Funding you earn now, next payment 00:00 UTC−0.0456%/8h= −49.9% APRpaid last 24h −0.052%
Price spread now: Phemex against Deribit−0.118%7-day average −0.061% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$260.259% of the position
Funding, last 7 days−0.086%−$9 on $10k
+Price spread, last 3 days (all we have)+0.077%+$8 · spread now −0.118%, 7d avg −0.061%
=Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.057% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.061%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.086% in total (about -4.5% 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 | 0.3445 | 0.0540 | pay 0.0068% / 1h | 23m 46s | $831K | $416K | 25x |
| Short | Phemex TRXUSDT | 0.3441 | 0.0084 | get 0.0084% / 8h | 23m 46s | $3.8M | $1.6M | 50x |
Deribit TRX_USDC-PERPETUAL
Phemex TRXUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$95.79
- Price spread: −0.118% → −0.061%
- −$5.73
- Slippage, 4 orders
- −$6.91
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$127.42
- Costs to cover
- 0.259%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 55 min ago; Phemex: 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, 55 min ago | 0.73 bp | 5.1 bp −$5 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 0.14 bp | 9.0 bp −$9 | 14.6 bp −$146 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective TRX/USDC PERP | −0.0146% | 1h | 0.3441 | −0.107% | $1K | $163K | 12x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3440 | −0.124% | $5 | — | 20x | as long as short |
| KuCoin TRXUSDTM | −0.0093% | 8h | 0.3441 | −0.104% | $8.7M | $3.6M | 75x | as long as short |
| Backpack TRX_USDC_PERP | −0.0076% | 1h | 0.3440 | −0.127% | $58K | $4K | 10x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3445 | +0.007% | $5K | $13K | 10x | as long as short |
| Variational Omni TRX | −0.0033% | 8h | 0.3443 | −0.045% | $563K | $36K | — | as long as short |
| HTX TRX-USDT | −0.0021% | 8h | 0.3440 | −0.137% | $826K | $729K | 75x | as long as short |
| Bybit TRXUSDT | −0.0018% | 8h | 0.3440 | −0.141% | $54.6M | $8.1M | 75x | as long as short |
| dYdX TRX-USD | 0.0000% | 1h | 0.3443 | −0.060% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3442 | −0.075% | $121K | — | 150x | as long as short |
Injective TRX/USDC PERP
Reya TRXRUSDPERP
KuCoin TRXUSDTM
Backpack TRX_USDC_PERP
Phoenix TRX
Variational Omni TRX
HTX TRX-USDT
Bybit TRXUSDT
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 | +0.0023% | 8h | 0.3441 | −0.112% | $15.6M | $8.8M | 50x | as long as short |
| Extended TRX-USD | +0.0032% | 1h | 0.3440 | −0.144% | $196K | $1.1M | 25x | as long as short |
| MEXC TRX_USDT | +0.0032% | 8h | 0.3441 | −0.121% | $18.2M | $1.9M | 200x | as long as short |
| Binance TRXUSDT | +0.0032% | 8h | 0.3441 | −0.118% | $99.2M | $47.9M | 75x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0062% | 1h | 0.3442 | −0.081% | $1.9M | $1.0M | 25x | as long as short |
| Aster TRXUSDT | +0.0063% | 8h | 0.3443 | −0.055% | $955K | $659K | 75x | as long as short |
| Paradex TRX-USD-PERP | +0.0071% | 8h | 0.3441 | −0.117% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDTshort | +0.0084% | 8h | 0.3441 | −0.118% | $3.8M | $1.6M | 50x | |
| Gate TRX_USDT | +0.0085% | 8h | 0.3440 | −0.127% | $9.6M | $2.5M | 75x | as long as short |
| SoDEX TRX-USD | +0.0086% | 1h | 0.3441 | −0.118% | $401 | $5K | 5x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3439 | −0.166% | $33K | — | 3x | as long as short |
| Lighter TRX | +0.0088% | 1h | 0.3440 | −0.124% | $482K | $630K | 10x | as long as short |
| Orderly PERP_TRX_USDC | +0.0091% | 8h | 0.3440 | −0.124% | $14K | $107K | 20x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3442 | −0.075% | $13.2M | $2.2M | 10x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3441 | −0.118% | $9.5M | $2.2M | 75x | as long as short |
| BingX TRX-USDT | +0.0100% | 8h | 0.3440 | −0.124% | — | $40.0M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3444 | −0.032% | $588K | $437K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3445 | +0.010% | $115K | $565K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3442 | −0.079% | $196K | $925K | 30x | as long as short |
| BloFin TRX-USDT | +0.0129% | 8h | 0.3441 | −0.101% | $4.6M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3442 | −0.084% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUALlong | +0.0540% | 1h | 0.3445 | long leg | $831K | $416K | 25x |
OKX TRX-USDT-SWAP
Extended TRX-USD
MEXC TRX_USDT
Binance TRXUSDT
Kraken Futures PF_TRXUSD
Aster TRXUSDT
Paradex TRX-USD-PERP
Gate TRX_USDT
SoDEX TRX-USD
Aevo TRX-PERP
Lighter TRX
Orderly PERP_TRX_USDC
Hyperliquid TRX
Bitget TRXUSDT
BingX TRX-USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]