TRX

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0314%/8h= +34.4% APRnext payment +$0.39 per $10,000 · paid last 24h +0.030%

Price spread now: Deribit against Lighter+0.127%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 3 days (all we have)−0.148%−$15 · spread now +0.127%, 7d avg +0.068%

Together, before fees−0.090%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.059% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.068%.

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 +$0.39 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	Lighter TRX	0.3440	0.0008	pay 0.0001% / 1h	6m 35s	$482K	$639K	10x
Short	Deribit TRX_USDC-PERPETUAL	0.3445	0.0322	get 0.0040% / 1h	6m 35s	$832K	$411K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Lighter. 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 LighterbpFee DeribitbpOrdersPrice spread, now +0.127%Rate

Funding earned: $65.99
Price spread: +0.127% → +0.068%: $5.93
Slippage, 4 orders: −$12.16
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $52.77
Costs to cover: 0.192%
Break-even: 1.4 days

Slippage from Lighter: live order book, 13 min ago; Deribit: live order book, 17 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 Lighter live order book, 13 min ago	1.02 bp	3.9 bp −$4	8.2 bp −$82	41.8 bp −$4,182	doesn't fit
Sell Deribit live order book, 17 min ago	1.89 bp	5.7 bp −$6	doesn't fit	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	0.3440	−0.017%	$5	—	20x	as long as short
Variational Omni TRX	−0.0087%	8h	0.3440	+0.003%	$563K	$39K	—	as long as short
Bybit TRXUSDT	−0.0084%	8h	0.3440	−0.009%	$54.7M	$8.2M	75x	as long as short
Phoenix TRX	−0.0070%	1h	0.3442	+0.061%	$5K	$13K	10x	as long as short
Backpack TRX_USDC_PERP	−0.0052%	1h	0.3441	+0.012%	$58K	$4K	10x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3440	−0.009%	$1K	$129K	12x	as long as short
Aster TRXUSDT	−0.0031%	8h	0.3441	+0.020%	$951K	$638K	75x	as long as short
HTX TRX-USDT	−0.0022%	8h	0.3440	−0.010%	$826K	$711K	75x	as long as short
KuCoin TRXUSDTM	−0.0002%	8h	0.3439	−0.026%	$8.7M	$3.6M	75x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3442	+0.041%	$121K	—	150x	as long as short

Show 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	0.000%	$17.9M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0004%	8h	0.3440	−0.006%	$99.3M	$49.0M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0008%	8h	0.3439	−0.038%	$15.5M	$8.8M	50x	as long as short
Lighter TRXlong	+0.0008%	1h	0.3440	long leg	$482K	$639K	10x
Extended TRX-USD	+0.0008%	1h	0.3439	−0.029%	$196K	$1.1M	25x	as long as short
BloFin TRX-USDT	+0.0017%	8h	0.3441	+0.026%	$4.6M	$4.0M	50x	as long as short
SoDEX TRX-USD	+0.0044%	1h	0.3441	+0.012%	$403	$5K	5x	as long as short
Paradex TRX-USD-PERP	+0.0058%	8h	0.3441	+0.007%	$9K	$385	20x	as long as short
Phemex TRXUSDT	+0.0077%	8h	0.3441	+0.020%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3439	−0.033%	$33K	—	3x	as long as short
BingX TRX-USDT	+0.0081%	8h	0.3440	−0.009%	—	$40.0M	—	as long as short
Bitget TRXUSDT	+0.0083%	8h	0.3441	+0.015%	$9.4M	$2.1M	75x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3442	+0.058%	$1.9M	$977K	25x	as long as short
Orderly PERP_TRX_USDC	+0.0089%	8h	0.3441	+0.020%	$14K	$107K	20x	as long as short
Gate TRX_USDT	+0.0099%	8h	0.3440	−0.012%	$9.7M	$2.5M	75x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3442	+0.049%	$13.2M	$2.2M	10x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	+0.020%	$587K	$435K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	−0.009%	$115K	$544K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.080%	$196K	$919K	30x	as long as short
dYdX TRX-USD	+0.0106%	1h	0.3443	+0.069%	$181K	$10K	10x	as long as short
Deribit TRX_USDC-PERPETUALshort	+0.0322%	1h	0.3445	+0.127%	$832K	$411K	25x
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	+0.040%	$20K	—	100x	as long as short