Funding arb · Price arb /

TRX

all TRX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.007%

Price spread now: BingX against Phoenix−0.035%79s7-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 BingX

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. BingX is 0.035% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$4 a day). The two prices were read 79 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	0.3442	−0.0070	get 0.0009% / 1h	21m 58s	$5K	$13K	10x
Short	BingX TRX-USDC	0.3441	0.0069	get 0.0069% / 8h	2h 21m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.035%Rate

Funding earned: $29.14
Price spread: −0.035% → 0.000%: −$3.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $8.65
Costs to cover: 0.170%
Break-even: 4.9 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 9 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 BingX live order book, 9 min ago	0.73 bp	8.5 bp −$9	25.0 bp −$250	319.6 bp −$32.0K	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	0.3441	−0.037%	$5	—	20x	as long as short
Bybit TRXUSDT	−0.0091%	8h	0.3440	−0.055%	$54.7M	$8.2M	75x	as long as short
Variational Omni TRX	−0.0087%	8h	0.3439	−0.073%	$562K	$39K	—	as long as short
Phoenix TRXlong	−0.0070%	1h	0.3442	long leg	$5K	$13K	10x
Backpack TRX_USDC_PERP	−0.0054%	1h	0.3441	−0.032%	$58K	$5K	10x	as long as short
Injective TRX/USDC PERP	−0.0048%	1h	0.3440	−0.055%	$1K	$129K	12x	as long as short
Aster TRXUSDT	−0.0047%	8h	0.3441	−0.030%	$951K	$638K	75x	as long as short
HTX TRX-USDT	−0.0027%	8h	0.3439	−0.086%	$826K	$709K	75x	as long as short
Binance TRXUSDT	−0.0001%	8h	0.3441	−0.024%	$99.3M	$49.0M	75x	as long as short
MEXC TRX_USDT	−0.0001%	8h	0.3441	−0.023%	$17.9M	$1.7M	200x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRX	0.0000%	1h	0.3441	−0.038%	$483K	$628K	10x	as long as short
Extended TRX-USD	0.0000%	1h	0.3440	−0.045%	$196K	$1.1M	25x	as long as short
gTrade (Gains Network) TRX/USD	L +0.0003% / S −0.0007%	1h	0.3443	+0.018%	$121K	—	150x	as long as short
OKX TRX-USDT-SWAP	+0.0006%	8h	0.3441	−0.035%	$15.6M	$8.8M	50x	as long as short
KuCoin TRXUSDTM	+0.0016%	8h	0.3440	−0.044%	$8.7M	$3.6M	75x	as long as short
SoDEX TRX-USD	+0.0025%	1h	0.3441	−0.026%	$404	$5K	5x	as long as short
Paradex TRX-USD-PERP	+0.0049%	8h	0.3441	−0.028%	$9K	$385	20x	as long as short
BingX TRX-USDCshort	+0.0069%	8h	0.3441	−0.035%	—	$6.5M	—
Bitget TRXUSDT	+0.0072%	8h	0.3441	−0.020%	$9.4M	$2.1M	75x	as long as short
Phemex TRXUSDT	+0.0073%	8h	0.3441	−0.023%	$3.8M	$1.6M	50x	as long as short
Aevo TRX-PERP	+0.0080%	1h	0.3439	−0.074%	$33K	—	3x	as long as short
Kraken Futures PF_TRXUSD	+0.0087%	1h	0.3443	+0.025%	$1.9M	$977K	25x	as long as short
Orderly PERP_TRX_USDC	+0.0089%	8h	0.3441	−0.032%	$14K	$107K	20x	as long as short
Hyperliquid TRX	+0.0100%	1h	0.3443	+0.032%	$13.2M	$2.2M	10x	as long as short
Gate TRX_USDT	+0.0100%	8h	0.3441	−0.035%	$9.7M	$2.5M	75x	as long as short
edgeX TRXUSDC	+0.0100%	4h	0.3439	−0.081%	$587K	$436K	20x	as long as short
ApeX Omni TRXUSDT	+0.0100%	1h	0.3440	−0.061%	$115K	$542K	50x	as long as short
SunX TRX-USDT	+0.0100%	8h	0.3443	+0.041%	$196K	$917K	30x	as long as short
BloFin TRX-USDT	+0.0118%	8h	0.3441	−0.023%	$4.6M	$4.0M	50x	as long as short
dYdX TRX-USD	+0.0153%	1h	0.3443	+0.022%	$181K	$10K	10x	as long as short
Deribit TRX_USDC-PERPETUAL	+0.0337%	1h	0.3445	+0.091%	$829K	$407K	25x	as long as short
GMX TRX/USD [ETH-USDC]	L +0.0366% / S −0.0395%	1h	0.3442	+0.005%	$20K	—	100x	as long as short