Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.017%

Price spread now: HTX against Phoenix−0.134%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 HTX

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. HTX is 0.134% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.134% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 16 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix TRX	0.3489	−0.0023	get 0.0003% / 1h	3m 04s	$5K	$14K	10x
Short	HTX TRX-USDT	0.3485	0.0006	get 0.0006% / 8h	2h 03m	$833K	$932K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.134%Rate

Funding earned: $5.97
Price spread: −0.134% → 0.000%: −$13.44
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$26.47
Costs to cover: 0.190%
Break-even: 38.0 days

Slippage unknown: Phoenix: no order-book sample; HTX: live order book, 46 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 HTX live order book, 46 min ago	2.93 bp	12.3 bp −$12	19.0 bp −$190	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	0.3485	−0.121%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0023%	1h	0.3489	long leg	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3486	−0.090%	$183K	$12K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3486	−0.102%	$123K	—	150x	as long as short
HTX TRX-USDTshort	+0.0006%	8h	0.3485	−0.134%	$833K	$932K	75x
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.390%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3486	−0.092%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3486	−0.100%	$487K	$671K	10x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3486	−0.113%	$9K	$251	20x	as long as short
Orderly PERP_TRX_USDC	+0.0100%	8h	0.3486	−0.100%	$14K	$60K	20x	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	0.3489	−0.011%	$13.2M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3486	−0.100%	$966K	$701K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3487	−0.078%	$107.2M	$62.6M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3486	−0.100%	$53.6M	$12.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3486	−0.089%	$15.5M	$10.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3487	−0.086%	$9.7M	$3.2M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3486	−0.089%	$18.9M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3487	−0.080%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3485	−0.123%	$9.9M	$4.3M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3486	−0.115%	$62K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3486	−0.103%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3486	−0.098%	$594K	$473K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3487	−0.080%	$116K	$580K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3485	−0.141%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3486	−0.089%	$410	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3487	−0.077%	$4.0M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3485	−0.132%	$195K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3485	−0.142%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3486	−0.100%	$4.7M	$4.0M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3486	−0.091%	$20K	—	100x	as long as short
Kraken Futures PF_TRXUSD	+0.0415%	1h	0.3487	−0.063%	$2.4M	$1.8M	25x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.1276%	1h	0.3492	+0.074%	$909K	$680K	25x	as long as short