Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1572%/8h= −172.1% APRpaid last 24h −0.518%

Price spread now: Injective against Binance−0.777%57s7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as 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−$1121.118% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.311%−$31 on $10k

Price spread, last 3 days (all we have)+0.521%+$52 · spread now −0.777%, 7d avg −0.024%

Together, before fees+0.211%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Injective is 0.754% cheaper against Binance than usual: you would sell low and buy high (−$75 if the spread goes back to its 7-day average of −0.024%). Swap the legs. The two prices were read 57 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 -0.311% in total (about -16.2% a year). A funding rate is set anew for every payment. 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	Binance TRUMPUSDT	2.1870	0.0100	pay 0.0050% / 4h	1h 28m	$62.3M	$218.9M	75x
Short	Injective TRUMP/USDC PERP	2.1700	−0.1472	pay 0.0184% / 1h	28m 25s	$32K	$147K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −0.777%Rate

Funding earned: −$330.06
Price spread: −0.777% → −0.024%: −$75.36
Slippage, 4 orders: −$101.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$517.17
Costs to cover: 1.118%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Injective: live order book, 41 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 Binance live order book, 15 min ago	2.28 bp	10.4 bp −$10	15.9 bp −$159	39.7 bp −$3,972	271.2 bp −$135.6K
Sell Injective live order book, 41 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	2.1700	−0.777%	$32K	$147K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1872	+0.011%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1867	−0.013%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1852	−0.082%	$410K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1869	−0.002%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1847	−0.104%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1850	−0.091%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0092%	8h	2.1875	+0.022%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1872	+0.009%	$973K	$676K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1907	+0.169%	$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	2.1900	+0.137%	$456K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1881	+0.050%	$188K	$59K	10x	as long as short
Binance TRUMPUSDTlong	+0.0100%	4h	2.1870	long leg	$62.3M	$218.9M	75x
Bybit TRUMPUSDT	+0.0100%	4h	2.1860	−0.046%	$30.4M	$43.1M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1860	−0.046%	$26.8M	$149.7M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1890	+0.092%	$7.4M	$47.3M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1860	−0.046%	$480K	$133K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1890	+0.092%	$4.5M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1890	+0.092%	$15.5M	$20.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1802	−0.310%	$685K	$266K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1787	−0.377%	$182K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1860	−0.046%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1845	−0.114%	$70	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1860	−0.046%	$532K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1841	−0.133%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1855	−0.069%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1865	−0.023%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1840	−0.137%	$4.2M	$514K	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0352%	1h	2.1880	+0.046%	$262K	$270K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1860	−0.046%	$281K	$398K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0523%	1h	2.1875	+0.023%	$1.3M	$2.5M	50x	as long as short