Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.005%

Price spread now: Phemex against Injective+0.020%65s7-day average +0.223% · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.020%, 7d avg +0.223%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.202% cheaper against Injective than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.223%). If the spread goes back, that is −$20 on $10k: about 3.4 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.142%, so the current rate has only just turned in your favour. The two prices were read 65 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	Injective TRX/USDC PERP	0.3441	−0.0120	get 0.0015% / 1h	18m 05s	$1K	$163K	12x
Short	Phemex TRXUSDT	0.3442	0.0081	get 0.0081% / 8h	1h 18m	$3.8M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: $42.25
Price spread: +0.020% → +0.223%: −$20.24
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $9.99
Costs to cover: 0.120%
Break-even: 5.3 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.14 bp	7.0 bp −$7	12.4 bp −$124	doesn't fit	doesn't fit

Injective: 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	0.3440	−0.032%	$5	—	20x	as long as short
Injective TRX/USDC PERPlong	−0.0120%	1h	0.3441	long leg	$1K	$163K	12x
Variational Omni TRX	−0.0073%	8h	0.3440	−0.027%	$563K	$39K	—	as long as short
Phoenix TRX	−0.0070%	1h	0.3442	+0.041%	$5K	$13K	10x	as long as short
KuCoin TRXUSDTM	−0.0058%	8h	0.3440	−0.026%	$8.7M	$3.6M	75x	as long as short
Bybit TRXUSDT	−0.0052%	8h	0.3440	−0.020%	$54.6M	$8.2M	75x	as long as short
Backpack TRX_USDC_PERP	−0.0029%	1h	0.3441	−0.012%	$58K	$4K	10x	as long as short
HTX TRX-USDT	−0.0017%	8h	0.3439	−0.058%	$826K	$719K	75x	as long as short
dYdX TRX-USD	0.0000%	1h	0.3442	+0.041%	$181K	$10K	10x	as long as short
OKX TRX-USDT-SWAP	0.0000%	8h	0.3440	−0.017%	$15.6M	$8.8M	50x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3442	+0.028%	$121K	—	150x	as long as short
Aster TRXUSDT	+0.0011%	8h	0.3442	+0.016%	$957K	$658K	75x	as long as short
Extended TRX-USD	+0.0016%	1h	0.3440	−0.039%	$196K	$1.1M	25x	as long as short
MEXC TRX_USDT	+0.0018%	8h	0.3441	+0.003%	$18.2M	$1.7M	200x	as long as short
Binance TRXUSDT	+0.0018%	8h	0.3441	−0.003%	$99.3M	$48.3M	75x	as long as short
Lighter TRX	+0.0024%	1h	0.3440	−0.020%	$482K	$637K	10x	as long as short
Kraken Futures PF_TRXUSD	+0.0026%	1h	0.3442	+0.042%	$1.9M	$1.0M	25x	as long as short
SoDEX TRX-USD	+0.0047%	1h	0.3441	−0.006%	$405	$5K	5x	as long as short
Paradex TRX-USD-PERP	+0.0055%	8h	0.3441	−0.011%	$9K	$385	20x	as long as short
BloFin TRX-USDT	+0.0073%	8h	0.3441	+0.012%	$4.6M	$4.0M	50x	as long as short
Phemex TRXUSDTshort	+0.0081%	8h	0.3442	+0.020%	$3.8M	$1.6M	50x
Gate TRX_USDT	+0.0088%	8h	0.3440	−0.017%	$9.6M	$2.5M	75x	as long as short
Aevo TRX-PERP	+0.0088%	1h	0.3439	−0.058%	$33K	—	3x	as long as short
Orderly PERP_TRX_USDC	+0.0090%	8h	0.3441	+0.006%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3443	+0.046%	$13.2M	$2.2M	10x	as long as short
Bitget TRXUSDT	+0.0100%	8h	0.3441	−0.015%	$9.4M	$2.0M	75x	as long as short
BingX TRX-USDT	+0.0100%	8h	0.3441	−0.009%	—	$40.0M	—	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3441	+0.001%	$587K	$432K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3442	+0.020%	$115K	$548K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.055%	$196K	$918K	30x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	+0.025%	$20K	—	100x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0375%	1h	0.3444	+0.096%	$832K	$411K	25x	as long as short