M	—	as long as short
Variational Omni TRX	−0.0081%	8h	0.3439	−0.069%	$562K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3440	−0.027%	$5K	$13K	10x	as long as short
SoDEX TRX-USD	−0.0063%	1h	0.3438	−0.074%	$403	$5K	5x	as long as short
Aster TRXUSDT	−0.0056%	8h	0.3439	−0.048%	$951K	$636K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	−0.056%	$1K	$100K	12x	as long as short
Lighter TRX	−0.0040%	1h	0.3438	−0.077%	$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
HTX TRX-USDT	−0.0038%	8h	0.3438	−0.086%	$825K	$704K	75x	as long as short
Binance TRXUSDT	−0.0001%	8h	0.3439	−0.059%	$99.3M	$49.6M	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3441	−0.008%	$181K	$10K	10x	as long as short
Extended TRX-USD	0.0000%	1h	0.3438	−0.097%	$196K	$1.1M	25x	as long as short
MEXC TRX_USDT	0.0000%	8h	0.3438	−0.071%	$17.2M	$1.6M	200x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3440	−0.028%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0012%	8h	0.3439	−0.068%	$15.6M	$8.8M	50x	as long as short
Paradex TRX-USD-PERP	+0.0046%	8h	0.3439	−0.070%	$9K	$385	20x	as long as short
Bitget TRXUSDT	+0.0064%	8h	0.3438	−0.097%	$9.4M	$2.1M	75x	as long as short
KuCoin TRXUSDTM	+0.0071%	8h	0.3438	−0.097%	$8.7M	$3.6M	75x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3437	−0.107%	$33K	—	3x	as long as short
Phemex TRXUSDT	+0.0081%	8h	0.3439	−0.056%	$3.8M	$1.6M	50x	as long as short
Orderly PERP_TRX_USDC	+0.0086%	8h	0.3439	−0.051%	$14K	$107K	20x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3440	−0.015%	$1.9M	$993K	25x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3441	−0.004%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3438	−0.080%	$9.7M	$2.4M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3440	−0.036%	$587K	$434K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3441	+0.013%	$115K	$543K	50x	as long as short
SunX TRX-USDTlong	+0.0100%	8h	0.3441	long leg	$196K	$912K	30x
BloFin TRX-USDT	+0.0119%	8h	0.3439	−0.045%	$4.6M	$4.0M	50x	as long as short
Deribit TRX_USDC-PERPETUALshort	+0.0343%	1h	0.3443	+0.046%	$828K	$407K	25x
GMX TRX/USD [ETH-USDC]	L +0.0351% / S −0.0367%	1h	0.3440	−0.027%	$19K	—	100x	as long as short