Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2027%/8h= +221.9% APRpaid last 24h +0.522%

Price spread now: Bitget against Injective+0.329%51s7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as 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−$1161.157% of the position

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.527%+$53 on $10k

Price spread, last 4 days (all we have)−0.445%−$45 · spread now +0.329%, 7d avg +0.067%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$61 a day on $10k at the current rate, and Bitget is 0.261% dearer against Injective than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.067%. The two prices were read 51 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 0.527% in total (about 27.5% 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	2.1280	−0.1927	get 0.0241% / 1h	36m 22s	$12K	$157K	12x
Short	Bitget TRUMPUSDT	2.1350	0.0100	get 0.0050% / 4h	1h 36m	$15.2M	$27.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.329%Rate

Funding earned: $425.6
Price spread: +0.329% → +0.067%: $26.15
Slippage, 4 orders: −$103.65
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: $336.08
Costs to cover: 1.157%
Break-even: 1.5 days

Slippage from Injective: live order book, 58 min ago; Bitget: live order book, 2 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, 58 min ago	42.51 bp	51.9 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.34 bp	8.3 bp −$8	17.1 bp −$171	47.0 bp −$4,695	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	−0.1927%	1h	2.1280	long leg	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1337	+0.266%	$5	—	10x	as long as short
Binance TRUMPUSDT	−0.0216%	4h	2.1360	+0.376%	$60.3M	$251.4M	75x	as long as short
Extended TRUMP-USD	−0.0216%	1h	2.1350	+0.328%	$74K	$715K	25x	as long as short
Variational Omni TRUMP	−0.0152%	4h	2.1401	+0.570%	$661K	$424K	—	as long as short
edgeX TRUMPUSDC	−0.0110%	4h	2.1373	+0.435%	$104K	$264K	20x	as long as short
Gate TRUMP_USDT	−0.0102%	4h	2.1350	+0.329%	$7.6M	$53.6M	75x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1442	+0.763%	$1.3M	$2.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0090%	4h	2.1350	+0.329%	$26.4M	$184.2M	50x	as long as short
Bybit TRUMPUSDT	−0.0081%	4h	2.1340	+0.282%	$30.3M	$52.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRUMP-USD-PERP	−0.0069%	8h	2.1368	+0.414%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	−0.0069%	1h	2.1415	+0.634%	$80	$6K	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0061%	4h	2.1360	+0.376%	$5K	$243K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0030%	1h	2.1423	+0.672%	$403K	$81K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1356	+0.359%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1364	+0.395%	$40K	—	150x	as long as short
BloFin TRUMP-USDT	+0.0024%	4h	2.1370	+0.423%	$4.1M	$685K	75x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1400	+0.564%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0072%	1h	2.1368	+0.414%	$944K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1355	+0.352%	$13.4M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1362	+0.387%	$401K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1381	+0.475%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1340	+0.282%	$397K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1350	+0.329%	$4.1M	$11.1M	50x	as long as short
Bitget TRUMPUSDTshort	+0.0100%	4h	2.1350	+0.329%	$15.2M	$27.2M	75x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1400	+0.564%	$177K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1430	+0.705%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1430	+0.705%	$482K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1359	+0.371%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1390	+0.517%	$204K	$421K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0322%	1h	2.1419	+0.653%	$379K	$415K	10x	as long as short