Funding you earn now, next payment 00:00 UTC−0.0104%/8h= −11.3% APRnext payment −$1.04 per $10,000 · paid last 24h −0.024%
Price spread now: Bybit against Phemex0.000%53s7-day average −0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$42as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$290.286% of the position
Funding, last 7 days−0.139%−$14 on $10k
+Price spread, last 3 days (all we have)−0.006%−$1 · spread now 0.000%, 7d avg −0.028%
=The price spread pays, funding is against you. Bybit is 0.028% dearer against Phemex than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.028%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 hours. The two prices were read 53 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 | Phemex TRXUSDT | 0.3444 | 0.0084 | pay 0.0084% / 8h | 30m 27s | $3.8M | $1.6M | 50x |
| Short | Bybit TRXUSDT | 0.3444 | −0.0020 | pay 0.0020% / 8h | 30m 27s | $54.7M | $8.0M | 75x |
Phemex TRXUSDT
Bybit TRXUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phemex. 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
- −$21.75
- Price spread: 0.000% → −0.028%
- $2.83
- Slippage, 4 orders
- −$5.56
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$47.48
- Costs to cover
- 0.286%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 3 min ago; Bybit: live order book, 3 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 Phemex live order book, 3 min ago | 0.14 bp | 7.0 bp −$7 | 13.1 bp −$131 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 1.45 bp | 7.4 bp −$7 | 11.4 bp −$114 | 47.0 bp −$4,701 | 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 | −0.087% | $1K | $163K | 12x | as long as short |
| Reya TRXRUSDPERP | −0.0133% | 1h | 0.3443 | −0.015% | $5 | — | 20x | as long as short |
| KuCoin TRXUSDTM | −0.0091% | 8h | 0.3443 | −0.017% | $8.7M | $3.6M | 75x | as long as short |
| Backpack TRX_USDC_PERP | −0.0081% | 1h | 0.3443 | −0.015% | $58K | $4K | 10x | as long as short |
| Phoenix TRX | −0.0070% | 1h | 0.3445 | +0.023% | $5K | $13K | 10x | as long as short |
| Variational Omni TRX | −0.0038% | 8h | 0.3443 | −0.026% | $563K | $36K | — | as long as short |
| HTX TRX-USDT | −0.0025% | 8h | 0.3443 | −0.036% | $827K | $729K | 75x | as long as short |
| Bybit TRXUSDTshort | −0.0020% | 8h | 0.3444 | 0.000% | $54.7M | $8.0M | 75x | |
| dYdX TRX-USD | 0.0000% | 1h | 0.3445 | +0.042% | $181K | $10K | 10x | as long as short |
| gTrade (Gains Network) TRX/USD | L +0.0003% / S −0.0007% | 1h | 0.3445 | +0.028% | $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
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 | +0.0018% | 8h | 0.3444 | −0.003% | $15.6M | $8.8M | 50x | as long as short |
| MEXC TRX_USDT | +0.0029% | 8h | 0.3445 | +0.017% | $18.2M | $1.8M | 200x | as long as short |
| Binance TRXUSDT | +0.0030% | 8h | 0.3444 | 0.000% | $99.3M | $47.9M | 75x | as long as short |
| Extended TRX-USD | +0.0032% | 1h | 0.3443 | −0.018% | $196K | $1.1M | 25x | as long as short |
| Aster TRXUSDT | +0.0057% | 8h | 0.3444 | +0.009% | $956K | $659K | 75x | as long as short |
| Kraken Futures PF_TRXUSD | +0.0062% | 1h | 0.3445 | +0.030% | $1.9M | $1.0M | 25x | as long as short |
| Paradex TRX-USD-PERP | +0.0067% | 8h | 0.3444 | −0.011% | $9K | $385 | 20x | as long as short |
| Phemex TRXUSDTlong | +0.0084% | 8h | 0.3444 | long leg | $3.8M | $1.6M | 50x | |
| Gate TRX_USDT | +0.0085% | 8h | 0.3443 | −0.015% | $9.6M | $2.5M | 75x | as long as short |
| Aevo TRX-PERP | +0.0088% | 1h | 0.3442 | −0.054% | $33K | — | 3x | as long as short |
| Orderly PERP_TRX_USDC | +0.0091% | 8h | 0.3443 | −0.020% | $14K | $107K | 20x | as long as short |
| SoDEX TRX-USD | +0.0093% | 1h | 0.3444 | −0.003% | $404 | $5K | 5x | as long as short |
| Lighter TRX | +0.0096% | 1h | 0.3443 | −0.017% | $482K | $630K | 10x | as long as short |
| Hyperliquid TRX | +0.0100% | 1h | 0.3446 | +0.049% | $13.2M | $2.2M | 10x | as long as short |
| Bitget TRXUSDT | +0.0100% | 8h | 0.3444 | +0.003% | $9.5M | $2.2M | 75x | as long as short |
| BingX TRX-USDT | +0.0100% | 8h | 0.3444 | 0.000% | — | $40.0M | — | as long as short |
| edgeX TRXUSDC | +0.0100% | 4h | 0.3443 | −0.030% | $588K | $433K | 20x | as long as short |
| ApeX Omni TRXUSDT | +0.0100% | 1h | 0.3444 | +0.012% | $115K | $565K | 50x | as long as short |
| SunX TRX-USDT | +0.0100% | 8h | 0.3445 | +0.030% | $196K | $923K | 30x | as long as short |
| BloFin TRX-USDT | +0.0119% | 8h | 0.3444 | −0.003% | $4.6M | $4.0M | 50x | as long as short |
| GMX TRX/USD [ETH-USDC] | L +0.0366% / S −0.0395% | 1h | 0.3445 | +0.023% | $20K | — | 100x | as long as short |
| Deribit TRX_USDC-PERPETUAL | +0.0467% | 1h | 0.3448 | +0.112% | $830K | $414K | 25x | as long as short |
OKX TRX-USDT-SWAP
MEXC TRX_USDT
Binance TRXUSDT
Extended TRX-USD
Aster TRXUSDT
Kraken Futures PF_TRXUSD
Paradex TRX-USD-PERP
Gate TRX_USDT
Aevo TRX-PERP
Orderly PERP_TRX_USDC
SoDEX TRX-USD
Lighter TRX
Hyperliquid TRX
Bitget TRXUSDT
BingX TRX-USDT
edgeX TRXUSDC
ApeX Omni TRXUSDT
SunX TRX-USDT
BloFin TRX-USDT
GMX TRX/USD [ETH-USDC]
Deribit TRX_USDC-PERPETUAL