Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1589%/8h= +174.0% APRpaid last 24h +0.526%

Price spread now: OKX against Injective+0.609%48s7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$1061.062% of the position

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.553%+$55 on $10k

Price spread, last 4 days (all we have)−0.843%−$84 · spread now +0.609%, 7d avg +0.051%

Together, before fees−0.289%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and OKX is 0.558% dearer against Injective than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.051%. The two prices were read 48 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 0.553% in total (about 28.8% 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	Injective TRUMP/USDC PERP	2.1350	−0.1797	get 0.0225% / 1h	2m 37s	$12K	$157K	12x
Short	OKX TRUMP-USDT-SWAP	2.1480	−0.0208	pay 0.0104% / 4h	2m 37s	$26.8M	$183.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Injective. 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 InjectivebpFee OKXbpOrdersPrice spread, now +0.609%Rate

Funding earned: $333.64
Price spread: +0.609% → +0.051%: $55.81
Slippage, 4 orders: −$96.17
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $283.26
Costs to cover: 1.062%
Break-even: 1.1 days

Slippage from Injective: live order book, 21 min ago; OKX: live order book, 1 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 Injective live order book, 21 min ago	35.19 bp	56.3 bp −$56	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.33 bp	7.3 bp −$7	11.1 bp −$111	36.5 bp −$3,652	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 PERPlong	−0.1797%	1h	2.1350	long leg	$12K	$157K	12x
SoDEX TRUMP-USD	−0.0403%	1h	2.1455	+0.492%	$74	$6K	5x	as long as short
Variational Omni TRUMP	−0.0258%	4h	2.1482	+0.619%	$663K	$421K	—	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1432	+0.385%	$5	—	10x	as long as short
Bybit TRUMPUSDT	−0.0225%	4h	2.1470	+0.562%	$30.5M	$52.2M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0216%	1h	2.1466	+0.543%	$404K	$65K	10x	as long as short
OKX TRUMP-USDT-SWAPshort	−0.0208%	4h	2.1480	+0.609%	$26.8M	$183.8M	50x
Binance TRUMPUSDT	−0.0205%	4h	2.1480	+0.609%	$60.7M	$249.5M	75x	as long as short
Extended TRUMP-USD	−0.0200%	1h	2.1470	+0.561%	$74K	$492K	25x	as long as short
Lighter TRUMP	−0.0192%	1h	2.1475	+0.585%	$939K	$1.0M	10x	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	−0.0127%	8h	2.1478	+0.601%	$5K	$175	5x	as long as short
Gate TRUMP_USDT	−0.0106%	4h	2.1480	+0.609%	$7.7M	$53.4M	75x	as long as short
edgeX TRUMPUSDC	−0.0094%	4h	2.1498	+0.694%	$105K	$253K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0078%	4h	2.1450	+0.468%	$5K	$284K	10x	as long as short
dYdX TRUMP-USD	−0.0014%	1h	2.1497	+0.688%	$27K	$501	5x	as long as short
KuCoin TRUMPUSDTM	−0.0002%	4h	2.1480	+0.609%	$4.1M	$10.8M	50x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1466	+0.542%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0032%	1h	2.1440	+0.420%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0040%	4h	2.1480	+0.609%	$4.1M	$688K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0056%	1h	2.1420	+0.328%	$167K	$480K	50x	as long as short
Bitget TRUMPUSDT	+0.0064%	4h	2.1480	+0.609%	$15.4M	$27.0M	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1499	+0.698%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1503	+0.716%	$403K	$776K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1486	+0.637%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1490	+0.656%	$400K	$149K	125x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1502	+0.711%	$175K	$4.4M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1470	+0.562%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1460	+0.515%	$493K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0136% / S −0.0098%	1h	2.1470	+0.563%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0290%	1h	2.1502	+0.712%	$382K	$418K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0598%	1h	2.1486	+0.635%	$1.3M	$2.3M	50x	as long as short