Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.015%

Price spread now: dYdX against Bybit−0.020%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1121.117% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.441%+$44 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.020%, 7d avg +0.040%

Together, before fees+0.412%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.060% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.441%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRXUSDT	0.3484	0.0100	pay 0.0100% / 8h	6h 47m	$53.3M	$13.0M	75x
Short	dYdX TRX-USD	0.3483	0	get 0.0000% / 1h	47m 33s	$183K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$21
Price spread: −0.020% → +0.040%: −$5.99
Slippage, 4 orders: −$90.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$138.69
Costs to cover: 1.117%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; dYdX: live order book, 4 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 Bybit live order book, 4 min ago	1.43 bp	8.4 bp −$8	11.1 bp −$111	42.1 bp −$4,211	doesn't fit
Sell dYdX live order book, 4 min ago	41.95 bp	46.9 bp −$47	82.8 bp −$828	127.9 bp −$12.8K	doesn't fit

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
HTX TRX-USDT	−0.0148%	8h	0.3479	−0.129%	$832K	$949K	75x	as long as short
Reya TRXRUSDPERP	−0.0133%	1h	0.3483	−0.040%	$5	—	20x	as long as short
Aster TRXUSDT	−0.0118%	8h	0.3481	−0.094%	$967K	$846K	75x	as long as short
Backpack TRX_USDC_PERP	−0.0056%	1h	0.3483	−0.040%	$62K	$5K	10x	as long as short
Phoenix TRX	−0.0023%	1h	0.3485	+0.017%	$5K	$14K	10x	as long as short
dYdX TRX-USDshort	0.0000%	1h	0.3483	−0.020%	$183K	$10K	10x
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3484	+0.002%	$126K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−1.234%	$1K	$163K	12x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3483	−0.020%	—	$6.5M	—	as long as short
Lighter TRX	+0.0096%	1h	0.3483	−0.014%	$488K	$658K	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	+0.0098%	8h	0.3483	−0.027%	$9K	$61	20x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3482	−0.046%	$14K	$71K	20x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3483	−0.014%	$107.2M	$65.0M	75x	as long as short
Bybit TRXUSDTlong	+0.0100%	8h	0.3484	long leg	$53.3M	$13.0M	75x
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3484	−0.006%	$15.6M	$11.1M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3484	+0.006%	$9.6M	$3.2M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3483	−0.014%	$18.8M	$2.4M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3485	+0.020%	$8.5M	$3.3M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3483	−0.037%	$9.7M	$4.4M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3483	−0.035%	$577K	$36K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3482	−0.070%	$594K	$506K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3483	−0.034%	$117K	$615K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3481	−0.082%	$198K	$1.4M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3483	−0.023%	$408	$5K	5x	as long as short
Phemex TRXUSDT	+0.0100%	8h	0.3483	−0.020%	$3.9M	$2.0M	50x	as long as short
Extended TRX-USD	+0.0104%	1h	0.3483	−0.043%	$211K	$1.1M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3481	−0.083%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3483	−0.029%	$4.8M	$4.1M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0256%	1h	0.3484	0.000%	$2.4M	$1.7M	25x	as long as short
Hyperliquid TRX	+0.0405%	1h	0.3488	+0.106%	$13.8M	$2.8M	10x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0410% / S −0.0492%	1h	0.3484	−0.011%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0559%	1h	0.3487	+0.086%	$807K	$768K	25x	as long as short