Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h +0.047%

Price spread now: Orderly against Phoenix−0.106%66s7-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 Orderly

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. Orderly is 0.106% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.106% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 2.9 days of funding at the current rate (+$4 a day). The two prices were read 66 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	0.3492	−0.0023	get 0.0003% / 1h	17m 59s	$5K	$14K	10x
Short	Orderly PERP_TRX_USDC	0.3489	0.0099	get 0.0099% / 8h	6h 17m	$14K	$71K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.106%Rate

Funding earned: $25.66
Price spread: −0.106% → 0.000%: −$10.59
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.06
Costs to cover: 0.130%
Break-even: 6.4 days

Slippage unknown: Phoenix: no order-book sample; Orderly: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: 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 exchanges

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
Aster TRXUSDT	−0.0217%	8h	0.3483	−0.283%	$965K	$931K	75x	as long as short
HTX TRX-USDT	−0.0203%	8h	0.3488	−0.130%	$834K	$947K	75x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3488	−0.137%	$5	—	20x	as long as short
Phoenix TRXlong	−0.0023%	1h	0.3492	long leg	$5K	$14K	10x
Backpack TRX_USDC_PERP	−0.0014%	1h	0.3488	−0.123%	$60K	$6K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3489	−0.089%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3491	−0.037%	$126K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.472%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3488	−0.112%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3489	−0.094%	$483K	$669K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRX-USD-PERP	+0.0099%	8h	0.3488	−0.116%	$9K	$52	20x	as long as short
Orderly PERP_TRX_USDCshort	+0.0099%	8h	0.3489	−0.106%	$14K	$71K	20x
Binance TRXUSDT	+0.0100%	8h	0.3488	−0.126%	$107.4M	$64.1M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3488	−0.126%	$53.6M	$13.5M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3489	−0.109%	$15.4M	$11.5M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3489	−0.109%	$9.6M	$3.3M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3489	−0.106%	$18.9M	$2.4M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3489	−0.103%	$8.5M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3488	−0.135%	$9.7M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3491	−0.046%	$578K	$30K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3491	−0.045%	$595K	$514K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3490	−0.057%	$117K	$617K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3487	−0.157%	$198K	$1.3M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3489	−0.106%	$405	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3489	−0.097%	$3.9M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3487	−0.156%	$213K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3487	−0.157%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3490	−0.072%	$4.8M	$4.0M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0256%	1h	0.3490	−0.069%	$2.4M	$1.7M	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3491	−0.048%	$20K	—	100x	as long as short
Hyperliquid TRX	+0.0457%	1h	0.3493	+0.029%	$14.2M	$2.6M	10x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0598%	1h	0.3493	+0.008%	$806K	$740K	25x	as long as short