Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Bybit against Phemex+0.035%53s7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$310.307% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now +0.035%, 7d avg −0.027%

Together, before fees−0.186%−$19 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: Bybit is 0.062% dearer against Phemex than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.027%. The two prices were read 53 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	Phemex TRXUSDT	0.3466	0.0100	pay 0.0100% / 8h	6h 47m	$3.9M	$1.6M	50x
Short	Bybit TRXUSDT	0.3467	0.0100	get 0.0100% / 8h	6h 47m	$55.1M	$8.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.035%Rate

Funding earned: $0
Price spread: +0.035% → −0.027%: $6.21
Slippage, 4 orders: −$7.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.52
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: live order book, 1 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 Phemex live order book, 6 min ago	0.14 bp	7.6 bp −$8	11.7 bp −$117	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.44 bp	6.9 bp −$7	6.9 bp −$69	28.2 bp −$2,822	180.9 bp −$90.5K

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	0.3466	+0.018%	$5	—	20x	as long as short
Phoenix TRX	−0.0046%	1h	0.3466	+0.017%	$5K	$14K	10x	as long as short
KuCoin TRXUSDTM	−0.0042%	8h	0.3467	+0.035%	$8.7M	$3.5M	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3466	+0.027%	$182K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3467	+0.030%	$122K	—	150x	as long as short
Backpack TRX_USDC_PERP	+0.0006%	1h	0.3464	−0.032%	$59K	$4K	10x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.707%	$1K	$163K	12x	as long as short
Orderly PERP_TRX_USDC	+0.0093%	8h	0.3464	−0.046%	$15K	$107K	20x	as long as short
Paradex TRX-USD-PERP	+0.0096%	8h	0.3466	+0.014%	$9K	$251	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3466	+0.003%	$485K	$618K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRX	+0.0100%	1h	0.3468	+0.069%	$13.2M	$2.3M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3466	+0.001%	$957K	$668K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3466	+0.025%	$101.9M	$49.7M	75x	as long as short
Bybit TRXUSDTshort	+0.0100%	8h	0.3467	+0.035%	$55.1M	$8.8M	75x
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3466	+0.026%	$15.5M	$8.6M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3467	+0.032%	$9.7M	$2.6M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3466	+0.017%	$18.6M	$1.9M	200x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3468	+0.061%	$10.4M	$3.1M	75x	as long as short
BingX TRX-USDC	+0.0100%	8h	0.3466	+0.023%	—	$6.5M	—	as long as short
Variational Omni TRX	+0.0100%	8h	0.3465	−0.015%	$565K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3465	−0.027%	$591K	$446K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3465	−0.023%	$115K	$566K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3462	−0.094%	$197K	$1.0M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3466	+0.009%	$403	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3464	−0.034%	$833K	$792K	75x	as long as short
Phemex TRXUSDTlong	+0.0100%	8h	0.3466	long leg	$3.9M	$1.6M	50x
Extended TRX-USD	+0.0104%	1h	0.3466	+0.008%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3464	−0.042%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3465	−0.009%	$4.6M	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0402% / S −0.0481%	1h	0.3466	+0.009%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0525%	1h	0.3467	+0.045%	$2.3M	$1.6M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0575%	1h	0.3469	+0.101%	$786K	$424K	25x	as long as short