Funding arb · Price arb /

TRX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0080%/8hpaid last 24h +0.018%

Price spread now: Binance against Phoenix−0.038%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 Binance

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. Binance is 0.038% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TRX	0.3443	−0.0093	get 0.0012% / 1h	6m 57s	$5K	$13K	10x
Short	Binance TRXUSDT	0.3441	−0.0013	pay 0.0013% / 8h	4h 06m	$99.3M	$50.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.038%Rate

Funding earned: $16.82
Price spread: −0.038% → 0.000%: −$3.78
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$3.96
Costs to cover: 0.170%
Break-even: 8.6 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 10 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 Binance live order book, 10 min ago	0.14 bp	5.1 bp −$5	8.9 bp −$89	33.1 bp −$3,312	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
Backpack TRX_USDC_PERP	−0.0201%	1h	0.3441	−0.044%	$60K	$5K	10x	as long as short
BingX TRX-USDT	−0.0148%	8h	0.3441	−0.049%	—	$37.9M	—	as long as short
Bybit TRXUSDT	−0.0146%	8h	0.3439	−0.093%	$54.6M	$7.7M	75x	as long as short
Injective TRX/USDC PERP	−0.0135%	1h	0.3438	−0.131%	$1K	$79K	12x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3441	−0.050%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0093%	1h	0.3443	long leg	$5K	$13K	10x
Variational Omni TRX	−0.0084%	8h	0.3439	−0.088%	$564K	$42K	—	as long as short
Aster TRXUSDT	−0.0076%	8h	0.3441	−0.049%	$952K	$617K	75x	as long as short
SoDEX TRX-USD	−0.0071%	1h	0.3441	−0.041%	$405	$5K	5x	as long as short
Kraken Futures PF_TRXUSD	−0.0045%	1h	0.3443	+0.026%	$1.8M	$946K	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX TRX-USDT	−0.0033%	8h	0.3440	−0.082%	$828K	$662K	75x	as long as short
Extended TRX-USD	−0.0016%	1h	0.3441	−0.057%	$195K	$1.1M	25x	as long as short
MEXC TRX_USDT	−0.0013%	8h	0.3441	−0.041%	$17.1M	$1.6M	200x	as long as short
Binance TRXUSDTshort	−0.0013%	8h	0.3441	−0.038%	$99.3M	$50.4M	75x
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3443	+0.017%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0007%	8h	0.3441	−0.044%	$15.6M	$8.7M	50x	as long as short
Paradex TRX-USD-PERP	+0.0013%	8h	0.3441	−0.049%	$8K	$334	20x	as long as short
Lighter TRX	+0.0016%	1h	0.3441	−0.046%	$486K	$623K	10x	as long as short
Bitget TRXUSDT	+0.0055%	8h	0.3440	−0.061%	$9.4M	$2.0M	75x	as long as short
Phemex TRXUSDT	+0.0060%	8h	0.3441	−0.038%	$3.7M	$1.5M	50x	as long as short
Gate TRX_USDT	+0.0079%	8h	0.3441	−0.044%	$9.7M	$2.5M	75x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3440	−0.077%	$33K	—	3x	as long as short
Orderly PERP_TRX_USDC	+0.0084%	8h	0.3441	−0.041%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3444	+0.038%	$13.3M	$2.2M	10x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3441	−0.055%	$8.6M	$3.6M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	−0.050%	$587K	$444K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	−0.081%	$115K	$535K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.022%	$196K	$907K	30x	as long as short
BloFin TRX-USDT	+0.0107%	8h	0.3441	−0.041%	$4.6M	$4.0M	50x	as long as short
dYdX TRX-USD	+0.0204%	1h	0.3443	+0.008%	$183K	$6K	10x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0337% / S −0.0340%	1h	0.3443	+0.001%	$18K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0360%	1h	0.3445	+0.076%	$827K	$378K	25x	as long as short