Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.024%

Price spread now: Phoenix against Bybit+0.078%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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 pays, funding is against you. Phoenix is 0.078% dearer against Bybit than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRXUSDT	0.3454	0.0100	pay 0.0100% / 8h	7h 18m	$55.1M	$8.3M	75x
Short	Phoenix TRX	0.3457	−0.0046	pay 0.0006% / 1h	18m 57s	$5K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$30.75
Price spread: +0.078% → 0.000%: $7.82
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.93
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Phoenix: 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, 5 min ago	1.45 bp	7.5 bp −$7	10.7 bp −$107	39.7 bp −$3,971	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	0.3454	+0.014%	$5	—	20x	as long as short
KuCoin TRXUSDTM	−0.0088%	8h	0.3454	+0.017%	$8.7M	$3.5M	75x	as long as short
Phoenix TRXshort	−0.0046%	1h	0.3457	+0.078%	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3456	+0.075%	$182K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3456	+0.063%	$122K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.371%	$1K	$163K	12x	as long as short
Backpack TRX_USDC_PERP	+0.0045%	1h	0.3454	+0.012%	$58K	$4K	10x	as long as short
Variational Omni TRX	+0.0050%	8h	0.3454	+0.004%	$565K	$36K	—	as long as short
MEXC TRX_USDT	+0.0077%	8h	0.3455	+0.046%	$18.4M	$1.9M	200x	as long as short
Binance TRXUSDT	+0.0077%	8h	0.3455	+0.023%	$100.7M	$48.1M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TRX-USDT	+0.0078%	8h	0.3454	+0.018%	$830K	$754K	75x	as long as short
Extended TRX-USD	+0.0080%	1h	0.3453	−0.012%	$194K	$1.0M	25x	as long as short
OKX TRX-USDT-SWAP	+0.0087%	8h	0.3455	+0.032%	$15.5M	$8.4M	50x	as long as short
Paradex TRX-USD-PERP	+0.0091%	8h	0.3454	+0.011%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0092%	8h	0.3455	+0.023%	$15K	$107K	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3454	+0.020%	$483K	$630K	10x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3457	+0.087%	$13.2M	$2.3M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3455	+0.032%	$956K	$664K	75x	as long as short
Bybit TRXUSDTlong	+0.0100%	8h	0.3454	long leg	$55.1M	$8.3M	75x
Gate TRX_USDT	+0.0100%	8h	0.3455	+0.038%	$9.7M	$2.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3454	+0.012%	$9.5M	$2.1M	75x	as long as short
BingX TRX-USDC	+0.0100%	8h	0.3454	+0.020%	—	$6.5M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3454	+0.017%	$590K	$441K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3454	+0.014%	$115K	$565K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3452	−0.061%	$196K	$956K	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3455	+0.041%	$405	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3456	+0.049%	$3.9M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3453	−0.032%	$33K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0172%	1h	0.3457	+0.090%	$2.3M	$1.5M	25x	as long as short
BloFin TRX-USDT	+0.0197%	8h	0.3455	+0.046%	$4.7M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0367% / S −0.0395%	1h	0.3455	+0.039%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0612%	1h	0.3459	+0.144%	$846K	$421K	25x	as long as short