Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0143%/8h= +15.6% APRpaid last 24h +0.035%

Price spread now: Phemex against Phoenix−0.023%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 Phemex

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. Phemex is 0.023% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 13 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TRX	0.3439	−0.0070	get 0.0009% / 1h	34m 25s	$5K	$13K	10x
Short	Phemex TRXUSDT	0.3438	0.0073	get 0.0073% / 8h	2h 34m	$3.8M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $29.97
Price spread: −0.023% → 0.000%: −$2.33
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $8.64
Costs to cover: 0.190%
Break-even: 5.0 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	0.14 bp	8.1 bp −$8	10.9 bp −$109	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	0.3438	−0.037%	$5	—	20x	as long as short
Bybit TRXUSDT	−0.0089%	8h	0.3437	−0.058%	$54.7M	$8.2M	75x	as long as short
Variational Omni TRX	−0.0086%	8h	0.3436	−0.076%	$562K	$39K	—	as long as short
Phoenix TRXlong	−0.0070%	1h	0.3439	long leg	$5K	$13K	10x
Aster TRXUSDT	−0.0056%	8h	0.3438	−0.017%	$951K	$638K	75x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3439	0.000%	$1K	$100K	12x	as long as short
Backpack TRX_USDC_PERP	−0.0042%	1h	0.3438	−0.026%	$58K	$7K	10x	as long as short
HTX TRX-USDT	−0.0033%	8h	0.3437	−0.051%	$825K	$707K	75x	as long as short
SoDEX TRX-USD	−0.0013%	1h	0.3438	−0.023%	$399	$5K	5x	as long as short
Lighter TRX	−0.0008%	1h	0.3438	−0.041%	$483K	$628K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TRXUSDT	−0.0002%	8h	0.3439	−0.015%	$99.3M	$49.2M	75x	as long as short
MEXC TRX_USDT	−0.0002%	8h	0.3439	−0.012%	$17.2M	$1.6M	200x	as long as short
Extended TRX-USD	0.0000%	1h	0.3438	−0.043%	$196K	$1.1M	25x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3440	+0.018%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0008%	8h	0.3438	−0.023%	$15.6M	$8.8M	50x	as long as short
KuCoin TRXUSDTM	+0.0036%	8h	0.3437	−0.070%	$8.7M	$3.6M	75x	as long as short
Paradex TRX-USD-PERP	+0.0039%	8h	0.3438	−0.028%	$9K	$385	20x	as long as short
BingX TRX-USDC	+0.0066%	8h	0.3438	−0.029%	—	$6.5M	—	as long as short
Bitget TRXUSDT	+0.0068%	8h	0.3438	−0.026%	$9.4M	$2.1M	75x	as long as short
Phemex TRXUSDTshort	+0.0073%	8h	0.3438	−0.023%	$3.8M	$1.6M	50x
Aevo TRX-PERP	+0.0080%	1h	0.3437	−0.073%	$33K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3440	+0.021%	$1.9M	$978K	25x	as long as short
Orderly PERP_TRX_USDC	+0.0087%	8h	0.3438	−0.032%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3440	+0.032%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3438	−0.026%	$9.7M	$2.5M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3438	−0.034%	$587K	$435K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	+0.017%	$115K	$541K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3441	+0.068%	$196K	$914K	30x	as long as short
BloFin TRX-USDT	+0.0117%	8h	0.3439	+0.003%	$4.6M	$4.0M	50x	as long as short
dYdX TRX-USD	+0.0140%	1h	0.3439	−0.010%	$181K	$10K	10x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0351% / S −0.0367%	1h	0.3439	+0.001%	$19K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0352%	1h	0.3442	+0.100%	$828K	$407K	25x	as long as short