Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h +0.013%

Price spread now: Bybit against Backpack−0.009%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.139%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRX_USDC_PERP	0.3440	−0.0007	get 0.0001% / 1h	2m 52s	$58K	$4K	10x
Short	Bybit TRXUSDT	0.3440	−0.0052	pay 0.0052% / 8h	1h 02m	$54.6M	$8.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$9.5
Price spread: −0.009% → 0.000%: −$0.87
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.37
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

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 Backpack no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.45 bp	7.0 bp −$7	10.5 bp −$105	43.8 bp −$4,376	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.011%	$5	—	20x	as long as short
Injective TRX/USDC PERP	−0.0120%	1h	0.3441	+0.020%	$1K	$163K	12x	as long as short
KuCoin TRXUSDTM	−0.0083%	8h	0.3440	−0.015%	$8.7M	$3.7M	75x	as long as short
Phoenix TRX	−0.0070%	1h	0.3441	+0.017%	$5K	$13K	10x	as long as short
Variational Omni TRX	−0.0068%	8h	0.3438	−0.066%	$562K	$38K	—	as long as short
Bybit TRXUSDTshort	−0.0052%	8h	0.3440	−0.009%	$54.6M	$8.2M	75x
HTX TRX-USDT	−0.0024%	8h	0.3438	−0.069%	$825K	$722K	75x	as long as short
Backpack TRX_USDC_PERPlong	−0.0007%	1h	0.3440	long leg	$58K	$4K	10x
OKX TRX-USDT-SWAP	0.0000%	8h	0.3440	+0.003%	$15.6M	$8.8M	50x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3441	+0.010%	$181K	$10K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3442	+0.041%	$121K	—	150x	as long as short
Lighter TRX	+0.0008%	1h	0.3440	−0.009%	$482K	$637K	10x	as long as short
Extended TRX-USD	+0.0016%	1h	0.3440	−0.017%	$196K	$1.1M	25x	as long as short
MEXC TRX_USDT	+0.0016%	8h	0.3441	+0.009%	$18.1M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0017%	8h	0.3441	+0.008%	$99.3M	$48.2M	75x	as long as short
Aster TRXUSDT	+0.0019%	8h	0.3440	+0.002%	$955K	$659K	75x	as long as short
SoDEX TRX-USD	+0.0024%	1h	0.3440	+0.003%	$405	$5K	5x	as long as short
Kraken Futures PF_TRXUSD	+0.0026%	1h	0.3442	+0.039%	$1.9M	$1.0M	25x	as long as short
Paradex TRX-USD-PERP	+0.0040%	8h	0.3440	−0.013%	$9K	$385	20x	as long as short
BloFin TRX-USDT	+0.0068%	8h	0.3441	+0.009%	$4.6M	$4.0M	50x	as long as short
Phemex TRXUSDT	+0.0075%	8h	0.3441	+0.009%	$3.8M	$1.6M	50x	as long as short
Gate TRX_USDT	+0.0083%	8h	0.3441	+0.009%	$9.6M	$2.5M	75x	as long as short
Aevo TRX-PERP	+0.0088%	1h	0.3439	−0.049%	$33K	—	3x	as long as short
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3440	−0.006%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3442	+0.058%	$13.2M	$2.2M	10x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3440	−0.015%	$9.4M	$2.0M	75x	as long as short
BingX TRX-USDT	+0.0100%	8h	0.3440	−0.012%	—	$40.0M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3439	−0.027%	$587K	$431K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	+0.003%	$115K	$552K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.067%	$196K	$920K	30x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3441	+0.021%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0497%	1h	0.3444	+0.122%	$832K	$411K	25x	as long as short