Funding you earn now, next payment 00:00 UTC−0.0598%/8h= −65.5% APRpaid last 24h −0.075%
Price spread now: Bybit against Deribit−0.118%7-day average −0.089% · you buy dearer than you sell
Net, funding: paid 7d − costs−$49as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$270.266% of the position
Funding, last 7 days−0.225%−$22 on $10k
+Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.118%, 7d avg −0.089%
=Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Bybit is 0.029% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.089%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.225% in total (about -11.7% 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 | Deribit TRX_USDC-PERPETUAL | 0.3447 | 0.0566 | pay 0.0071% / 1h | 48m 41s | $829K | $414K | 25x |
| Short | Bybit TRXUSDT | 0.3443 | −0.0032 | pay 0.0032% / 8h | 48m 41s | $54.6M | $8.0M | 75x |
Deribit TRX_USDC-PERPETUAL
Bybit TRXUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$125.57
- Price spread: −0.118% → −0.089%
- −$2.91
- Slippage, 4 orders
- −$8.59
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$155.07
- Costs to cover
- 0.266%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 30 min ago; Bybit: live order book, 5 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 Deribit live order book, 30 min ago | 0.73 bp | 5.1 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 5 min ago | 1.45 bp | 7.0 bp −$7 | 9.2 bp −$92 | 49.1 bp −$4,907 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective TRX/USDC PERP | −0.0146% | 1h | 0.3441 | −0.165% | $1K | $163K | 12x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3442 | −0.127% | $5 | — | 20x | as long as short |
| Backpack TRX_USDC_PERP | −0.0101% | 1h | 0.3442 | −0.124% | $58K | $4K | 10x | as long as short |
| KuCoin TRXUSDTM | −0.0088% | 8h | 0.3443 | −0.115% | $8.7M | $3.7M | 75x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3444 | −0.086% | $5K | $13K | 10x | as long as short |
| Variational Omni TRX | −0.0056% | 8h | 0.3442 | −0.134% | $563K | $36K | — | as long as short |
| Bybit TRXUSDTshort | −0.0032% | 8h | 0.3443 | −0.118% | $54.6M | $8.0M | 75x | |
| HTX TRX-USDT | −0.0029% | 8h | 0.3440 | −0.185% | $826K | $724K | 75x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3442 | −0.122% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3444 | −0.077% | $121K | — | 150x | as long as short |
Injective TRX/USDC PERP
Reya TRXRUSDPERP
Backpack TRX_USDC_PERP
KuCoin TRXUSDTM
Phoenix TRX
Variational Omni TRX
HTX TRX-USDT
dYdX TRX-USD
gTrade (Gains Network) TRX/USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX TRX-USDT-SWAP | +0.0006% | 8h | 0.3443 | −0.115% | $15.6M | $8.7M | 50x | as long as short |
| Extended TRX-USD | +0.0024% | 1h | 0.3442 | −0.136% | $196K | $1.1M | 25x | as long as short |
| MEXC TRX_USDT | +0.0024% | 8h | 0.3443 | −0.110% | $18.1M | $1.7M | 200x | as long as short |
| Binance TRXUSDT | +0.0024% | 8h | 0.3443 | −0.104% | $99.3M | $47.8M | 75x | as long as short |
| Aster TRXUSDT | +0.0037% | 8h | 0.3443 | −0.099% | $956K | $659K | 75x | as long as short |
| Paradex TRX-USD-PERP | +0.0057% | 8h | 0.3442 | −0.133% | $9K | $385 | 20x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0062% | 1h | 0.3444 | −0.085% | $1.9M | $1.0M | 25x | as long as short |
| Phemex TRXUSDT | +0.0080% | 8h | 0.3443 | −0.115% | $3.8M | $1.6M | 50x | as long as short |
| Lighter TRX | +0.0080% | 1h | 0.3442 | −0.127% | $482K | $630K | 10x | as long as short |
| Gate TRX_USDT | +0.0087% | 8h | 0.3443 | −0.115% | $9.6M | $2.5M | 75x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3441 | −0.168% | $33K | — | 3x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3443 | −0.121% | $14K | $107K | 20x | as long as short |
| BloFin TRX-USDT | +0.0096% | 8h | 0.3443 | −0.115% | $4.6M | $4.0M | 50x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3444 | −0.063% | $13.2M | $2.2M | 10x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3443 | −0.110% | $9.5M | $2.1M | 75x | as long as short |
| BingX TRX-USDT | +0.0100% | 8h | 0.3443 | −0.121% | — | $40.0M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3442 | −0.127% | $588K | $430K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3442 | −0.147% | $115K | $557K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3445 | −0.060% | $196K | $919K | 30x | as long as short |
| SoDEX TRX-USD | +0.0100% | 1h | 0.3443 | −0.113% | $404 | $5K | 5x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0365% / S −0.0395% | 1h | 0.3443 | −0.099% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUALlong | +0.0566% | 1h | 0.3447 | long leg | $829K | $414K | 25x |
OKX TRX-USDT-SWAP
Extended TRX-USD
MEXC TRX_USDT
Binance TRXUSDT
Aster TRXUSDT
Paradex TRX-USD-PERP
Kraken Futures PF_TRXUSD
Phemex TRXUSDT
Lighter TRX
Gate TRX_USDT
Aevo TRX-PERP
Orderly PERP_TRX_USDC
BloFin TRX-USDT
Hyperliquid TRX
Bitget TRXUSDT
BingX TRX-USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
SoDEX TRX-USD
GMX TRX/USD [ETH-USDC]