Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.017%

Price spread now: Injective against Phemex−1.055%7-day average −0.244% · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+1.054%+$105 · spread now −1.055%, 7d avg −0.244%

Together, before fees+1.157%+$116 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.811% cheaper against Phemex than usual: you would sell low and buy high (−$81 if the spread goes back to its 7-day average of −0.244%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.103%, 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	0.3478	0.0100	pay 0.0100% / 8h	4h 28m	$3.9M	$1.9M	50x
Short	Injective TRX/USDC PERP	0.3441	0.0033	get 0.0004% / 1h	28m 21s	$1K	$163K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −1.055%Rate

Funding earned: −$14
Price spread: −1.055% → −0.244%: −$81.14
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$107.16
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Injective: 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 Phemex live order book, 5 min ago	0.14 bp	6.7 bp −$7	10.5 bp −$105	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	0.3476	−0.046%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3478	+0.020%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3479	+0.023%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3477	−0.026%	$122K	—	150x	as long as short
Injective TRX/USDC PERPshort	+0.0033%	1h	0.3441	−1.055%	$1K	$163K	12x
Backpack TRX_USDC_PERP	+0.0055%	1h	0.3476	−0.040%	$62K	$5K	10x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3477	−0.032%	—	$6.5M	—	as long as short
Paradex TRX-USD-PERP	+0.0092%	8h	0.3476	−0.038%	$9K	$251	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3477	−0.035%	$485K	$669K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0098%	8h	0.3476	−0.046%	$15K	$100K	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	0.3479	+0.043%	$13.1M	$2.6M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3478	+0.009%	$964K	$696K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3476	−0.043%	$105.3M	$58.7M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3476	−0.049%	$53.6M	$11.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3476	−0.043%	$15.5M	$9.8M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3477	−0.026%	$9.7M	$2.9M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3477	−0.032%	$18.8M	$2.1M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3478	+0.006%	$8.6M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3477	−0.032%	$10.4M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3475	−0.081%	$568K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3476	−0.060%	$593K	$473K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3476	−0.060%	$116K	$563K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3475	−0.082%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3476	−0.043%	$403	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3477	−0.027%	$835K	$845K	75x	as long as short
Phemex TRXUSDTlong	+0.0100%	8h	0.3478	long leg	$3.9M	$1.9M	50x
Extended TRX-USD	+0.0104%	1h	0.3476	−0.048%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3475	−0.076%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3478	0.000%	$4.7M	$3.9M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0261%	1h	0.3479	+0.029%	$2.4M	$1.7M	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3477	−0.031%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0624%	1h	0.3480	+0.060%	$843K	$504K	25x	as long as short