Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h +0.030%

Price spread now: Gate against Phoenix−0.034%62s7-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 Gate

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. Gate is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.034% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$4 a day). The two prices were read 62 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	0.3486	−0.0023	get 0.0003% / 1h	32m 12s	$5K	$14K	10x
Short	Gate TRX_USDT	0.3485	0.0100	get 0.0100% / 8h	2h 32m	$9.7M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.034%Rate

Funding earned: $25.81
Price spread: −0.034% → 0.000%: −$3.44
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $0.37
Costs to cover: 0.220%
Break-even: 6.9 days

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	1.00 bp	11.7 bp −$12	20.8 bp −$208	30.9 bp −$3,089	56.9 bp −$28.5K

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	0.3484	−0.055%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0023%	1h	0.3486	long leg	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3485	−0.043%	$183K	$12K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3485	−0.021%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.297%	$1K	$163K	12x	as long as short
HTX TRX-USDT	+0.0044%	8h	0.3482	−0.117%	$832K	$920K	75x	as long as short
BingX TRX-USDT	+0.0070%	8h	0.3485	−0.040%	—	$32.8M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3485	−0.032%	$487K	$671K	10x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3484	−0.050%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3485	−0.029%	$14K	$60K	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	0.3489	+0.067%	$13.2M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3485	−0.048%	$965K	$700K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3485	−0.029%	$107.0M	$62.3M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3485	−0.034%	$53.9M	$12.0M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3485	−0.032%	$15.5M	$10.4M	50x	as long as short
Gate TRX_USDTshort	+0.0100%	8h	0.3485	−0.034%	$9.7M	$3.1M	75x
MEXC TRX_USDT	+0.0100%	8h	0.3485	−0.032%	$18.9M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3485	−0.043%	$8.5M	$3.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3484	−0.055%	$9.9M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3483	−0.083%	$62K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3484	−0.064%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3486	−0.017%	$594K	$477K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3488	+0.046%	$116K	$582K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3483	−0.086%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3485	−0.029%	$408	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3485	−0.032%	$4.0M	$1.9M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3484	−0.066%	$195K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3484	−0.068%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3484	−0.075%	$4.7M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0411% / S −0.0492%	1h	0.3485	−0.022%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0415%	1h	0.3486	−0.008%	$2.4M	$1.8M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0734%	1h	0.3489	+0.093%	$904K	$646K	25x	as long as short