TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1797%/8h= −196.8% APRnext payment −$2.25 per $10,000 · paid last 24h −0.574%

Price spread now: Injective against Backpack−0.497%72s7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1101.102% of the position

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.708%−$71 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.497%, 7d avg −0.126%

Together, before fees−0.544%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and Injective is 0.371% cheaper against Backpack than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of −0.126%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.708% in total (about -36.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1919	0.0325	pay 0.0041% / 1h	37m 57s	$260K	$269K	10x
Short	Injective TRUMP/USDC PERP	2.1810	−0.1472	pay 0.0184% / 1h	37m 57s	$13K	$137K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. 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 BackpackbpFee InjectivebpOrdersPrice spread, now −0.497%Rate

Funding earned: −$377.36
Price spread: −0.497% → −0.126%: −$37.13
Slippage, 4 orders: −$100.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$524.72
Costs to cover: 1.102%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; Injective: live order book, 31 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 Backpack live order book, 45 min ago	0.23 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 31 min ago	34.40 bp	34.4 bp −$34	doesn't fit	doesn't fit	doesn't fit

TRUMP on 31 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
Injective TRUMP/USDC PERPshort	−0.1472%	1h	2.1810	−0.497%	$13K	$137K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1932	+0.062%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1938	+0.087%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1930	+0.050%	$411K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1928	+0.043%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1957	+0.172%	$119K	$247K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1930	+0.050%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0090%	8h	2.1931	+0.055%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1888	−0.141%	$974K	$671K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1912	−0.032%	$14.0M	$7.5M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.1913	−0.026%	$457K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1923	+0.017%	$189K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1890	−0.132%	$62.4M	$217.7M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1880	−0.178%	$30.7M	$42.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1890	−0.132%	$26.7M	$149.3M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1900	−0.087%	$7.3M	$47.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1900	−0.087%	$481K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1910	−0.041%	$4.5M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1900	−0.087%	$15.6M	$20.7M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1962	+0.198%	$685K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1949	+0.139%	$189K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1950	+0.141%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1900	−0.087%	$70	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1940	+0.096%	$526K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1921	+0.009%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1891	−0.128%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1924	+0.023%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0325%	1h	2.1919	long leg	$260K	$269K	10x
BloFin TRUMP-USDT	+0.0340%	4h	2.1930	+0.050%	$4.2M	$516K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1860	−0.269%	$281K	$398K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0521%	1h	2.1928	+0.042%	$1.3M	$2.5M	50x	as long as short