Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.017%

Price spread now: KuCoin against Phoenix+0.049%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on KuCoin

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

The price spread pays, funding is against you. KuCoin is 0.049% dearer against Phoenix than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TRX	0.3461	−0.0046	get 0.0006% / 1h	11m 12s	$5K	$14K	10x
Short	KuCoin TRXUSDTM	0.3463	−0.0082	pay 0.0082% / 8h	7h 11m	$8.7M	$3.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$7.47
Price spread: +0.049% → 0.000%: $4.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$21.56
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	0.58 bp	13.7 bp −$14	56.7 bp −$567	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	0.3462	+0.040%	$5	—	20x	as long as short
KuCoin TRXUSDTMshort	−0.0082%	8h	0.3463	+0.049%	$8.7M	$3.5M	75x
Phoenix TRXlong	−0.0046%	1h	0.3461	long leg	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3462	+0.038%	$182K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3463	+0.065%	$122K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.581%	$1K	$163K	12x	as long as short
Backpack TRX_USDC_PERP	+0.0035%	1h	0.3462	+0.012%	$59K	$4K	10x	as long as short
Variational Omni TRX	+0.0066%	8h	0.3462	+0.024%	$565K	$37K	—	as long as short
MEXC TRX_USDT	+0.0086%	8h	0.3463	+0.046%	$18.6M	$1.9M	200x	as long as short
Binance TRXUSDT	+0.0087%	8h	0.3463	+0.052%	$101.2M	$48.8M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended TRX-USD	+0.0088%	1h	0.3462	+0.032%	$194K	$1.0M	25x	as long as short
Paradex TRX-USD-PERP	+0.0092%	8h	0.3461	+0.007%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0092%	8h	0.3462	+0.017%	$15K	$107K	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3462	+0.029%	$484K	$632K	10x	as long as short
HTX TRX-USDT	+0.0096%	8h	0.3461	−0.011%	$831K	$774K	75x	as long as short
OKX TRX-USDT-SWAP	+0.0098%	8h	0.3463	+0.040%	$15.5M	$8.5M	50x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3463	+0.066%	$13.2M	$2.3M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3462	+0.040%	$958K	$666K	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3463	+0.043%	$55.2M	$8.4M	75x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3462	+0.035%	$9.7M	$2.6M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3465	+0.110%	$10.3M	$3.0M	75x	as long as short
BingX TRX-USDC	+0.0100%	8h	0.3462	+0.038%	—	$6.5M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3457	−0.124%	$590K	$443K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3458	−0.098%	$115K	$566K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3459	−0.071%	$197K	$967K	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3462	+0.026%	$408	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3463	+0.052%	$3.9M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3460	−0.034%	$34K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0172%	1h	0.3464	+0.097%	$2.3M	$1.5M	25x	as long as short
BloFin TRX-USDT	+0.0207%	8h	0.3461	−0.017%	$4.7M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0368% / S −0.0395%	1h	0.3463	+0.047%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0495%	1h	0.3466	+0.127%	$844K	$424K	25x	as long as short