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: Injective against OKX−0.138%48s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$157as 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−$1171.165% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.405%−$41 on $10k

Price spread, last 3 days (all we have)−0.218%−$22 · spread now −0.138%, 7d avg +0.002%

Together, before fees−0.623%−$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$57 a day on $10k at the current rate, and Injective is 0.140% cheaper against OKX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 48 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 -0.405% in total (about -21.1% 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	OKX TRUMP-USDT-SWAP	2.1760	0.0100	pay 0.0050% / 4h	2h 06m	$26.7M	$147.2M	50x
Short	Injective TRUMP/USDC PERP	2.1730	−0.1787	pay 0.0223% / 1h	6m 40s	$13K	$119K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.138%Rate

Funding earned: −$396.21
Price spread: −0.138% → +0.002%: −$14
Slippage, 4 orders: −$106.52
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$526.75
Costs to cover: 1.165%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Injective: 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 OKX live order book, 2 min ago	2.29 bp	11.8 bp −$12	20.0 bp −$200	58.9 bp −$5,893	doesn't fit
Sell Injective live order book, 2 min ago	34.40 bp	34.4 bp −$34	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	−0.1787%	1h	2.1730	−0.138%	$13K	$119K	12x
Deribit TRUMP_USDC-PERPETUAL	−0.0346%	1h	2.1793	+0.152%	$409K	$79K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1794	+0.155%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0131%	1h	2.1780	+0.093%	$1.3M	$2.3M	50x	as long as short
dYdX TRUMP-USD	−0.0004%	1h	2.1768	+0.036%	$27K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1800	+0.184%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1842	+0.378%	$119K	$247K	20x	as long as short
Lighter TRUMP	+0.0064%	1h	2.1759	−0.005%	$968K	$664K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0082%	8h	2.1765	+0.025%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1780	+0.092%	$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
Hyperliquid TRUMP	+0.0100%	1h	2.1787	+0.124%	$14.0M	$7.4M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1767	+0.032%	$456K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1770	+0.047%	$187K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1765	+0.025%	$61.9M	$215.7M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1760	0.000%	$30.3M	$42.4M	50x	as long as short
OKX TRUMP-USDT-SWAPlong	+0.0100%	4h	2.1760	long leg	$26.7M	$147.2M	50x
Gate TRUMP_USDT	+0.0100%	4h	2.1760	0.000%	$7.3M	$46.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1750	−0.046%	$478K	$135K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1770	+0.046%	$4.7M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1780	+0.092%	$15.5M	$20.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1844	+0.388%	$681K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1821	+0.281%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1820	+0.276%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1755	−0.023%	$69	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1810	+0.230%	$513K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1762	+0.010%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1770	+0.047%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERP	+0.0156%	1h	2.1773	+0.060%	$258K	$264K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1795	+0.160%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1860	+0.460%	$281K	$399K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1760	0.000%	$4.2M	$501K	75x	as long as short