Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.080%

Price spread now: Phemex against GMX−0.035%52s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.035% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	GMX TRX/USD [ETH-USDC]	0.3474	L +0.0404% / S −0.0481%	pay 0.0051% / 1h	17m 21s	$20K	—	100x
Short	Phemex TRXUSDT	0.3473	0.0100	get 0.0100% / 8h	4h 17m	$3.9M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GMX. 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 GMXbpFee PhemexbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$63.89
Price spread: −0.035% → 0.000%: −$3.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.43
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 1 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 GMX no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	0.14 bp	7.8 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit

GMX: 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	0.3473	−0.033%	$5	—	20x	as long as short
Phoenix TRX	−0.0023%	1h	0.3473	−0.027%	$5K	$14K	10x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3474	+0.007%	$183K	$10K	10x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0008%	1h	0.3474	−0.001%	$122K	—	150x	as long as short
Injective TRX/USDC PERP	+0.0033%	1h	0.3441	−0.954%	$1K	$163K	12x	as long as short
Backpack TRX_USDC_PERP	+0.0039%	1h	0.3473	−0.047%	$62K	$5K	10x	as long as short
BingX TRX-USDC	+0.0070%	8h	0.3474	−0.012%	—	$6.5M	—	as long as short
Paradex TRX-USD-PERP	+0.0092%	8h	0.3472	−0.047%	$9K	$251	20x	as long as short
Lighter TRX	+0.0096%	1h	0.3473	−0.033%	$484K	$669K	10x	as long as short
Orderly PERP_TRX_USDC	+0.0099%	8h	0.3473	−0.030%	$15K	$100K	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	0.3476	+0.065%	$13.1M	$2.6M	10x	as long as short
Aster TRXUSDT	+0.0100%	8h	0.3473	−0.047%	$962K	$696K	75x	as long as short
Binance TRXUSDT	+0.0100%	8h	0.3474	−0.010%	$105.2M	$58.8M	75x	as long as short
Bybit TRXUSDT	+0.0100%	8h	0.3473	−0.030%	$53.6M	$11.7M	75x	as long as short
OKX TRX-USDT-SWAP	+0.0100%	8h	0.3473	−0.021%	$15.5M	$9.9M	50x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3473	−0.018%	$9.6M	$3.0M	75x	as long as short
MEXC TRX_USDT	+0.0100%	8h	0.3474	−0.009%	$18.8M	$2.1M	200x	as long as short
KuCoin TRXUSDTM	+0.0100%	8h	0.3474	−0.007%	$8.6M	$3.4M	75x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3474	−0.001%	$10.3M	$3.3M	75x	as long as short
Variational Omni TRX	+0.0100%	8h	0.3472	−0.065%	$568K	$37K	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3472	−0.073%	$592K	$473K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3474	−0.009%	$116K	$564K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3472	−0.054%	$197K	$1.2M	30x	as long as short
SoDEX TRX-USD	+0.0100%	1h	0.3473	−0.018%	$405	$5K	5x	as long as short
HTX TRX-USDT	+0.0100%	8h	0.3471	−0.093%	$833K	$855K	75x	as long as short
Phemex TRXUSDTshort	+0.0100%	8h	0.3473	−0.035%	$3.9M	$1.9M	50x
Extended TRX-USD	+0.0104%	1h	0.3473	−0.043%	$195K	$1.0M	25x	as long as short
Aevo TRX-PERP	+0.0104%	1h	0.3472	−0.074%	$34K	—	3x	as long as short
BloFin TRX-USDT	+0.0220%	8h	0.3472	−0.056%	$4.7M	$3.9M	50x	as long as short
Kraken Futures PF_TRXUSD	+0.0261%	1h	0.3475	+0.014%	$2.4M	$1.7M	25x	as long as short
GMX TRX/USD [ETH-USDC]long	L +0.0404% / S −0.0481%	1h	0.3474	long leg	$20K	—	100x
Deribit TRX_USDC-PERPETUAL	+0.0495%	1h	0.3477	+0.081%	$843K	$504K	25x	as long as short