Funding you earn now, next payment 22:00 UTC−0.0247%/8h= −27.1% APRnext payment −$0.31 per $10,000 · paid last 24h −0.030%
Price spread now: Lighter against Deribit−0.138%7-day average −0.068% · you buy dearer than you sell
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$190.192% of the position
Funding, last 7 days−0.057%−$6 on $10k
+Price spread, last 3 days (all we have)+0.159%+$16 · spread now −0.138%, 7d avg −0.068%
=Together, before fees+0.102%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.071% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.068%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.31 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 | 0.3444 | 0.0255 | pay 0.0032% / 1h | 6m 07s | $832K | $411K | 25x |
| Short | Lighter TRX | 0.3439 | 0.0008 | get 0.0001% / 1h | 6m 07s | $482K | $639K | 10x |
Deribit TRX_USDC-PERPETUAL
Lighter TRXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- −$51.97
- Price spread: −0.138% → −0.068%
- −$7.08
- Slippage, 4 orders
- −$12.16
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$78.2
- Costs to cover
- 0.192%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 18 min ago; Lighter: live order book, 13 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, 18 min ago | 1.89 bp | 6.4 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 13 min ago | 1.02 bp | 3.1 bp −$3 | 9.3 bp −$93 | 45.7 bp −$4,574 | 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 | 0.3439 | −0.142% | $5 | — | 20x | as long as short |
| Variational Omni TRX | −0.0087% | 8h | 0.3440 | −0.109% | $563K | $39K | — | as long as short |
| Bybit TRXUSDT | −0.0084% | 8h | 0.3439 | −0.147% | $54.7M | $8.2M | 75x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3442 | −0.051% | $5K | $13K | 10x | as long as short |
| Backpack TRX_USDC_PERP | −0.0051% | 1h | 0.3440 | −0.118% | $58K | $4K | 10x | as long as short |
| Injective TRX/USDC PERP | −0.0048% | 1h | 0.3440 | −0.121% | $1K | $129K | 12x | as long as short |
| Aster TRXUSDT | −0.0031% | 8h | 0.3441 | −0.092% | $951K | $638K | 75x | as long as short |
| HTX TRX-USDT | −0.0022% | 8h | 0.3439 | −0.144% | $826K | $712K | 75x | as long as short |
| KuCoin TRXUSDTM | −0.0002% | 8h | 0.3439 | −0.162% | $8.7M | $3.6M | 75x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3442 | −0.077% | $121K | — | 150x | as long as short |
Reya TRXRUSDPERP
Variational Omni TRX
Bybit TRXUSDT
Phoenix TRX
Backpack TRX_USDC_PERP
Injective TRX/USDC PERP
Aster TRXUSDT
HTX TRX-USDT
KuCoin TRXUSDTM
gTrade (Gains Network) TRX/USDShow all 32 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC TRX_USDT | +0.0004% | 8h | 0.3440 | −0.115% | $17.9M | $1.7M | 200x | as long as short |
| Binance TRXUSDT | +0.0004% | 8h | 0.3439 | −0.136% | $99.3M | $49.0M | 75x | as long as short |
| OKX TRX-USDT-SWAP | +0.0007% | 8h | 0.3439 | −0.150% | $15.5M | $8.8M | 50x | as long as short |
| Lighter TRXshort | +0.0008% | 1h | 0.3439 | −0.138% | $482K | $639K | 10x | |
| Extended TRX-USD | +0.0008% | 1h | 0.3439 | −0.149% | $196K | $1.1M | 25x | as long as short |
| BloFin TRX-USDT | +0.0017% | 8h | 0.3441 | −0.086% | $4.6M | $4.0M | 50x | as long as short |
| SoDEX TRX-USD | +0.0041% | 1h | 0.3440 | −0.118% | $405 | $5K | 5x | as long as short |
| Paradex TRX-USD-PERP | +0.0058% | 8h | 0.3441 | −0.105% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDT | +0.0077% | 8h | 0.3440 | −0.118% | $3.8M | $1.6M | 50x | as long as short |
| Aevo TRX-PERP | +0.0080% | 1h | 0.3439 | −0.156% | $33K | — | 3x | as long as short |
| BingX TRX-USDT | +0.0081% | 8h | 0.3439 | −0.147% | — | $40.0M | — | as long as short |
| Bitget TRXUSDT | +0.0083% | 8h | 0.3439 | −0.147% | $9.4M | $2.1M | 75x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0087% | 1h | 0.3442 | −0.066% | $1.9M | $977K | 25x | as long as short |
| Orderly PERP_TRX_USDC | +0.0089% | 8h | 0.3440 | −0.109% | $14K | $107K | 20x | as long as short |
| Gate TRX_USDT | +0.0099% | 8h | 0.3439 | −0.147% | $9.7M | $2.5M | 75x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3441 | −0.089% | $13.2M | $2.2M | 10x | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3441 | −0.093% | $587K | $435K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3440 | −0.121% | $115K | $544K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3443 | −0.047% | $196K | $918K | 30x | as long as short |
| dYdX TRX-USD | +0.0106% | 1h | 0.3443 | −0.044% | $181K | $10K | 10x | as long as short |
| Deribit TRX_USDC-PERPETUALlong | +0.0255% | 1h | 0.3444 | long leg | $832K | $411K | 25x | |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3441 | −0.079% | $20K | — | 100x | as long as short |
MEXC TRX_USDT
Binance TRXUSDT
OKX TRX-USDT-SWAP
Extended TRX-USD
BloFin TRX-USDT
SoDEX TRX-USD
Paradex TRX-USD-PERP
Phemex TRXUSDT
Aevo TRX-PERP
BingX TRX-USDT
Bitget TRXUSDT
Kraken Futures PF_TRXUSD
Orderly PERP_TRX_USDC
Gate TRX_USDT
Hyperliquid TRX
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
dYdX TRX-USD
GMX TRX/USD [ETH-USDC]