Funding arb · Price arb /

TRX

all TRX markets

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: Kraken Futures against Phemex+0.054%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.357% 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−0.154%−$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 for this trade now. Funding pays +$13 a day on $10k at the current rate, and Kraken Futures is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.021%. Mind the row above: over the last 7 days funding on this pair cost −0.154%, 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 -0.154% 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	Phemex TRXUSDT	0.3476	0.0100	pay 0.0100% / 8h	6h 16m	$3.9M	$1.7M	50x
Short	Kraken Futures PF_TRXUSD	0.3478	0.0523	get 0.0065% / 1h	16m 45s	$2.3M	$1.6M	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 +0.054%Rate

Funding earned: $88.89
Price spread: +0.054% → +0.021%: $3.3
Slippage, 4 orders: −$13.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $56.46
Costs to cover: 0.357%
Break-even: 2.6 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	0.72 bp	7.7 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.31 bp	8.3 bp −$8	18.4 bp −$184	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	−0.018%	$5	—	20x	as long as short
Phoenix TRX	−0.0046%	1h	0.3476	−0.003%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3475	−0.039%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3476	0.000%	$122K	—	150x	as long as short
KuCoin TRXUSDTM	+0.0020%	8h	0.3476	−0.003%	$8.7M	$3.5M	75x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.004%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3475	−0.017%	—	$32.8M	—	as long as short
Backpack TRX_USDC_PERP	+0.0072%	1h	0.3474	−0.046%	$59K	$4K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0095%	8h	0.3475	−0.014%	$14K	$122K	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3474	−0.052%	$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	0.3475	−0.018%	$9K	$251	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3476	0.000%	$13.0M	$2.5M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3474	−0.054%	$959K	$672K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3474	−0.043%	$103.3M	$53.2M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3476	−0.006%	$54.6M	$10.1M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3474	−0.040%	$15.6M	$9.0M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3475	−0.037%	$9.7M	$2.7M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3475	−0.029%	$18.8M	$2.0M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3474	−0.043%	$10.3M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3475	−0.030%	$567K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3474	−0.052%	$592K	$463K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3474	−0.055%	$116K	$560K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3473	−0.088%	$197K	$1.1M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3476	0.000%	$404	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3475	−0.040%	$836K	$807K	75x	as long as short
Phemex TRXUSDTlong	+0.0100%	8h	0.3476	long leg	$3.9M	$1.7M	50x
Extended TRX-USD	+0.0104%	1h	0.3474	−0.065%	$194K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3474	−0.055%	$34K	—	3x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0403% / S −0.0481%	1h	0.3476	−0.007%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSDshort	+0.0523%	1h	0.3478	+0.054%	$2.3M	$1.6M	25x
Deribit TRX_USDC-PERPETUAL	+0.0610%	1h	0.3479	+0.096%	$806K	$468K	25x	as long as short