Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1532%/8h= −167.8% APRpaid last 24h −0.519%

Price spread now: Injective against Bybit−0.697%78s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$162as 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−$1151.151% of the position

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.464%−$46 on $10k

Price spread, last 4 days (all we have)+0.615%+$62 · spread now −0.697%, 7d avg −0.055%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$46 a day on $10k at the current rate, and Injective is 0.642% cheaper against Bybit than usual: you would sell low and buy high (−$64 if the spread goes back to its 7-day average of −0.055%). Swap the legs. The two prices were read 78 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 -0.464% in total (about -24.2% 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	Bybit TRUMPUSDT	2.1510	−0.0295	get 0.0147% / 4h	2h 11m	$30.4M	$51.9M	50x
Short	Injective TRUMP/USDC PERP	2.1360	−0.1827	pay 0.0228% / 1h	11m 59s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.697%Rate

Funding earned: −$321.82
Price spread: −0.697% → −0.055%: −$64.25
Slippage, 4 orders: −$104.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$501.18
Costs to cover: 1.151%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Injective: live order book, 22 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 Bybit live order book, 2 min ago	2.33 bp	12.4 bp −$12	17.5 bp −$175	103.2 bp −$10.3K	doesn't fit
Sell Injective live order book, 22 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	−0.1827%	1h	2.1360	−0.697%	$12K	$157K	12x
Lighter TRUMP	−0.0384%	1h	2.1497	−0.060%	$950K	$1.0M	10x	as long as short
SoDEX TRUMP-USD	−0.0334%	1h	2.1495	−0.070%	$82	$6K	5x	as long as short
Bybit TRUMPUSDTlong	−0.0295%	4h	2.1510	long leg	$30.4M	$51.9M	50x
Extended TRUMP-USD	−0.0280%	1h	2.1504	−0.028%	$74K	$740K	25x	as long as short
Binance TRUMPUSDT	−0.0279%	4h	2.1506	−0.018%	$60.6M	$250.5M	75x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1497	−0.063%	$5	—	10x	as long as short
Variational Omni TRUMP	−0.0221%	4h	2.1411	−0.458%	$661K	$426K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0195%	8h	2.1484	−0.121%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	−0.0139%	4h	2.1420	−0.420%	$104K	$265K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0128%	4h	2.1510	0.000%	$7.7M	$53.7M	75x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0122%	1h	2.1508	−0.009%	$405K	$72K	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0080%	4h	2.1500	−0.046%	$27.0M	$183.1M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0058%	4h	2.1490	−0.093%	$5K	$229K	10x	as long as short
BloFin TRUMP-USDT	−0.0040%	4h	2.1480	−0.139%	$4.1M	$688K	75x	as long as short
dYdX TRUMP-USD	−0.0018%	1h	2.1496	−0.064%	$27K	$506	5x	as long as short
GRVT TRUMP_USDT_Perp	−0.0002%	4h	2.1440	−0.325%	$182K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0008%	1h	2.1476	−0.158%	$19K	—	3x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1515	+0.021%	$41K	—	150x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1522	+0.056%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1512	+0.011%	$404K	$772K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1491	−0.089%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1500	−0.046%	$401K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1500	−0.046%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1510	0.000%	$15.4M	$26.8M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1530	+0.093%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1520	+0.046%	$483K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1511	+0.004%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0197%	1h	2.1521	+0.051%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0242%	1h	2.1539	+0.135%	$383K	$411K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1480	−0.139%	$237K	$362K	50x	as long as short