TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1723%/8h= −188.7% APRnext payment −$2.15 per $10,000 · paid last 24h −0.523%

Price spread now: Injective against Hyperliquid−0.952%73s7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as 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−$1141.137% of the position

Long on Hyperliquid Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.385%−$39 on $10k

Price spread, last 3 days (all we have)+1.134%+$113 · spread now −0.952%, 7d avg −0.086%

Together, before fees+0.749%+ Points / potential airdropHyperliquid: Season 2 · farm board+$75 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 0.867% cheaper against Hyperliquid than usual: you would sell low and buy high (−$87 if the spread goes back to its 7-day average of −0.086%). Swap the legs. The two prices were read 73 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 -0.385% in total (about -20.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.15 per $10,000. 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	Hyperliquid TRUMP	2.2262	0.0100	pay 0.0013% / 1h	44m 09s	$14.9M	$6.9M	10x
Short	Injective TRUMP/USDC PERP	2.2050	−0.1623	pay 0.0203% / 1h	44m 09s	$13K	$157K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Hyperliquid. 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 HyperliquidbpFee InjectivebpOrdersPrice spread, now −0.952%Rate

Funding earned: −$361.88
Price spread: −0.952% → −0.086%: −$86.66
Slippage, 4 orders: −$104.71
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$562.27
Costs to cover: 1.137%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Injective: live order book, 10 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 Hyperliquid live order book, 9 min ago	2.25 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 10 min ago	47.63 bp	47.6 bp −$48	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	−0.1623%	1h	2.2050	−0.952%	$13K	$157K	12x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2162	−0.451%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2170	−0.413%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2211	−0.229%	$418K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2195	−0.303%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2219	−0.191%	$108K	$263K	20x	as long as short
Lighter TRUMP	+0.0056%	1h	2.2218	−0.198%	$987K	$788K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0079%	8h	2.2158	−0.467%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0088%	4h	2.2210	−0.234%	$3K	$238K	10x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.2262	long leg	$14.9M	$6.9M	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.2183	−0.356%	$438K	$860K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2167	−0.426%	$191K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2220	−0.189%	$64.4M	$234.6M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2220	−0.189%	$31.7M	$47.8M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2220	−0.189%	$29.0M	$169.6M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2200	−0.279%	$7.9M	$48.3M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2210	−0.234%	$443K	$144K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2210	−0.234%	$4.1M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2240	−0.099%	$15.9M	$23.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2152	−0.496%	$699K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2295	+0.146%	$194K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2200	−0.279%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2225	−0.166%	$81	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2280	+0.081%	$578K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2219	−0.191%	$76K	$601K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2215	−0.211%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2189	−0.327%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0325%	1h	2.2267	+0.022%	$260K	$320K	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2230	−0.144%	$4.4M	$697K	75x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0508%	1h	2.2241	−0.093%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2100	−0.728%	$286K	$307K	50x	as long as short