TRX

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0142%/8h= +15.5% APRnext payment +$0.18 per $10,000 · paid last 24h +0.047%

Price spread now: Lighter against Phoenix−0.032%104s7-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 Lighter

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.032% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.032% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 18 hours of funding at the current rate (+$4 a day). The two prices were read 104 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	Phoenix TRX	0.3484	−0.0046	get 0.0006% / 1h	25m 37s	$5K	$14K	10x
Short	Lighter TRX	0.3483	0.0096	get 0.0012% / 1h	25m 37s	$486K	$671K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.032%Rate

Funding earned: $29.81
Price spread: −0.032% → 0.000%: −$3.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $19.66
Costs to cover: 0.070%
Break-even: 2.4 days

Slippage unknown: Phoenix: no order-book sample; Lighter: live order book, 24 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 Lighter live order book, 24 min ago	1.01 bp	1.9 bp −$2	8.8 bp −$88	42.1 bp −$4,207	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	0.3483	−0.044%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0046%	1h	0.3484	long leg	$5K	$14K	10x
dYdX TRX-USD	0.0000%	1h	0.3484	+0.001%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3484	−0.008%	$123K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.243%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3483	−0.032%	—	$6.5M	—	as long as short
HTX TRX-USDT	+0.0074%	8h	0.3484	−0.019%	$825K	$888K	75x	as long as short
Lighter TRXshort	+0.0096%	1h	0.3483	−0.032%	$486K	$671K	10x
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3483	−0.032%	$14K	$60K	20x	as long as short
Paradex TRX-USD-PERP	+0.0100%	8h	0.3483	−0.041%	$9K	$251	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	0.3487	+0.069%	$13.2M	$2.7M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3485	+0.006%	$965K	$698K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3483	−0.029%	$106.2M	$61.2M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3483	−0.049%	$53.8M	$11.9M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3483	−0.023%	$15.6M	$10.2M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3483	−0.026%	$9.7M	$3.0M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3483	−0.029%	$18.9M	$2.2M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3484	+0.006%	$8.6M	$3.5M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3484	−0.017%	$10.6M	$3.5M	75x	as long as short
Backpack TRX_USDC_PERP	+0.0100%	1h	0.3483	−0.049%	$62K	$5K	10x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3482	−0.070%	$570K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3483	−0.034%	$594K	$466K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3482	−0.066%	$116K	$573K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3481	−0.088%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3483	−0.023%	$410	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3483	−0.023%	$3.9M	$1.9M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3482	−0.056%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3482	−0.077%	$34K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0144%	1h	0.3484	−0.003%	$2.4M	$1.7M	25x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3486	+0.034%	$4.7M	$3.9M	50x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0491%	1h	0.3484	−0.022%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0735%	1h	0.3487	+0.088%	$843K	$538K	25x	as long as short