Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Phemex against Binance+0.086%52s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.259% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.086%, 7d avg +0.005%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.082% dearer against Binance than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.005%. The two prices were read 52 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	Binance TRXUSDT	0.3475	0.0100	pay 0.0100% / 8h	5h 52m	$106.7M	$63.9M	75x
Short	Phemex TRXUSDT	0.3478	0.0100	get 0.0100% / 8h	5h 52m	$3.9M	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now +0.086%Rate

Funding earned: $0
Price spread: +0.086% → +0.005%: $8.16
Slippage, 4 orders: −$3.93
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.77
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Phemex: live order book, 4 min ago.

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 Binance live order book, 14 min ago	0.14 bp	5.2 bp −$5	9.5 bp −$95	41.7 bp −$4,174	doesn't fit
Sell Phemex live order book, 4 min ago	0.14 bp	7.0 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit

TRX on 32 exchanges

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
Aster TRXUSDT	−0.0332%	8h	0.3474	−0.014%	$962K	$930K	75x	as long as short
HTX TRX-USDT	−0.0218%	8h	0.3476	+0.026%	$832K	$885K	75x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3473	−0.050%	$5	—	20x	as long as short
Backpack TRX_USDC_PERP	−0.0066%	1h	0.3476	+0.037%	$57K	$8K	10x	as long as short
Phoenix TRX	−0.0046%	1h	0.3482	+0.199%	$5K	$14K	10x	as long as short
SoDEX TRX-USD	−0.0021%	1h	0.3477	+0.046%	$409	$5K	5x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3477	+0.057%	$182K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3478	+0.081%	$137K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.978%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3474	−0.023%	—	$6.5M	—	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRX-USD-PERP	+0.0089%	8h	0.3474	−0.020%	$9K	$52	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3475	+0.012%	$481K	$656K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3474	−0.014%	$14K	$71K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3479	+0.113%	$14.3M	$2.7M	10x	as long as short
Binance TRXUSDTlong	+0.0100%	8h	0.3475	long leg	$106.7M	$63.9M	75x
Bybit TRXUSDT	+0.0100%	8h	0.3474	−0.029%	$53.3M	$13.6M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3475	−0.012%	$15.4M	$11.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3475	0.000%	$9.5M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3475	+0.003%	$18.9M	$2.4M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3475	+0.003%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3474	−0.040%	$9.7M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3478	+0.075%	$576K	$28K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3480	+0.137%	$593K	$502K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3479	+0.121%	$117K	$620K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3475	+0.002%	$197K	$1.3M	30x	as long as short
Phemex TRXUSDTshort	+0.0100%	8h	0.3478	+0.086%	$3.9M	$2.0M	50x
Extended TRX-USD	+0.0104%	1h	0.3473	−0.045%	$211K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3475	−0.005%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3477	+0.043%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0269%	1h	0.3477	+0.050%	$2.4M	$1.8M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0368%	1h	0.3480	+0.157%	$805K	$723K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0408% / S −0.0492%	1h	0.3478	+0.089%	$20K	—	100x	as long as short