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: Injective against Aster−0.776%67s7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as 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−$1131.134% of the position

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.470%−$47 on $10k

Price spread, last 4 days (all we have)+0.823%+$82 · spread now −0.776%, 7d avg −0.090%

Together, before fees+0.353%+ Points / potential airdropAster: Stage 5 · farm board+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Injective is 0.686% cheaper against Aster than usual: you would sell low and buy high (−$69 if the spread goes back to its 7-day average of −0.090%). Swap the legs. The two prices were read 67 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 -0.470% in total (about -24.5% 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	Aster TRUMPUSDT	2.1517	0.0100	pay 0.0050% / 4h	1h 20m	$404K	$778K	20x
Short	Injective TRUMP/USDC PERP	2.1350	−0.1927	pay 0.0241% / 1h	20m 14s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Aster. 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 AsterbpFee InjectivebpOrdersPrice spread, now −0.776%Rate

Funding earned: −$425.6
Price spread: −0.776% → −0.090%: −$68.61
Slippage, 4 orders: −$105.38
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$607.61
Costs to cover: 1.134%
Break-even: never at this rate

Slippage from Aster: live order book, 22 min ago; Injective: live order book, 9 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 Aster live order book, 22 min ago	4.67 bp	10.0 bp −$10	20.6 bp −$206	doesn't fit	doesn't fit
Sell Injective live order book, 9 min ago	39.78 bp	39.8 bp −$40	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	−0.1927%	1h	2.1350	−0.776%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1506	−0.049%	$5	—	10x	as long as short
Binance TRUMPUSDT	−0.0177%	4h	2.1507	−0.045%	$60.8M	$252.2M	75x	as long as short
Extended TRUMP-USD	−0.0176%	1h	2.1500	−0.079%	$74K	$519K	25x	as long as short
Variational Omni TRUMP	−0.0140%	4h	2.1451	−0.305%	$661K	$424K	—	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1534	+0.079%	$1.3M	$2.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0095%	4h	2.1464	−0.247%	$105K	$264K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0089%	4h	2.1460	−0.265%	$26.6M	$185.2M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0057%	4h	2.1510	−0.032%	$5K	$248K	10x	as long as short
Gate TRUMP_USDT	−0.0054%	4h	2.1510	−0.032%	$7.7M	$53.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TRUMPUSDT	−0.0038%	4h	2.1500	−0.079%	$30.5M	$52.5M	50x	as long as short
Paradex TRUMP-USD-PERP	−0.0034%	8h	2.1493	−0.110%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1516	−0.003%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1518	+0.005%	$405K	$81K	10x	as long as short
SoDEX TRUMP-USD	+0.0005%	1h	2.1505	−0.055%	$80	$6K	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1475	−0.192%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0032%	1h	2.1496	−0.099%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0059%	4h	2.1450	−0.311%	$4.1M	$701K	75x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1500	−0.079%	$940K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1534	+0.079%	$13.6M	$8.2M	10x	as long as short
Aster TRUMPUSDTlong	+0.0100%	4h	2.1517	long leg	$404K	$778K	20x
Pacifica TRUMP	+0.0100%	1h	2.1499	−0.085%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1480	−0.172%	$399K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1520	+0.014%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1520	+0.014%	$15.3M	$27.1M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1477	−0.188%	$176K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1530	+0.061%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1530	+0.061%	$484K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1508	−0.040%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1490	−0.125%	$187K	$445K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0404%	1h	2.1496	−0.097%	$380K	$417K	10x	as long as short