TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1766%/8h= −193.4% APRnext payment −$2.21 per $10,000 · paid last 24h −0.520%

Price spread now: Injective against Hyperliquid−0.653%113s7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$143as 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−$1081.084% of the position

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 3 days (all we have)+0.494%+$49 · spread now −0.653%, 7d avg −0.073%

Together, before fees+0.151%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Injective is 0.579% cheaper against Hyperliquid than usual: you would sell low and buy high (−$58 if the spread goes back to its 7-day average of −0.073%). Swap the legs. The two prices were read 113 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 -0.344% in total (about -17.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.21 per $10,000. 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	Hyperliquid TRUMP	2.1903	0.0229	pay 0.0029% / 1h	3m 33s	$14.2M	$7.6M	10x
Short	Injective TRUMP/USDC PERP	2.1760	−0.1537	pay 0.0192% / 1h	3m 33s	$13K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.653%Rate

Funding earned: −$370.91
Price spread: −0.653% → −0.073%: −$57.94
Slippage, 4 orders: −$99.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$537.28
Costs to cover: 1.084%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Injective: live order book, 60 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, 9 min ago	0.92 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 60 min ago	38.84 bp	41.3 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	−0.1537%	1h	2.1760	−0.653%	$13K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1872	−0.142%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1877	−0.120%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1887	−0.073%	$410K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1896	−0.032%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1879	−0.108%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1880	−0.105%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1874	−0.132%	$981K	$741K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1873	−0.138%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1886	−0.080%	$455K	$836K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.1880	−0.104%	$189K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1871	−0.145%	$62.9M	$226.9M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1880	−0.105%	$30.7M	$44.8M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1880	−0.105%	$27.2M	$153.3M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1870	−0.151%	$7.4M	$48.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1870	−0.151%	$474K	$135K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1880	−0.105%	$4.3M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1880	−0.105%	$15.5M	$21.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1822	−0.370%	$637K	$377K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1885	−0.083%	$187K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1910	+0.032%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1875	−0.128%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1930	+0.123%	$555K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1871	−0.146%	$75K	$467K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1865	−0.173%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1889	−0.066%	$10K	—	100x	as long as short
Hyperliquid TRUMPlong	+0.0229%	1h	2.1903	long leg	$14.2M	$7.6M	10x
BloFin TRUMP-USDT	+0.0340%	4h	2.1850	−0.242%	$4.2M	$636K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2060	+0.717%	$285K	$388K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0475%	1h	2.1907	+0.018%	$256K	$282K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0872%	1h	2.1909	+0.027%	$1.3M	$2.5M	50x	as long as short