Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1887%/8h= −206.6% APRpaid last 24h −0.515%

Price spread now: Injective against Gate−1.052%84s7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as 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−$1251.253% of the position

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.435%−$44 on $10k

Price spread, last 3 days (all we have)+0.720%+$72 · spread now −1.052%, 7d avg −0.024%

Together, before fees+0.284%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$57 a day on $10k at the current rate, and Injective is 1.028% cheaper against Gate than usual: you would sell low and buy high (−$103 if the spread goes back to its 7-day average of −0.024%). Swap the legs. The two prices were read 84 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 -0.435% in total (about -22.7% 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	Gate TRUMP_USDT	2.1870	0.0100	pay 0.0050% / 4h	2h 25m	$7.4M	$46.8M	75x
Short	Injective TRUMP/USDC PERP	2.1640	−0.1787	pay 0.0223% / 1h	25m 44s	$13K	$119K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −1.052%Rate

Funding earned: −$396.21
Price spread: −1.052% → −0.024%: −$102.81
Slippage, 4 orders: −$110.27
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$624.31
Costs to cover: 1.253%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Injective: live order book, 48 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 Gate live order book, 3 min ago	4.59 bp	12.1 bp −$12	24.9 bp −$249	62.2 bp −$6,225	doesn't fit
Sell Injective live order book, 48 min ago	41.17 bp	41.2 bp −$41	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	−0.1787%	1h	2.1640	−1.052%	$13K	$119K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1834	−0.164%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0130%	1h	2.1883	+0.061%	$1.1M	$2.1M	50x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1859	−0.049%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1879	+0.041%	$410K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1865	−0.022%	$41K	—	150x	as long as short
Lighter TRUMP	+0.0032%	1h	2.1857	−0.059%	$974K	$659K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1735	−0.616%	$118K	$248K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0074%	8h	2.1838	−0.148%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1870	0.000%	$3K	$249K	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	2.1879	+0.039%	$458K	$831K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1845	−0.116%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1860	−0.046%	$62.2M	$215.4M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1860	−0.046%	$30.4M	$42.1M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1860	−0.046%	$26.7M	$147.6M	50x	as long as short
Gate TRUMP_USDTlong	+0.0100%	4h	2.1870	long leg	$7.4M	$46.8M	75x
MEXC TRUMP_USDC	+0.0100%	4h	2.1860	−0.046%	$480K	$134K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1870	0.000%	$4.7M	$10.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1870	0.000%	$15.5M	$20.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1734	−0.622%	$678K	$262K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1745	−0.574%	$186K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1890	+0.091%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1865	−0.023%	$72	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1870	0.000%	$513K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1863	−0.034%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1860	−0.045%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0139%	1h	2.1887	+0.078%	$14.1M	$7.4M	10x	as long as short
Backpack TRUMP_USDC_PERP	+0.0200%	1h	2.1897	+0.123%	$259K	$261K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1862	−0.037%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1850	−0.091%	$281K	$399K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1800	−0.320%	$4.1M	$494K	75x	as long as short