Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.017%

Price spread now: edgeX against Hyperliquid+0.263%46s7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as 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−$440.437% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.203%−$20 · spread now +0.263%, 7d avg −0.052%

Together, before fees−0.209%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.315% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.263% now, against its 7-day average of −0.052%): +$32 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 7 days (−0.007% in total) that is about 11 months. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.1877	0.0100	pay 0.0013% / 1h	36m 33s	$14.0M	$7.5M	10x
Short	edgeX TRUMPUSDC	2.1934	0.0050	get 0.0025% / 4h	1h 36m	$120K	$248K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hyperliquid. 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 HyperliquidbpFee edgeXbpOrdersPrice spread, now +0.263%Rate

Funding earned: −$10.5
Price spread: +0.263% → −0.052%: $31.51
Slippage, 4 orders: −$25.73
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$22.72
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; edgeX: live order book, 46 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 Hyperliquid live order book, 6 min ago	0.23 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 46 min ago	6.86 bp	13.9 bp −$14	39.0 bp −$390	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 PERP	−0.1472%	1h	2.1810	−0.305%	$13K	$137K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1852	−0.113%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1847	−0.135%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1859	−0.081%	$410K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1867	−0.047%	$41K	—	150x	as long as short
edgeX TRUMPUSDCshort	+0.0050%	4h	2.1934	+0.263%	$120K	$248K	20x
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1860	−0.076%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0090%	8h	2.1828	−0.222%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1843	−0.154%	$972K	$672K	10x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.1877	long leg	$14.0M	$7.5M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.1844	−0.151%	$455K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1848	−0.131%	$188K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1815	−0.283%	$62.2M	$217.5M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1830	−0.213%	$30.6M	$42.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1840	−0.168%	$26.7M	$148.8M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1830	−0.213%	$7.3M	$47.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1840	−0.168%	$480K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1860	−0.076%	$4.5M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1830	−0.213%	$15.5M	$20.7M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1962	+0.392%	$685K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1922	+0.206%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1880	+0.015%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1858	−0.085%	$70	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1880	+0.015%	$524K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1821	−0.253%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1849	−0.128%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1863	−0.064%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0317%	1h	2.1878	+0.006%	$260K	$269K	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1870	−0.031%	$4.2M	$515K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1860	−0.076%	$281K	$398K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0522%	1h	2.1885	+0.037%	$1.3M	$2.5M	50x	as long as short