Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.014%

Price spread now: Extended against Phemex−0.023%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.023%, 7d avg −0.049%

Together, before fees−0.098%+ Points / potential airdropExtended: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.026% dearer against Phemex than usual: you sell high and buy low (spread −0.023% now, against its 7-day average of −0.049%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TRXUSDT	0.3441	0.0075	pay 0.0075% / 8h	1h 22m	$3.8M	$1.6M	50x
Short	Extended TRX-USD	0.3441	0.0016	get 0.0002% / 1h	22m 53s	$196K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$12.47
Price spread: −0.023% → −0.049%: $2.61
Slippage, 4 orders: −$5.92
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$32.78
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Extended: live order book, just now.

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	7.5 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell Extended live order book, just now	0.14 bp	3.5 bp −$4	12.3 bp −$123	doesn't fit	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
Reya TRXRUSDPERP	−0.0133%	1h	0.3441	−0.017%	$5	—	20x	as long as short
Injective TRX/USDC PERP	−0.0120%	1h	0.3441	−0.012%	$1K	$163K	12x	as long as short
Variational Omni TRX	−0.0078%	8h	0.3440	−0.039%	$563K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3441	0.000%	$5K	$13K	10x	as long as short
Bybit TRXUSDT	−0.0059%	8h	0.3441	−0.012%	$54.7M	$8.2M	75x	as long as short
KuCoin TRXUSDTM	−0.0053%	8h	0.3441	−0.026%	$8.7M	$3.6M	75x	as long as short
Backpack TRX_USDC_PERP	−0.0023%	1h	0.3441	−0.020%	$58K	$4K	10x	as long as short
HTX TRX-USDT	−0.0019%	8h	0.3439	−0.080%	$825K	$718K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3442	+0.029%	$181K	$10K	10x	as long as short
OKX TRX-USDT-SWAP	0.0000%	8h	0.3441	−0.012%	$15.6M	$8.8M	50x	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	0.3443	+0.033%	$121K	—	150x	as long as short
Aster TRXUSDT	+0.0004%	8h	0.3441	+0.001%	$957K	$658K	75x	as long as short
MEXC TRX_USDT	+0.0014%	8h	0.3442	+0.003%	$18.2M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0015%	8h	0.3442	+0.012%	$99.3M	$48.3M	75x	as long as short
Lighter TRX	+0.0016%	1h	0.3441	−0.015%	$482K	$637K	10x	as long as short
Extended TRX-USDshort	+0.0016%	1h	0.3441	−0.023%	$196K	$1.1M	25x
SoDEX TRX-USD	+0.0023%	1h	0.3441	0.000%	$403	$5K	5x	as long as short
Kraken Futures PF_TRXUSD	+0.0026%	1h	0.3443	+0.045%	$1.9M	$1.0M	25x	as long as short
Paradex TRX-USD-PERP	+0.0052%	8h	0.3441	−0.016%	$9K	$385	20x	as long as short
BloFin TRX-USDT	+0.0061%	8h	0.3441	0.000%	$4.6M	$4.0M	50x	as long as short
Phemex TRXUSDTlong	+0.0075%	8h	0.3441	long leg	$3.8M	$1.6M	50x
Aevo TRX-PERP	+0.0088%	1h	0.3440	−0.052%	$33K	—	3x	as long as short
Gate TRX_USDT	+0.0089%	8h	0.3441	−0.015%	$9.6M	$2.5M	75x	as long as short
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3441	−0.017%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3443	+0.049%	$13.2M	$2.2M	10x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3441	−0.006%	$9.4M	$2.0M	75x	as long as short
BingX TRX-USDT	+0.0100%	8h	0.3441	−0.012%	—	$40.0M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	−0.011%	$587K	$431K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3443	+0.035%	$115K	$547K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.041%	$196K	$918K	30x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0241%	1h	0.3445	+0.099%	$832K	$411K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	+0.022%	$20K	—	100x	as long as short