Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2027%/8h= −221.9% APRpaid last 24h −0.522%

Price spread now: Injective against Bitget−0.468%111s7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$168as 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−$1161.157% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.527%−$53 on $10k

Price spread, last 4 days (all we have)+0.584%+$58 · spread now −0.468%, 7d avg −0.067%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Injective is 0.400% cheaper against Bitget than usual: you would sell low and buy high (−$40 if the spread goes back to its 7-day average of −0.067%). Swap the legs. The two prices were read 111 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 -0.527% in total (about -27.5% 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	Bitget TRUMPUSDT	2.1380	0.0100	pay 0.0050% / 4h	1h 35m	$15.2M	$27.2M	75x
Short	Injective TRUMP/USDC PERP	2.1280	−0.1927	pay 0.0241% / 1h	35m 31s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −0.468%Rate

Funding earned: −$425.6
Price spread: −0.468% → −0.067%: −$40.02
Slippage, 4 orders: −$103.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$581.3
Costs to cover: 1.157%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Injective: live order book, 58 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 Bitget live order book, 3 min ago	2.34 bp	12.9 bp −$13	19.1 bp −$191	49.7 bp −$4,972	doesn't fit
Sell Injective live order book, 58 min ago	42.51 bp	42.5 bp −$43	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	−0.1927%	1h	2.1280	−0.468%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1337	−0.203%	$5	—	10x	as long as short
Extended TRUMP-USD	−0.0216%	1h	2.1355	−0.118%	$74K	$699K	25x	as long as short
Binance TRUMPUSDT	−0.0215%	4h	2.1370	−0.047%	$60.3M	$251.8M	75x	as long as short
Variational Omni TRUMP	−0.0157%	4h	2.1351	−0.134%	$659K	$424K	—	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0125%	1h	2.1354	−0.122%	$402K	$81K	10x	as long as short
edgeX TRUMPUSDC	−0.0110%	4h	2.1406	+0.123%	$104K	$264K	20x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0099%	1h	2.1387	+0.034%	$1.3M	$2.3M	50x	as long as short
Gate TRUMP_USDT	−0.0098%	4h	2.1370	−0.047%	$7.7M	$53.6M	75x	as long as short
OKX TRUMP-USDT-SWAP	−0.0093%	4h	2.1370	−0.047%	$26.4M	$184.2M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TRUMPUSDT	−0.0080%	4h	2.1360	−0.094%	$30.3M	$52.5M	50x	as long as short
SoDEX TRUMP-USD	−0.0078%	1h	2.1349	−0.145%	$80	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	−0.0068%	8h	2.1362	−0.082%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0061%	4h	2.1360	−0.094%	$5K	$243K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1374	−0.026%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1364	−0.075%	$40K	—	150x	as long as short
BloFin TRUMP-USDT	+0.0024%	4h	2.1370	−0.047%	$4.1M	$685K	75x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1340	−0.187%	$18K	—	3x	as long as short
Lighter TRUMP	+0.0080%	1h	2.1357	−0.108%	$943K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1375	−0.023%	$13.5M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1381	+0.006%	$401K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1381	+0.006%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1360	−0.094%	$397K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1380	0.000%	$4.1M	$11.1M	50x	as long as short
Bitget TRUMPUSDTlong	+0.0100%	4h	2.1380	long leg	$15.2M	$27.2M	75x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1385	+0.024%	$177K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1380	0.000%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1380	0.000%	$481K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1359	−0.099%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1390	+0.047%	$204K	$421K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0311%	1h	2.1390	+0.047%	$379K	$415K	10x	as long as short