Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0226%/8h= −24.7% APRpaid last 24h −0.051%

Price spread now: BingX against Kraken Futures−0.032%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.032%, 7d avg −0.034%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.099%, 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 0.099% in total (about 5.2% 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	0.3483	0.0296	pay 0.0037% / 1h	16m 56s	$2.3M	$1.9M	25x
Short	BingX TRX-USDT	0.3481	0.0070	get 0.0070% / 8h	16m 56s	—	$32.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$47.39
Price spread: −0.032% → −0.034%: $0.27
Slippage, 4 orders: −$13.97
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$81.09
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; BingX: 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	0.14 bp	9.6 bp −$10	14.5 bp −$145	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	0.43 bp	5.4 bp −$5	5.5 bp −$55	14.2 bp −$1,419	45.3 bp −$22.6K

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	0.3480	−0.067%	$5	—	20x	as long as short
HTX TRX-USDT	−0.0083%	8h	0.3479	−0.093%	$834K	$958K	75x	as long as short
Phoenix TRX	−0.0023%	1h	0.3479	−0.106%	$5K	$13K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3481	−0.033%	$182K	$12K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3482	−0.010%	$126K	—	150x	as long as short
Backpack TRX_USDC_PERP	+0.0018%	1h	0.3481	−0.037%	$62K	$5K	10x	as long as short
SoDEX TRX-USD	+0.0025%	1h	0.3481	−0.037%	$406	$5K	5x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.192%	$1K	$163K	12x	as long as short
BingX TRX-USDTshort	+0.0070%	8h	0.3481	−0.032%	—	$32.6M	—
Paradex TRX-USD-PERP	+0.0086%	8h	0.3481	−0.041%	$9K	$251	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRX	+0.0096%	1h	0.3481	−0.035%	$487K	$674K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3481	−0.052%	$14K	$63K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3485	+0.075%	$13.4M	$2.8M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3481	−0.056%	$973K	$714K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3481	−0.029%	$106.9M	$64.9M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3481	−0.040%	$53.4M	$12.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3481	−0.043%	$15.6M	$10.9M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3482	−0.014%	$9.6M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3482	−0.029%	$19.1M	$2.4M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3483	+0.009%	$8.5M	$3.3M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3481	−0.055%	$9.8M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3477	−0.161%	$569K	$30K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3480	−0.076%	$594K	$507K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3483	+0.009%	$116K	$604K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3480	−0.083%	$198K	$1.4M	30x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3482	−0.017%	$3.9M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3480	−0.075%	$206K	$1.2M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3480	−0.079%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3481	−0.043%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSDlong	+0.0296%	1h	0.3483	long leg	$2.3M	$1.9M	25x
Deribit TRX_USDC-PERPETUAL	+0.0405%	1h	0.3485	+0.065%	$860K	$759K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3482	−0.004%	$20K	—	100x	as long as short