Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0423%/8h= −46.3% APRpaid last 24h −0.020%

Price spread now: Phemex against Kraken Futures−0.054%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

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

costs, in and out, $10k−$360.357% 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+0.154%+$15 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.054%, 7d avg −0.021%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.154%, 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 0.154% in total (about 8.0% 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	0.3478	0.0523	pay 0.0065% / 1h	16m 31s	$2.3M	$1.6M	25x
Short	Phemex TRXUSDT	0.3476	0.0100	get 0.0100% / 8h	6h 16m	$3.9M	$1.7M	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 −0.054%Rate

Funding earned: −$88.89
Price spread: −0.054% → −0.021%: −$3.3
Slippage, 4 orders: −$13.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$127.9
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Phemex: 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	3.31 bp	11.9 bp −$12	17.7 bp −$177	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.72 bp	7.8 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit

TRX on 31 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	0.3475	−0.072%	$5	—	20x	as long as short
Phoenix TRX	−0.0046%	1h	0.3476	−0.056%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3475	−0.092%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3476	−0.054%	$122K	—	150x	as long as short
KuCoin TRXUSDTM	+0.0021%	8h	0.3476	−0.065%	$8.7M	$3.5M	75x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.057%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3475	−0.074%	—	$6.5M	—	as long as short
Backpack TRX_USDC_PERP	+0.0072%	1h	0.3474	−0.100%	$59K	$4K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0095%	8h	0.3475	−0.068%	$14K	$122K	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3474	−0.105%	$485K	$663K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRX-USD-PERP	+0.0098%	8h	0.3474	−0.109%	$9K	$251	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3476	−0.054%	$13.0M	$2.5M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3474	−0.108%	$959K	$672K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3475	−0.087%	$103.3M	$53.1M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3476	−0.056%	$54.6M	$10.1M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3476	−0.065%	$15.6M	$9.0M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3475	−0.079%	$9.7M	$2.7M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3475	−0.082%	$18.8M	$2.0M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3475	−0.082%	$10.3M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3475	−0.084%	$567K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3474	−0.106%	$592K	$463K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3474	−0.108%	$116K	$560K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3473	−0.142%	$197K	$1.1M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3476	−0.054%	$404	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3475	−0.094%	$836K	$807K	75x	as long as short
Phemex TRXUSDTshort	+0.0100%	8h	0.3476	−0.054%	$3.9M	$1.7M	50x
Extended TRX-USD	+0.0104%	1h	0.3474	−0.118%	$194K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3474	−0.108%	$34K	—	3x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0403% / S −0.0481%	1h	0.3476	−0.060%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSDlong	+0.0523%	1h	0.3478	long leg	$2.3M	$1.6M	25x
Deribit TRX_USDC-PERPETUAL	+0.0610%	1h	0.3479	+0.042%	$806K	$468K	25x	as long as short