Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0445%/8h= −48.7% APRpaid last 24h −0.078%

Price spread now: MEXC against Deribit−0.111%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.111%, 7d avg −0.067%

Together, before fees−0.044%−$4 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 MEXC is 0.044% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% 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	0.3476	0.0545	pay 0.0068% / 1h	20m 39s	$842K	$504K	25x
Short	MEXC TRX_USDT	0.3472	0.0100	get 0.0100% / 8h	4h 20m	$18.8M	$2.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$93.37
Price spread: −0.111% → −0.067%: −$4.41
Slippage, 4 orders: −$7.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$115.91
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Deribit: live order book, 38 min ago; MEXC: live order book, 3 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, 38 min ago	2.73 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.14 bp	3.2 bp −$3	5.8 bp −$58	26.9 bp −$2,689	40.3 bp −$20.1K

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	0.3472	−0.126%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3477	+0.012%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3474	−0.052%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3474	−0.074%	$122K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.012%	$1K	$163K	12x	as long as short
Backpack TRX_USDC_PERP	+0.0038%	1h	0.3472	−0.123%	$62K	$5K	10x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3473	−0.106%	—	$32.8M	—	as long as short
Paradex TRX-USD-PERP	+0.0092%	8h	0.3472	−0.118%	$9K	$251	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3472	−0.108%	$484K	$669K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3473	−0.103%	$15K	$100K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRX	+0.0100%	1h	0.3475	−0.034%	$13.1M	$2.6M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3473	−0.083%	$962K	$696K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3472	−0.111%	$105.2M	$58.8M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3473	−0.091%	$53.6M	$11.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3472	−0.117%	$15.5M	$9.9M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3473	−0.106%	$9.6M	$2.9M	75x	as long as short
MEXC TRX_USDTshort	+0.0100%	8h	0.3472	−0.111%	$18.8M	$2.1M	200x
KuCoin TRXUSDTM	+0.0100%	8h	0.3473	−0.091%	$8.6M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3472	−0.108%	$10.3M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3472	−0.124%	$568K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3474	−0.059%	$592K	$473K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3476	−0.005%	$116K	$564K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3471	−0.152%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3472	−0.111%	$410	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3471	−0.145%	$833K	$854K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3472	−0.108%	$3.9M	$1.9M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3471	−0.137%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3471	−0.155%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3473	−0.094%	$4.7M	$3.9M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0261%	1h	0.3474	−0.076%	$2.4M	$1.7M	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3473	−0.081%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUALlong	+0.0545%	1h	0.3476	long leg	$842K	$504K	25x