Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.001%

Price spread now: Injective against Bybit−1.101%98s7-day average −0.194% · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 3 days (all we have)+1.104%+$110 · spread now −1.101%, 7d avg −0.194%

Together, before fees+1.345%+$135 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.907% cheaper against Bybit than usual: you would sell low and buy high (−$91 if the spread goes back to its 7-day average of −0.194%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.241%, so the current rate has only just turned against you. The two prices were read 98 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	Bybit TRXUSDT	0.3479	0.0100	pay 0.0100% / 8h	5h 59m	$54.2M	$10.7M	75x
Short	Injective TRX/USDC PERP	0.3441	0.0033	get 0.0004% / 1h	59m 45s	$1K	$163K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −1.101%Rate

Funding earned: −$14
Price spread: −1.101% → −0.194%: −$90.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$115.69
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. 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 Bybit live order book, 4 min ago	1.44 bp	9.6 bp −$10	11.3 bp −$113	43.7 bp −$4,375	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 31 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	0.3477	−0.079%	$5	—	20x	as long as short
Phoenix TRX	−0.0046%	1h	0.3478	−0.026%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3477	−0.077%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3477	−0.074%	$122K	—	150x	as long as short
Injective TRX/USDC PERPshort	+0.0033%	1h	0.3441	−1.101%	$1K	$163K	12x
KuCoin TRXUSDTM	+0.0056%	8h	0.3480	+0.009%	$8.7M	$3.5M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0082%	1h	0.3475	−0.124%	$59K	$4K	10x	as long as short
Lighter TRX	+0.0096%	1h	0.3478	−0.043%	$485K	$661K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0097%	8h	0.3476	−0.103%	$14K	$122K	20x	as long as short
Paradex TRX-USD-PERP	+0.0099%	8h	0.3478	−0.027%	$9K	$251	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRX	+0.0100%	1h	0.3478	−0.023%	$13.0M	$2.5M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3477	−0.059%	$960K	$690K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3478	−0.046%	$103.7M	$53.9M	75x	as long as short
Bybit TRXUSDTlong	+0.0100%	8h	0.3479	long leg	$54.2M	$10.7M	75x
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3479	+0.006%	$15.6M	$9.0M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3479	−0.003%	$9.7M	$2.7M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3477	−0.066%	$19.0M	$2.0M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3480	+0.011%	$10.4M	$3.3M	75x	as long as short
BingX TRX-USDC	+0.0100%	8h	0.3480	+0.009%	—	$6.5M	—	as long as short
Variational Omni TRX	+0.0100%	8h	0.3478	−0.040%	$567K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3477	−0.075%	$593K	$466K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3477	−0.055%	$116K	$563K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3473	−0.194%	$197K	$1.1M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3476	−0.083%	$405	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3475	−0.123%	$837K	$814K	75x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3477	−0.080%	$3.9M	$1.7M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3479	−0.014%	$194K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3474	−0.155%	$34K	—	3x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0403% / S −0.0481%	1h	0.3477	−0.077%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0523%	1h	0.3477	−0.054%	$2.3M	$1.6M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0768%	1h	0.3480	+0.025%	$816K	$478K	25x	as long as short