Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1597%/8h= +174.9% APRpaid last 24h +0.509%

Price spread now: Binance against Injective−0.186%97s7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as 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−$1091.088% of the position

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.442%+$44 · spread now −0.186%, 7d avg +0.054%

Together, before fees+0.809%+$81 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.240% cheaper against Injective than usual: you would sell low and buy high (spread −0.186% now, against its 7-day average of +0.054%). If the spread goes back, that is −$24 on $10k: about 12 hours of funding at the current rate (+$48 a day). At the pace of the last 7 days (+0.367% in total) that is about 4.6 days. The two prices were read 97 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 0.367% in total (about 19.1% 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	Injective TRUMP/USDC PERP	2.1520	−0.1765	get 0.0221% / 1h	1m 45s	$13K	$157K	12x
Short	Binance TRUMPUSDT	2.1480	−0.0168	pay 0.0084% / 4h	3h 01m	$60.8M	$246.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.186%Rate

Funding earned: $335.4
Price spread: −0.186% → +0.054%: −$23.97
Slippage, 4 orders: −$98.74
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $202.66
Costs to cover: 1.088%
Break-even: 2.8 days

Slippage from Injective: live order book, 37 min ago; Binance: live order book, 12 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, 37 min ago	41.28 bp	50.4 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	2.31 bp	7.3 bp −$7	13.5 bp −$135	38.2 bp −$3,824	196.5 bp −$98.2K

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	−0.1765%	1h	2.1520	long leg	$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	−0.0234%	8h	2.1477	−0.202%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0224%	4h	2.1490	−0.139%	$30.6M	$50.9M	50x	as long as short
Gate TRUMP_USDT	−0.0172%	4h	2.1470	−0.232%	$7.7M	$52.6M	75x	as long as short
Binance TRUMPUSDTshort	−0.0168%	4h	2.1480	−0.186%	$60.8M	$246.5M	75x
Extended TRUMP-USD	−0.0168%	1h	2.1459	−0.282%	$76K	$718K	25x	as long as short
Lighter TRUMP	−0.0088%	1h	2.1472	−0.223%	$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	2.1496	−0.113%	$27K	$511	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	2.1480	−0.186%	$27.4M	$178.9M	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	2.1485	−0.163%	$13.6M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1484	−0.168%	$404K	$811K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1491	−0.135%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1490	−0.139%	$400K	$152K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1480	−0.186%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1460	−0.279%	$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-USDT	+0.0100%	4h	2.1520	0.000%	$490K	$2.4M	50x	as long as short
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