TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1797%/8h= +196.8% APRnext payment +$2.25 per $10,000 · paid last 24h +0.574%

Price spread now: Backpack against Injective+0.500%72s7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as 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−$1101.102% of the position

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.708%+$71 on $10k

Price spread, last 3 days (all we have)−0.166%−$17 · spread now +0.500%, 7d avg +0.126%

Together, before fees+0.542%+$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$54 a day on $10k at the current rate, and Backpack is 0.374% dearer against Injective than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.126%. The two prices were read 72 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 0.708% in total (about 36.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.25 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	Injective TRUMP/USDC PERP	2.1810	−0.1472	get 0.0184% / 1h	38m 08s	$13K	$137K	12x
Short	Backpack TRUMP_USDC_PERP	2.1919	0.0325	get 0.0041% / 1h	38m 08s	$260K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +0.500%Rate

Funding earned: $377.36
Price spread: +0.500% → +0.126%: $37.38
Slippage, 4 orders: −$100.22
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $304.5
Costs to cover: 1.102%
Break-even: 1.4 days

Slippage from Injective: live order book, 31 min ago; Backpack: live order book, 45 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 Injective live order book, 31 min ago	34.40 bp	59.6 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 45 min ago	0.23 bp	6.1 bp −$6	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 PERPlong	−0.1472%	1h	2.1810	long leg	$13K	$137K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1932	+0.562%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1938	+0.587%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1930	+0.550%	$411K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1928	+0.543%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1957	+0.672%	$119K	$247K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1930	+0.550%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0090%	8h	2.1931	+0.555%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1888	+0.358%	$974K	$671K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1951	+0.646%	$14.1M	$7.5M	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	2.1929	+0.546%	$457K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1923	+0.517%	$189K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1903	+0.425%	$62.5M	$217.7M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1900	+0.413%	$30.7M	$42.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1890	+0.367%	$26.8M	$149.3M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1930	+0.550%	$7.4M	$47.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1900	+0.413%	$481K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1910	+0.459%	$4.5M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1900	+0.413%	$15.6M	$20.7M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1962	+0.699%	$685K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1949	+0.639%	$189K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1950	+0.642%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1900	+0.413%	$70	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1940	+0.596%	$526K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1921	+0.509%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1891	+0.371%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1924	+0.523%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0325%	1h	2.1919	+0.500%	$260K	$269K	10x
BloFin TRUMP-USDT	+0.0340%	4h	2.1930	+0.550%	$4.2M	$516K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1860	+0.229%	$281K	$398K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0521%	1h	2.1928	+0.542%	$1.3M	$2.5M	50x	as long as short