Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1759%/8h= +192.6% APRpaid last 24h +0.520%

Price spread now: HTX against Injective−0.184%65s7-day average +0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as 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−$1421.421% of the position

Long on Injective Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.593%+$59 on $10k

Price spread, last 3 days (all we have)−0.015%−$1 · spread now −0.184%, 7d avg +0.153%

Together, before fees+0.579%+$58 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.337% cheaper against Injective than usual: you would sell low and buy high (spread −0.184% now, against its 7-day average of +0.153%). If the spread goes back, that is −$34 on $10k: about 15 hours of funding at the current rate (+$53 a day). At the pace of the last 7 days (+0.593% in total) that is about 4.0 days. The two prices were read 65 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 0.593% in total (about 30.9% 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	2.1770	−0.1659	get 0.0207% / 1h	49m 25s	$13K	$157K	12x
Short	HTX TRUMP-USDT	2.1730	0.0100	get 0.0050% / 4h	1h 49m	$530K	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.184%Rate

Funding earned: $369.32
Price spread: −0.184% → +0.153%: −$33.67
Slippage, 4 orders: −$130.09
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $193.54
Costs to cover: 1.421%
Break-even: 3.3 days

Slippage from Injective: live order book, 65 min ago; HTX: 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, 65 min ago	47.63 bp	47.6 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	6.87 bp	24.6 bp −$25	32.8 bp −$328	doesn't fit	doesn't fit

TRUMP on 30 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	−0.1659%	1h	2.1770	long leg	$13K	$157K	12x
Lighter TRUMP	−0.0280%	1h	2.1718	−0.239%	$967K	$792K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1696	−0.340%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0111%	1h	2.1655	−0.528%	$84	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0102%	4h	2.1710	−0.276%	$7.6M	$49.2M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1736	−0.157%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1690	−0.367%	$408K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1704	−0.302%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1808	+0.173%	$106K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0052%	8h	2.1712	−0.265%	$5K	$175	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	+0.0081%	4h	2.1680	−0.413%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1722	−0.221%	$14.3M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1723	−0.217%	$429K	$826K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1725	−0.205%	$187K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1685	−0.389%	$62.9M	$235.6M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1680	−0.413%	$31.1M	$48.2M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1660	−0.505%	$27.8M	$168.3M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1700	−0.322%	$426K	$142K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1710	−0.276%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1710	−0.276%	$15.5M	$24.8M	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1718	−0.239%	$255K	$316K	10x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1831	+0.279%	$688K	$447K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1850	+0.368%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1720	−0.230%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDTshort	+0.0100%	4h	2.1730	−0.184%	$530K	$2.0M	50x
Extended TRUMP-USD	+0.0104%	1h	2.1694	−0.348%	$115K	$705K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1675	−0.436%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1707	−0.291%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0289%	1h	2.1680	−0.412%	$1.2M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1710	−0.276%	$281K	$300K	50x	as long as short