Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1790%/8h= −196.0% APRpaid last 24h −0.520%

Price spread now: Injective against KuCoin−0.418%100s7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as 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−$1371.365% of the position

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.443%−$44 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.418%, 7d avg −0.070%

Together, before fees−0.404%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and Injective is 0.348% cheaper against KuCoin than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.070%). Swap the legs. The two prices were read 100 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 -0.443% in total (about -23.1% 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	KuCoin TRUMPUSDTM	2.1510	0.0100	pay 0.0050% / 4h	7m 47s	$4.3M	$11.1M	50x
Short	Injective TRUMP/USDC PERP	2.1420	−0.1690	pay 0.0211% / 1h	7m 47s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. 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 KuCoinbpFee InjectivebpOrdersPrice spread, now −0.418%Rate

Funding earned: −$375.8
Price spread: −0.418% → −0.070%: −$34.81
Slippage, 4 orders: −$124.51
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$547.14
Costs to cover: 1.365%
Break-even: never at this rate

Slippage from KuCoin: live order book, 11 min ago; Injective: live order book, 36 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 KuCoin live order book, 11 min ago	2.32 bp	20.0 bp −$20	90.9 bp −$909	doesn't fit	doesn't fit
Sell Injective live order book, 36 min ago	48.76 bp	48.8 bp −$49	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	−0.1690%	1h	2.1420	−0.418%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1511	+0.007%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0096%	1h	2.1515	+0.023%	$94	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0042%	4h	2.1520	+0.046%	$7.6M	$51.2M	75x	as long as short
Binance TRUMPUSDT	−0.0024%	4h	2.1497	−0.059%	$60.4M	$242.2M	75x	as long as short
Extended TRUMP-USD	−0.0024%	1h	2.1499	−0.051%	$74K	$721K	25x	as long as short
Variational Omni TRUMP	−0.0011%	4h	2.1571	+0.284%	$666K	$488K	—	as long as short
Lighter TRUMP	−0.0008%	1h	2.1502	−0.037%	$951K	$957K	10x	as long as short
edgeX TRUMPUSDC	−0.0008%	4h	2.1571	+0.283%	$105K	$263K	20x	as long as short
dYdX TRUMP-USD	−0.0002%	1h	2.1516	+0.028%	$27K	$512	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1523	+0.060%	$405K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1524	+0.066%	$41K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0035%	8h	2.1501	−0.043%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0043%	4h	2.1510	0.000%	$4K	$199K	10x	as long as short
Aevo TRUMP-PERP	+0.0072%	1h	2.1505	−0.023%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1523	+0.060%	$13.6M	$7.9M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1519	+0.042%	$422K	$829K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1511	+0.004%	$185K	$52K	10x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1490	−0.093%	$30.4M	$49.6M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1490	−0.093%	$27.2M	$173.2M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1510	0.000%	$404K	$151K	125x	as long as short
KuCoin TRUMPUSDTMlong	+0.0100%	4h	2.1510	long leg	$4.3M	$11.1M	50x
Bitget TRUMPUSDT	+0.0100%	4h	2.1520	+0.046%	$15.5M	$25.6M	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1535	+0.116%	$342K	$366K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1540	+0.139%	$184K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1540	+0.139%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1530	+0.093%	$502K	$2.2M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1521	+0.050%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0220%	4h	2.1540	+0.139%	$4.1M	$682K	75x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0220%	1h	2.1543	+0.153%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1530	+0.093%	$278K	$276K	50x	as long as short