Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1865%/8h= −204.2% APRpaid last 24h −0.518%

Price spread now: Injective against HTX0.000%65s7-day average −0.168% · you sell dearer than you buy

Net, funding: paid 7d − costs−$191as 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−$1321.321% of the position

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.592%−$59 on $10k

Price spread, last 4 days (all we have)−0.286%−$29 · spread now 0.000%, 7d avg −0.168%

Together, before fees−0.877%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.168% dearer against HTX than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.168%): +$17 on $10k if it goes back. Holding the pair costs −$56 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.592% in total) that is about 48 hours. The two prices were read 65 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 -0.592% in total (about -30.9% 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	HTX TRUMP-USDT	2.1520	0.0100	pay 0.0050% / 4h	3h 02m	$490K	$2.4M	50x
Short	Injective TRUMP/USDC PERP	2.1520	−0.1765	pay 0.0221% / 1h	2m 10s	$13K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now 0.000%Rate

Funding earned: −$391.69
Price spread: 0.000% → −0.168%: $16.8
Slippage, 4 orders: −$120.06
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$506.97
Costs to cover: 1.321%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Injective: live order book, 37 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 HTX live order book, 2 min ago	9.28 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 37 min ago	41.28 bp	43.7 bp −$44	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	−0.1765%	1h	2.1520	0.000%	$13K	$157K	12x
SoDEX TRUMP-USD	−0.0385%	1h	2.1475	−0.209%	$86	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0308%	1h	2.1488	−0.149%	$404K	$72K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1482	−0.179%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0233%	8h	2.1499	−0.098%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0224%	4h	2.1480	−0.186%	$30.6M	$50.8M	50x	as long as short
Gate TRUMP_USDT	−0.0172%	4h	2.1480	−0.186%	$7.8M	$52.6M	75x	as long as short
Binance TRUMPUSDT	−0.0168%	4h	2.1468	−0.242%	$60.7M	$246.6M	75x	as long as short
Extended TRUMP-USD	−0.0168%	1h	2.1474	−0.212%	$76K	$718K	25x	as long as short
Lighter TRUMP	−0.0088%	1h	2.1474	−0.214%	$949K	$998K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0078%	4h	2.1604	+0.392%	$105K	$264K	20x	as long as short
Variational Omni TRUMP	−0.0058%	4h	2.1621	+0.470%	$668K	$437K	—	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1516	−0.019%	$27K	$512	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0005%	4h	2.1470	−0.232%	$5K	$201K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0002%	4h	2.1600	+0.374%	$180K	$4.7M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1499	−0.098%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1465	−0.255%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0048%	4h	2.1460	−0.279%	$27.4M	$178.6M	50x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1520	0.000%	$4.2M	$647K	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1482	−0.177%	$13.6M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1498	−0.100%	$404K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1506	−0.065%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1480	−0.186%	$400K	$152K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1490	−0.139%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1470	−0.232%	$15.5M	$26.3M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1500	−0.093%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDTlong	+0.0100%	4h	2.1520	long leg	$490K	$2.4M	50x
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1499	−0.097%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0174%	1h	2.1507	−0.059%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0200%	1h	2.1506	−0.065%	$381K	$403K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1520	0.000%	$292K	$303K	50x	as long as short