Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.026%

Price spread now: BingX against Phoenix−0.043%49s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on BingX

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

Funding pays, the price is against you. BingX is 0.043% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.043% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 37 hours of funding at the current rate (+$3 a day). The two prices were read 49 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	Phoenix TRX	0.3483	−0.0023	get 0.0003% / 1h	14m 41s	$5K	$13K	10x
Short	BingX TRX-USDC	0.3481	0.0070	get 0.0070% / 8h	14m 41s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $19.52
Price spread: −0.043% → 0.000%: −$4.31
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1.79
Costs to cover: 0.170%
Break-even: 7.6 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 11 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell BingX live order book, 11 min ago	1.01 bp	8.3 bp −$8	30.1 bp −$301	188.6 bp −$18.9K	884.3 bp −$442.1K

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	0.3480	−0.076%	$5	—	20x	as long as short
HTX TRX-USDT	−0.0084%	8h	0.3479	−0.099%	$834K	$958K	75x	as long as short
Phoenix TRXlong	−0.0023%	1h	0.3483	long leg	$5K	$13K	10x
dYdX TRX-USD	0.0000%	1h	0.3481	−0.045%	$182K	$12K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3483	−0.005%	$126K	—	150x	as long as short
SoDEX TRX-USD	+0.0014%	1h	0.3481	−0.052%	$407	$5K	5x	as long as short
Backpack TRX_USDC_PERP	+0.0020%	1h	0.3481	−0.052%	$62K	$5K	10x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.203%	$1K	$163K	12x	as long as short
BingX TRX-USDCshort	+0.0070%	8h	0.3481	−0.043%	—	$6.5M	—
Paradex TRX-USD-PERP	+0.0086%	8h	0.3481	−0.052%	$9K	$251	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRX	+0.0096%	1h	0.3481	−0.043%	$487K	$674K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3481	−0.055%	$14K	$63K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3485	+0.059%	$13.4M	$2.8M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3480	−0.072%	$972K	$714K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3482	−0.034%	$106.9M	$64.9M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3482	−0.026%	$53.5M	$12.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3481	−0.043%	$15.6M	$10.9M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3482	−0.034%	$9.6M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3481	−0.043%	$19.1M	$2.4M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3483	−0.006%	$8.5M	$3.3M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3480	−0.075%	$9.8M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3480	−0.084%	$569K	$30K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3481	−0.064%	$594K	$510K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3483	−0.003%	$116K	$604K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3479	−0.098%	$198K	$1.4M	30x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3482	−0.026%	$3.9M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3480	−0.072%	$206K	$1.2M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3480	−0.084%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3481	−0.049%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0296%	1h	0.3483	−0.011%	$2.3M	$1.9M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0310%	1h	0.3485	+0.054%	$860K	$757K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0411% / S −0.0492%	1h	0.3482	−0.016%	$20K	—	100x	as long as short