Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0381%/8h= +41.8% APRpaid last 24h +0.099%

Price spread now: GMX against Bybit−0.012%51s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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: +$11 a day on $10k at the current rate. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRXUSDT	0.3480	0.0100	pay 0.0100% / 8h	5h 42m	$54.0M	$11.2M	75x
Short	GMX TRX/USD [ETH-USDC]	0.3480	L +0.0404% / S −0.0481%	get 0.0060% / 1h	42m 23s	$20K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $80.1
Price spread: −0.012% → 0.000%: −$1.18
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $55.92
Costs to cover: 0.230%
Break-even: 2.1 days

Slippage unknown: Bybit: live order book, 2 min ago; GMX: no order-book sample. 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 Bybit live order book, 2 min ago	1.44 bp	6.9 bp −$7	10.8 bp −$108	40.9 bp −$4,086	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	0.3479	−0.017%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3480	+0.009%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3479	−0.020%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3480	+0.005%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.121%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3480	+0.003%	—	$32.8M	—	as long as short
KuCoin TRXUSDTM	+0.0091%	8h	0.3481	+0.023%	$8.8M	$3.5M	75x	as long as short
Lighter TRX	+0.0096%	1h	0.3480	−0.003%	$485K	$662K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0097%	8h	0.3480	−0.009%	$14K	$122K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3479	−0.017%	$9K	$251	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	0.3483	+0.078%	$13.1M	$2.5M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3480	−0.008%	$963K	$692K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3480	+0.003%	$105.2M	$56.0M	75x	as long as short
Bybit TRXUSDTlong	+0.0100%	8h	0.3480	long leg	$54.0M	$11.2M	75x
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3480	−0.003%	$15.6M	$9.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3480	−0.003%	$9.7M	$2.9M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3480	+0.009%	$18.7M	$2.1M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3480	+0.011%	$10.4M	$3.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3479	−0.026%	$59K	$4K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3478	−0.061%	$568K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3479	−0.015%	$593K	$471K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3480	0.000%	$116K	$561K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3476	−0.111%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3480	0.000%	$405	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3478	−0.067%	$840K	$821K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3480	−0.009%	$3.9M	$1.8M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3479	−0.027%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3478	−0.059%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3480	−0.006%	$4.7M	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]short	L +0.0404% / S −0.0481%	1h	0.3480	−0.012%	$20K	—	100x
Kraken Futures PF_TRXUSD	+0.0585%	1h	0.3481	+0.025%	$2.4M	$1.7M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0773%	1h	0.3484	+0.109%	$841K	$498K	25x	as long as short