Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1887%/8h= +206.6% APRpaid last 24h +0.517%

Price spread now: Bybit against Injective+0.645%58s7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as 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−$1181.179% of the position

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 3 days (all we have)−0.336%−$34 · spread now +0.645%, 7d avg +0.011%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$57 a day on $10k at the current rate, and Bybit is 0.634% dearer against Injective than usual: you sell high and buy low: +$63 more if the spread goes back to its 7-day average of +0.011%. The two prices were read 58 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 0.360% in total (about 18.8% 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	2.1710	−0.1787	get 0.0223% / 1h	24m 23s	$13K	$119K	12x
Short	Bybit TRUMPUSDT	2.1850	0.0100	get 0.0050% / 4h	2h 24m	$30.4M	$42.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.645%Rate

Funding earned: $396.21
Price spread: +0.645% → +0.011%: $63.38
Slippage, 4 orders: −$106.84
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $341.73
Costs to cover: 1.179%
Break-even: 1.0 days

Slippage from Injective: live order book, 50 min ago; Bybit: live order book, 4 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, 50 min ago	41.17 bp	54.8 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.30 bp	9.8 bp −$10	22.1 bp −$221	179.8 bp −$18.0K	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	−0.1787%	1h	2.1710	long leg	$13K	$119K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1855	+0.666%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0130%	1h	2.1874	+0.755%	$1.1M	$2.1M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0070%	1h	2.1862	+0.700%	$410K	$79K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1859	+0.688%	$27K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1864	+0.711%	$41K	—	150x	as long as short
Lighter TRUMP	+0.0032%	1h	2.1847	+0.631%	$973K	$659K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1803	+0.430%	$119K	$247K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0075%	8h	2.1849	+0.639%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1850	+0.645%	$3K	$249K	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	2.1863	+0.703%	$458K	$831K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1870	+0.739%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1860	+0.691%	$62.2M	$215.4M	75x	as long as short
Bybit TRUMPUSDTshort	+0.0100%	4h	2.1850	+0.645%	$30.4M	$42.1M	50x
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1860	+0.691%	$26.7M	$147.6M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1860	+0.691%	$7.4M	$46.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1840	+0.599%	$480K	$134K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1860	+0.691%	$4.7M	$10.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1860	+0.691%	$15.5M	$20.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1844	+0.618%	$680K	$262K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1830	+0.553%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1880	+0.783%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1855	+0.668%	$72	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1880	+0.783%	$513K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1853	+0.658%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1844	+0.618%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0135%	1h	2.1879	+0.781%	$14.1M	$7.4M	10x	as long as short
Backpack TRUMP_USDC_PERP	+0.0202%	1h	2.1884	+0.801%	$259K	$261K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1862	+0.700%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1950	+1.105%	$282K	$401K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1840	+0.599%	$4.1M	$495K	75x	as long as short