Funding you earn now, next payment 23:00 UTC−0.0433%/8h= −47.4% APRnext payment −$0.54 per $10,000 · paid last 24h −0.029%
Price spread now: Kraken Futures against Deribit−0.067%7-day average −0.041% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$290.293% of the position
Funding, last 7 days−0.225%−$22 on $10k
+Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.067%, 7d avg −0.041%
=Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.026% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.041%). 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; at this rate the next one is about −$0.54 per $10,000. 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 | 0.3443 | 0.0459 | pay 0.0057% / 1h | 8m 13s | $832K | $411K | 25x |
| Short | Kraken Futures PF_TRXUSD | 0.3441 | 0.0026 | get 0.0003% / 1h | 8m 13s | $1.9M | $1.0M | 25x |
Deribit TRX_USDC-PERPETUAL
Kraken Futures PF_TRXUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$90.86
- Price spread: −0.067% → −0.041%
- −$2.65
- Slippage, 4 orders
- −$12.29
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$122.8
- Costs to cover
- 0.293%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 11 min ago; Kraken Futures: 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, 11 min ago | 0.73 bp | 5.1 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 5 min ago | 0.14 bp | 9.5 bp −$10 | 15.5 bp −$155 | 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 | −0.140% | $5 | — | 20x | as long as short |
| Injective TRX/USDC PERP | −0.0120% | 1h | 0.3441 | −0.064% | $1K | $163K | 12x | as long as short |
| KuCoin TRXUSDTM | −0.0077% | 8h | 0.3438 | −0.157% | $8.7M | $3.6M | 75x | as long as short |
| Variational Omni TRX | −0.0070% | 8h | 0.3439 | −0.121% | $562K | $38K | — | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3441 | −0.070% | $5K | $13K | 10x | as long as short |
| Bybit TRXUSDT | −0.0053% | 8h | 0.3439 | −0.122% | $54.6M | $8.2M | 75x | as long as short |
| HTX TRX-USDT | −0.0023% | 8h | 0.3437 | −0.185% | $825K | $721K | 75x | as long as short |
| Backpack TRX_USDC_PERP | −0.0017% | 1h | 0.3440 | −0.090% | $58K | $4K | 10x | as long as short |
| OKX TRX-USDT-SWAP | −0.0002% | 8h | 0.3439 | −0.119% | $15.5M | $8.8M | 50x | as long as short |
| Lighter TRX | 0.0000% | 1h | 0.3438 | −0.137% | $482K | $637K | 10x | as long as short |
Reya TRXRUSDPERP
Injective TRX/USDC PERP
KuCoin TRXUSDTM
Variational Omni TRX
Phoenix TRX
Bybit TRXUSDT
HTX TRX-USDT
Backpack TRX_USDC_PERP
OKX TRX-USDT-SWAP
Lighter TRXShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX TRX-USD | 0.0000% | 1h | 0.3441 | −0.074% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3440 | −0.083% | $121K | — | 150x | as long as short |
| Aster TRXUSDT | +0.0016% | 8h | 0.3440 | −0.085% | $956K | $659K | 75x | as long as short |
| Extended TRX-USD | +0.0016% | 1h | 0.3438 | −0.148% | $196K | $1.1M | 25x | as long as short |
| MEXC TRX_USDT | +0.0016% | 8h | 0.3439 | −0.116% | $18.2M | $1.7M | 200x | as long as short |
| SoDEX TRX-USD | +0.0016% | 1h | 0.3439 | −0.119% | $403 | $5K | 5x | as long as short |
| Binance TRXUSDT | +0.0016% | 8h | 0.3439 | −0.116% | $99.2M | $48.2M | 75x | as long as short |
| Kraken Futures PF_TRXUSDshort | +0.0026% | 1h | 0.3441 | −0.067% | $1.9M | $1.0M | 25x | |
| Paradex TRX-USD-PERP | +0.0037% | 8h | 0.3439 | −0.118% | $9K | $385 | 20x | as long as short |
| BloFin TRX-USDT | +0.0066% | 8h | 0.3440 | −0.105% | $4.6M | $4.0M | 50x | as long as short |
| Phemex TRXUSDT | +0.0075% | 8h | 0.3439 | −0.119% | $3.8M | $1.6M | 50x | as long as short |
| Gate TRX_USDT | +0.0084% | 8h | 0.3439 | −0.125% | $9.6M | $2.5M | 75x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3438 | −0.163% | $33K | — | 3x | as long as short |
| Orderly PERP_TRX_USDC | +0.0090% | 8h | 0.3439 | −0.116% | $14K | $107K | 20x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3441 | −0.067% | $13.2M | $2.2M | 10x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3438 | −0.137% | $9.4M | $2.0M | 75x | as long as short |
| BingX TRX-USDT | +0.0100% | 8h | 0.3440 | −0.102% | — | $40.0M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3439 | −0.111% | $587K | $430K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3441 | −0.053% | $115K | $550K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3441 | −0.062% | $196K | $919K | 30x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3440 | −0.091% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUALlong | +0.0459% | 1h | 0.3443 | long leg | $832K | $411K | 25x |
dYdX TRX-USD
gTrade (Gains Network) TRX/USD
Aster TRXUSDT
Extended TRX-USD
MEXC TRX_USDT
SoDEX TRX-USD
Binance TRXUSDT
Paradex TRX-USD-PERP
BloFin TRX-USDT
Phemex TRXUSDT
Gate TRX_USDT
Aevo TRX-PERP
Orderly PERP_TRX_USDC
Hyperliquid TRX
Bitget TRXUSDT
BingX TRX-USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
GMX TRX/USD [ETH-USDC]