Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0235%/8h= −25.8% APRpaid last 24h −0.022%

Price spread now: edgeX against Hyperliquid−0.116%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.116%, 7d avg −0.051%

Together, before fees+0.120%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and edgeX is 0.065% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% 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	Hyperliquid TRUMP	2.1559	0.0100	pay 0.0013% / 1h	1m 23s	$13.5M	$8.0M	10x
Short	edgeX TRUMPUSDC	2.1534	−0.0135	pay 0.0068% / 4h	2h 01m	$105K	$265K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hyperliquid. 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 HyperliquidbpFee edgeXbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$49.42
Price spread: −0.116% → −0.051%: −$6.5
Slippage, 4 orders: −$28.34
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$102.25
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; edgeX: live order book, 46 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 Hyperliquid live order book, 11 min ago	1.16 bp	8.0 bp −$8	14.1 bp −$141	doesn't fit	doesn't fit
Sell edgeX live order book, 46 min ago	6.99 bp	14.4 bp −$14	40.4 bp −$404	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 PERP	−0.1827%	1h	2.1440	−0.552%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0328%	1h	2.1536	−0.107%	$952K	$1.0M	10x	as long as short
Extended TRUMP-USD	−0.0264%	1h	2.1518	−0.188%	$74K	$739K	25x	as long as short
Binance TRUMPUSDT	−0.0262%	4h	2.1550	−0.042%	$60.9M	$251.4M	75x	as long as short
SoDEX TRUMP-USD	−0.0254%	1h	2.1555	−0.019%	$82	$6K	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1531	−0.128%	$5	—	10x	as long as short
Bybit TRUMPUSDT	−0.0196%	4h	2.1540	−0.088%	$30.6M	$52.2M	50x	as long as short
Variational Omni TRUMP	−0.0180%	4h	2.1531	−0.129%	$664K	$426K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0146%	8h	2.1523	−0.169%	$5K	$175	5x	as long as short
edgeX TRUMPUSDCshort	−0.0135%	4h	2.1534	−0.116%	$105K	$265K	20x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0116%	4h	2.1540	−0.088%	$7.7M	$54.0M	75x	as long as short
OKX TRUMP-USDT-SWAP	−0.0089%	4h	2.1540	−0.088%	$26.6M	$185.3M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0064%	4h	2.1540	−0.088%	$4K	$233K	10x	as long as short
BloFin TRUMP-USDT	−0.0031%	4h	2.1540	−0.088%	$4.1M	$690K	75x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0028%	1h	2.1554	−0.023%	$406K	$81K	10x	as long as short
dYdX TRUMP-USD	−0.0015%	1h	2.1556	−0.013%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1549	−0.047%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1540	−0.088%	$19K	—	3x	as long as short
GRVT TRUMP_USDT_Perp	+0.0058%	4h	2.1553	−0.029%	$183K	$4.6M	10x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.1559	long leg	$13.5M	$8.0M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1550	−0.042%	$405K	$774K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1546	−0.060%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1550	−0.042%	$402K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1550	−0.042%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1540	−0.088%	$15.4M	$27.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1570	+0.051%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1580	+0.097%	$486K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1549	−0.046%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0197%	1h	2.1592	+0.151%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0288%	1h	2.1590	+0.144%	$384K	$413K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1540	−0.088%	$214K	$410K	50x	as long as short