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 Bitget−0.464%81s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$167as 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−$1191.187% of the position

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.481%−$48 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.464%, 7d avg −0.054%

Together, before fees−0.324%−$32 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 0.411% cheaper against Bitget than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.054%). Swap the legs. The two prices were read 81 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 -0.481% in total (about -25.1% 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	Bitget TRUMPUSDT	2.1530	0.0100	pay 0.0050% / 4h	16m 00s	$15.5M	$25.6M	75x
Short	Injective TRUMP/USDC PERP	2.1430	−0.1690	pay 0.0211% / 1h	16m 00s	$12K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −0.464%Rate

Funding earned: −$375.8
Price spread: −0.464% → −0.054%: −$41.07
Slippage, 4 orders: −$106.71
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$535.61
Costs to cover: 1.187%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Injective: live order book, 28 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 Bitget live order book, 3 min ago	2.32 bp	12.9 bp −$13	16.0 bp −$160	49.6 bp −$4,963	doesn't fit
Sell Injective live order book, 28 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	2.1430	−0.464%	$12K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1537	+0.030%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0118%	1h	2.1535	+0.023%	$94	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0056%	4h	2.1540	+0.046%	$7.6M	$51.0M	75x	as long as short
Lighter TRUMP	−0.0048%	1h	2.1534	+0.019%	$953K	$957K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0028%	1h	2.1550	+0.093%	$406K	$72K	10x	as long as short
Variational Omni TRUMP	−0.0026%	4h	2.1531	+0.006%	$665K	$488K	—	as long as short
Binance TRUMPUSDT	−0.0010%	4h	2.1540	+0.046%	$60.5M	$241.7M	75x	as long as short
Extended TRUMP-USD	−0.0008%	1h	2.1519	−0.050%	$75K	$716K	25x	as long as short
edgeX TRUMPUSDC	−0.0005%	4h	2.1546	+0.075%	$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
dYdX TRUMP-USD	−0.0002%	1h	2.1556	+0.121%	$27K	$512	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1550	+0.092%	$41K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0032%	8h	2.1535	+0.022%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0044%	4h	2.1540	+0.046%	$4K	$205K	10x	as long as short
Bybit TRUMPUSDT	+0.0079%	4h	2.1520	−0.046%	$30.4M	$49.6M	50x	as long as short
Aevo TRUMP-PERP	+0.0080%	1h	2.1530	0.000%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1549	+0.088%	$14.5M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1550	+0.093%	$422K	$829K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1562	+0.149%	$185K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1530	0.000%	$27.2M	$173.4M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1530	0.000%	$405K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1540	+0.046%	$4.3M	$11.1M	50x	as long as short
Bitget TRUMPUSDTlong	+0.0100%	4h	2.1530	long leg	$15.5M	$25.6M	75x
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1559	+0.135%	$252K	$318K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1530	+0.001%	$184K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1560	+0.139%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1560	+0.139%	$503K	$2.2M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1550	+0.093%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0220%	1h	2.1571	+0.189%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0230%	4h	2.1560	+0.139%	$4.2M	$683K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1530	0.000%	$278K	$279K	50x	as long as short