Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1702%/8h= −186.4% APRpaid last 24h −0.513%

Price spread now: Injective against Binance−0.514%77s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as 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−$1091.091% of the position

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 4 days (all we have)+0.610%+$61 · spread now −0.514%, 7d avg −0.064%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$51 a day on $10k at the current rate, and Injective is 0.450% cheaper against Binance than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.064%). Swap the legs. The two prices were read 77 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 -0.413% in total (about -21.5% 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	Binance TRUMPUSDT	2.1390	−0.0224	get 0.0112% / 4h	1h 43m	$60.4M	$252.5M	75x
Short	Injective TRUMP/USDC PERP	2.1280	−0.1927	pay 0.0241% / 1h	43m 57s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −0.514%Rate

Funding earned: −$357.48
Price spread: −0.514% → −0.064%: −$44.98
Slippage, 4 orders: −$99.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$511.55
Costs to cover: 1.091%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Injective: live order book, 50 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 Binance live order book, 15 min ago	2.33 bp	7.3 bp −$7	11.5 bp −$115	37.4 bp −$3,743	257.6 bp −$128.8K
Sell Injective live order book, 50 min ago	42.51 bp	42.5 bp −$43	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	2.1280	−0.514%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1402	+0.054%	$5	—	10x	as long as short
Binance TRUMPUSDTlong	−0.0224%	4h	2.1390	long leg	$60.4M	$252.5M	75x
Extended TRUMP-USD	−0.0224%	1h	2.1370	−0.092%	$74K	$741K	25x	as long as short
Variational Omni TRUMP	−0.0141%	4h	2.1381	−0.041%	$660K	$424K	—	as long as short
edgeX TRUMPUSDC	−0.0116%	4h	2.1400	+0.047%	$104K	$265K	20x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0099%	1h	2.1422	+0.149%	$1.3M	$2.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0092%	4h	2.1380	−0.047%	$26.4M	$184.8M	50x	as long as short
Gate TRUMP_USDT	−0.0090%	4h	2.1400	+0.047%	$7.7M	$53.6M	75x	as long as short
Paradex TRUMP-USD-PERP	−0.0085%	8h	2.1418	+0.132%	$5K	$175	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX TRUMP-USD	−0.0061%	1h	2.1395	+0.023%	$82	$6K	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0060%	4h	2.1400	+0.047%	$5K	$240K	10x	as long as short
Bybit TRUMPUSDT	−0.0059%	4h	2.1390	0.000%	$30.4M	$52.5M	50x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1436	+0.217%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1403	+0.061%	$403K	$81K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1416	+0.120%	$40K	—	150x	as long as short
BloFin TRUMP-USDT	+0.0013%	4h	2.1430	+0.187%	$4.1M	$686K	75x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1383	−0.033%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1389	−0.005%	$945K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1408	+0.084%	$13.5M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1401	+0.051%	$402K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1426	+0.167%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1390	0.000%	$398K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1400	+0.047%	$4.1M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1400	+0.047%	$15.3M	$27.2M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1400	+0.047%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1450	+0.281%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1440	+0.234%	$483K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1418	+0.129%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1440	+0.234%	$205K	$421K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0348%	1h	2.1426	+0.168%	$379K	$414K	10x	as long as short