Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1737%/8h= −190.2% APRpaid last 24h −0.518%

Price spread now: Injective against Orderly−0.327%7-day average −0.054% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.447%−$45 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.327%, 7d avg −0.054%

Together, before fees−0.453%−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$52 a day on $10k at the current rate, and Injective is 0.273% cheaper against Orderly than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.447% in total (about -23.3% 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	Orderly PERP_TRUMP_USDC	2.1420	0.0047	pay 0.0024% / 4h	36m 49s	$4K	$212K	10x
Short	Injective TRUMP/USDC PERP	2.1350	−0.1690	pay 0.0211% / 1h	36m 49s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now −0.327%Rate

Funding earned: −$364.77
Price spread: −0.327% → −0.054%: −$27.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$398.11
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: live order book, 7 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Injective live order book, 7 min ago	48.76 bp	48.8 bp −$49	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1350	−0.327%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1417	−0.016%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0240%	1h	2.1435	+0.070%	$95	$6K	5x	as long as short
Lighter TRUMP	−0.0192%	1h	2.1378	−0.196%	$946K	$933K	10x	as long as short
Gate TRUMP_USDT	−0.0082%	4h	2.1410	−0.047%	$7.6M	$50.6M	75x	as long as short
Variational Omni TRUMP	−0.0012%	4h	2.1461	+0.192%	$657K	$482K	—	as long as short
dYdX TRUMP-USD	−0.0004%	1h	2.1426	+0.028%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1427	+0.033%	$403K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1437	+0.077%	$40K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0011%	4h	2.1436	+0.072%	$105K	$264K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRUMP-USD-PERP	+0.0011%	8h	2.1446	+0.122%	$5K	$175	5x	as long as short
Binance TRUMPUSDT	+0.0015%	4h	2.1393	−0.128%	$60.1M	$241.0M	75x	as long as short
Extended TRUMP-USD	+0.0016%	1h	2.1415	−0.025%	$74K	$749K	25x	as long as short
Bybit TRUMPUSDT	+0.0017%	4h	2.1390	−0.140%	$30.3M	$49.4M	50x	as long as short
Orderly PERP_TRUMP_USDClong	+0.0047%	4h	2.1420	long leg	$4K	$212K	10x
BloFin TRUMP-USDT	+0.0061%	4h	2.1450	+0.140%	$4.1M	$676K	75x	as long as short
Aevo TRUMP-PERP	+0.0088%	1h	2.1415	−0.023%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1424	+0.019%	$14.2M	$7.4M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1421	+0.005%	$420K	$828K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1400	−0.092%	$184K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1380	−0.187%	$27.1M	$171.8M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1390	−0.140%	$402K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1420	0.000%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1410	−0.047%	$15.5M	$25.6M	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1435	+0.070%	$251K	$315K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1520	+0.469%	$185K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1460	+0.187%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1400	−0.093%	$496K	$2.1M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1439	+0.088%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0221%	1h	2.1459	+0.183%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1470	+0.233%	$278K	$279K	50x	as long as short