Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0123%/8h= +13.5% APRpaid last 24h +0.027%

Price spread now: Variational Omni against Phoenix−0.069%54s7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.069% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 45 hours of funding at the current rate (+$4 a day). The two prices were read 54 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	0.3480	−0.0023	get 0.0003% / 1h	44m 32s	$5K	$14K	10x
Short	Variational Omni TRX	0.3478	0.0100	get 0.0100% / 8h	5h 44m	$568K	$36K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.069%Rate

Funding earned: $25.83
Price spread: −0.069% → 0.000%: −$6.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.91
Costs to cover: 0.070%
Break-even: 3.8 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 20 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 Variational Omni RFQ quote, 20 min ago	5.75 bp	doesn't fit	8.6 bp −$86	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	0.3480	−0.014%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0023%	1h	0.3480	long leg	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3479	−0.028%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3480	−0.006%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.129%	$1K	$163K	12x	as long as short
KuCoin TRXUSDTM	+0.0087%	8h	0.3482	+0.037%	$8.8M	$3.5M	75x	as long as short
Lighter TRX	+0.0096%	1h	0.3481	+0.011%	$485K	$662K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0097%	8h	0.3481	+0.011%	$14K	$122K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3480	−0.001%	$9K	$251	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3483	+0.063%	$13.0M	$2.5M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRXUSDT	+0.0100%	8h	0.3480	−0.015%	$963K	$692K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3480	0.000%	$105.1M	$56.0M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3480	−0.003%	$54.0M	$11.2M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3480	+0.003%	$15.6M	$9.4M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3480	+0.003%	$9.7M	$2.8M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3481	+0.023%	$18.7M	$2.1M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3480	+0.003%	$10.4M	$3.3M	75x	as long as short
BingX TRX-USDC	+0.0100%	8h	0.3480	−0.003%	—	$6.5M	—	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3480	−0.017%	$59K	$4K	10x	as long as short
Variational Omni TRXshort	+0.0100%	8h	0.3478	−0.069%	$568K	$36K	—
edgeX TRXUSDC	+0.0100%	4h	0.3479	−0.043%	$593K	$470K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3479	−0.037%	$116K	$560K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3477	−0.105%	$198K	$1.1M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3481	+0.014%	$407	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3480	+0.004%	$840K	$821K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3481	+0.006%	$3.9M	$1.8M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3479	−0.027%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3479	−0.049%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3481	+0.017%	—	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0404% / S −0.0481%	1h	0.3480	−0.010%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0584%	1h	0.3482	+0.050%	$2.4M	$1.7M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0735%	1h	0.3484	+0.117%	$839K	$496K	25x	as long as short