Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1723%/8h= +188.7% APRpaid last 24h +0.520%

Price spread now: OKX against Injective+1.096%108s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as 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−$1121.118% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.487%+$49 on $10k

Price spread, last 3 days (all we have)−1.330%−$133 · spread now +1.096%, 7d avg +0.020%

Together, before fees−0.843%−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$52 a day on $10k at the current rate, and OKX is 1.076% dearer against Injective than usual: you sell high and buy low: +$108 more if the spread goes back to its 7-day average of +0.020%. The two prices were read 108 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 0.487% in total (about 25.4% 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	2.1900	−0.1623	get 0.0203% / 1h	35m 33s	$13K	$157K	12x
Short	OKX TRUMP-USDT-SWAP	2.2140	0.0100	get 0.0050% / 4h	2h 35m	$29.0M	$171.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.096%Rate

Funding earned: $361.88
Price spread: +1.096% → +0.020%: $107.57
Slippage, 4 orders: −$101.73
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $357.7
Costs to cover: 1.118%
Break-even: 0.1 days

Slippage from Injective: live order book, 18 min ago; OKX: live order book, 3 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, 18 min ago	47.63 bp	47.6 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.27 bp	7.3 bp −$7	11.4 bp −$114	50.3 bp −$5,033	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 PERPlong	−0.1623%	1h	2.1900	long leg	$13K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2137	+1.080%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2146	+1.123%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2138	+1.087%	$417K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2134	+1.069%	$43K	—	150x	as long as short
Gate TRUMP_USDT	+0.0016%	4h	2.2140	+1.096%	$7.8M	$48.9M	75x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2067	+0.762%	$107K	$262K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0077%	8h	2.2142	+1.107%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0087%	4h	2.2130	+1.050%	$3K	$240K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2129	+1.046%	$983K	$789K	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	2.2161	+1.192%	$14.7M	$7.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2148	+1.133%	$438K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2143	+1.109%	$191K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2140	+1.096%	$64.3M	$236.0M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2140	+1.096%	$31.7M	$48.3M	50x	as long as short
OKX TRUMP-USDT-SWAPshort	+0.0100%	4h	2.2140	+1.096%	$29.0M	$171.0M	50x
MEXC TRUMP_USDC	+0.0100%	4h	2.2130	+1.050%	$441K	$145K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2140	+1.096%	$4.1M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2150	+1.142%	$15.9M	$24.2M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2122	+1.012%	$697K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2076	+0.805%	$182K	$4.7M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2170	+1.233%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2129	+1.046%	$80	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2180	+1.279%	$553K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2139	+1.093%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2125	+1.027%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2138	+1.087%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0314%	1h	2.2149	+1.137%	$259K	$323K	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2230	+1.507%	$4.4M	$697K	75x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0510%	1h	2.2148	+1.132%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2120	+1.005%	$287K	$307K	50x	as long as short