Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.021%

Price spread now: dYdX against Phemex−0.004%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1731.733% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.349%+$35 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.004%, 7d avg +0.015%

Together, before fees+0.421%+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.349%, 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	Phemex TRXUSDT	0.3485	0.0100	pay 0.0100% / 8h	7h 58m	$4.0M	$2.0M	50x
Short	dYdX TRX-USD	0.3485	0	get 0.0000% / 1h	58m 12s	$183K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$21
Price spread: −0.004% → +0.015%: −$1.92
Slippage, 4 orders: −$151.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$196.22
Costs to cover: 1.733%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; dYdX: live order book, 41 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, 6 min ago	0.14 bp	6.4 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell dYdX live order book, 41 min ago	66.39 bp	72.1 bp −$72	72.8 bp −$728	73.5 bp −$7,348	326.2 bp −$163.1K

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
HTX TRX-USDT	−0.0185%	8h	0.3481	−0.130%	$834K	$959K	75x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3484	−0.028%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3484	−0.034%	$5K	$13K	10x	as long as short
dYdX TRX-USDshort	0.0000%	1h	0.3485	−0.004%	$183K	$12K	10x
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3485	+0.005%	$126K	—	150x	as long as short
Kraken Futures PF_TRXUSD	+0.0020%	1h	0.3487	+0.041%	$2.4M	$1.9M	25x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.271%	$1K	$163K	12x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3485	0.000%	—	$32.6M	—	as long as short
Paradex TRX-USD-PERP	+0.0090%	8h	0.3484	−0.039%	$9K	$251	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3486	+0.020%	$487K	$671K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3485	−0.006%	$14K	$63K	20x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3484	−0.049%	$973K	$715K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3486	+0.026%	$107.0M	$65.0M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3486	+0.020%	$53.5M	$12.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3486	+0.014%	$15.7M	$10.9M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3485	+0.003%	$9.6M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3486	+0.029%	$19.0M	$2.3M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3486	+0.023%	$8.5M	$3.3M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3485	−0.011%	$9.8M	$4.4M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3485	−0.011%	$62K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3482	−0.094%	$569K	$30K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3482	−0.090%	$594K	$502K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3482	−0.086%	$116K	$607K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3483	−0.062%	$198K	$1.4M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3485	+0.003%	$404	$5K	5x	as long as short
Phemex TRXUSDTlong	+0.0100%	8h	0.3485	long leg	$4.0M	$2.0M	50x
Extended TRX-USD	+0.0104%	1h	0.3484	−0.039%	$206K	$1.2M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3484	−0.039%	$34K	—	3x	as long as short
Hyperliquid TRX	+0.0109%	1h	0.3489	+0.112%	$13.4M	$2.8M	10x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3483	−0.055%	$4.8M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3485	−0.019%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0631%	1h	0.3489	+0.108%	$843K	$719K	25x	as long as short