Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h −0.024%

Price spread now: HTX against Phoenix−0.100%7-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 HTX

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. HTX is 0.100% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 6.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TRX	0.3443	−0.0070	get 0.0009% / 1h	34m 43s	$5K	$13K	10x
Short	HTX TRX-USDT	0.3439	−0.0021	pay 0.0021% / 8h	1h 34m	$826K	$716K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.100%Rate

Funding earned: $10.31
Price spread: −0.100% → 0.000%: −$10.02
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$18.71
Costs to cover: 0.190%
Break-even: 19.7 days

Slippage unknown: Phoenix: no order-book sample; HTX: live order book, 49 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 HTX live order book, 49 min ago	4.29 bp	10.3 bp −$10	17.1 bp −$171	doesn't fit	doesn't fit

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	0.3440	−0.077%	$5	—	20x	as long as short
Injective TRX/USDC PERP	−0.0120%	1h	0.3441	−0.055%	$1K	$163K	12x	as long as short
Variational Omni TRX	−0.0082%	8h	0.3440	−0.081%	$563K	$39K	—	as long as short
Bybit TRXUSDT	−0.0072%	8h	0.3440	−0.078%	$54.7M	$8.2M	75x	as long as short
Phoenix TRXlong	−0.0070%	1h	0.3443	long leg	$5K	$13K	10x
Backpack TRX_USDC_PERP	−0.0045%	1h	0.3440	−0.073%	$58K	$4K	10x	as long as short
KuCoin TRXUSDTM	−0.0038%	8h	0.3439	−0.102%	$8.7M	$3.7M	75x	as long as short
HTX TRX-USDTshort	−0.0021%	8h	0.3439	−0.100%	$826K	$716K	75x
Aster TRXUSDT	−0.0009%	8h	0.3443	−0.009%	$959K	$656K	75x	as long as short
SoDEX TRX-USD	−0.0003%	1h	0.3441	−0.067%	$400	$5K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TRX-USDT-SWAP	−0.0001%	8h	0.3440	−0.084%	$15.6M	$8.8M	50x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3443	−0.005%	$181K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3442	−0.018%	$121K	—	150x	as long as short
Lighter TRX	+0.0008%	1h	0.3440	−0.076%	$482K	$637K	10x	as long as short
Extended TRX-USD	+0.0008%	1h	0.3439	−0.101%	$196K	$1.1M	25x	as long as short
Binance TRXUSDT	+0.0011%	8h	0.3440	−0.078%	$99.2M	$48.3M	75x	as long as short
MEXC TRX_USDT	+0.0011%	8h	0.3440	−0.076%	$18.2M	$1.7M	200x	as long as short
Kraken Futures PF_TRXUSD	+0.0026%	1h	0.3442	−0.022%	$1.9M	$1.0M	25x	as long as short
BloFin TRX-USDT	+0.0044%	8h	0.3440	−0.073%	$4.6M	$4.0M	50x	as long as short
Paradex TRX-USD-PERP	+0.0048%	8h	0.3440	−0.074%	$9K	$385	20x	as long as short
Phemex TRXUSDT	+0.0071%	8h	0.3441	−0.061%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3439	−0.106%	$33K	—	3x	as long as short
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3441	−0.064%	$14K	$107K	20x	as long as short
Gate TRX_USDT	+0.0090%	8h	0.3440	−0.090%	$9.6M	$2.5M	75x	as long as short
BingX TRX-USDT	+0.0097%	8h	0.3440	−0.081%	—	$40.0M	—	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3442	−0.015%	$13.2M	$2.2M	10x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3440	−0.078%	$9.4M	$2.0M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	−0.065%	$587K	$432K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3441	−0.049%	$115K	$545K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3442	−0.021%	$196K	$917K	30x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	−0.027%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0444%	1h	0.3445	+0.054%	$832K	$411K	25x	as long as short