Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1831%/8h= −200.5% APRpaid last 24h −0.522%

Price spread now: Injective against OKX−0.514%108s7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$163as 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−$1101.098% of the position

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.529%−$53 on $10k

Price spread, last 4 days (all we have)+0.593%+$59 · spread now −0.514%, 7d avg −0.046%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$55 a day on $10k at the current rate, and Injective is 0.468% cheaper against OKX than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of −0.046%). Swap the legs. 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 -0.529% in total (about -27.6% 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	OKX TRUMP-USDT-SWAP	2.1390	−0.0095	get 0.0048% / 4h	1h 39m	$26.4M	$184.6M	50x
Short	Injective TRUMP/USDC PERP	2.1280	−0.1927	pay 0.0241% / 1h	39m 30s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.514%Rate

Funding earned: −$384.6
Price spread: −0.514% → −0.046%: −$46.79
Slippage, 4 orders: −$99.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$541.19
Costs to cover: 1.098%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Injective: live order book, 54 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 OKX live order book, 5 min ago	2.34 bp	7.3 bp −$7	8.6 bp −$86	33.9 bp −$3,389	doesn't fit
Sell Injective live order book, 54 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	2.1382	−0.039%	$5	—	10x	as long as short
Extended TRUMP-USD	−0.0224%	1h	2.1370	−0.095%	$74K	$737K	25x	as long as short
Binance TRUMPUSDT	−0.0221%	4h	2.1390	0.000%	$60.4M	$252.0M	75x	as long as short
Variational Omni TRUMP	−0.0152%	4h	2.1401	+0.053%	$661K	$424K	—	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0124%	1h	2.1377	−0.061%	$403K	$81K	10x	as long as short
edgeX TRUMPUSDC	−0.0112%	4h	2.1405	+0.072%	$104K	$264K	20x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0099%	1h	2.1401	+0.053%	$1.3M	$2.3M	50x	as long as short
Gate TRUMP_USDT	−0.0098%	4h	2.1370	−0.094%	$7.7M	$53.6M	75x	as long as short
OKX TRUMP-USDT-SWAPlong	−0.0095%	4h	2.1390	long leg	$26.4M	$184.6M	50x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRUMP-USD-PERP	−0.0076%	8h	2.1366	−0.112%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0069%	4h	2.1390	0.000%	$30.4M	$52.5M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0060%	4h	2.1370	−0.094%	$5K	$239K	10x	as long as short
SoDEX TRUMP-USD	−0.0060%	1h	2.1365	−0.117%	$80	$6K	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1390	0.000%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1396	+0.027%	$40K	—	150x	as long as short
BloFin TRUMP-USDT	+0.0018%	4h	2.1420	+0.140%	$4.1M	$686K	75x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1365	−0.117%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0072%	1h	2.1359	−0.145%	$943K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1399	+0.042%	$13.5M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1396	+0.027%	$402K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1379	−0.049%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1360	−0.140%	$397K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1380	−0.047%	$4.1M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1380	−0.047%	$15.2M	$27.2M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1400	+0.047%	$177K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1410	+0.094%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1410	+0.094%	$482K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1390	−0.002%	$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	+0.0331%	1h	2.1403	+0.061%	$379K	$414K	10x	as long as short