Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0188%/8h= −20.6% APRpaid last 24h −0.021%

Price spread now: Lighter against Aster−0.055%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.055%, 7d avg −0.029%

Together, before fees+0.045%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.026% cheaper against Aster than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.055%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.055% in total (about 2.9% 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	Aster TRUMPUSDT	2.1484	0.0100	pay 0.0050% / 4h	3h 01m	$404K	$811K	20x
Short	Lighter TRUMP	2.1472	−0.0088	pay 0.0011% / 1h	1m 47s	$949K	$998K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$39.48
Price spread: −0.055% → −0.029%: −$2.63
Slippage, 4 orders: −$27.71
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$77.82
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Aster: live order book, 51 min ago; Lighter: live order book, 48 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 Aster live order book, 51 min ago	4.58 bp	8.9 bp −$9	28.6 bp −$286	doesn't fit	doesn't fit
Sell Lighter live order book, 48 min ago	0.92 bp	10.7 bp −$11	36.2 bp −$362	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 PERP	−0.1765%	1h	2.1520	+0.168%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0385%	1h	2.1475	−0.041%	$86	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0308%	1h	2.1488	+0.020%	$404K	$72K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1482	−0.011%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0234%	8h	2.1477	−0.034%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0224%	4h	2.1490	+0.029%	$30.6M	$50.9M	50x	as long as short
Gate TRUMP_USDT	−0.0172%	4h	2.1470	−0.064%	$7.7M	$52.6M	75x	as long as short
Binance TRUMPUSDT	−0.0168%	4h	2.1480	−0.018%	$60.8M	$246.5M	75x	as long as short
Extended TRUMP-USD	−0.0168%	1h	2.1459	−0.114%	$76K	$718K	25x	as long as short
Lighter TRUMPshort	−0.0088%	1h	2.1472	−0.055%	$949K	$998K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0078%	4h	2.1604	+0.561%	$105K	$264K	20x	as long as short
Variational Omni TRUMP	−0.0058%	4h	2.1621	+0.640%	$668K	$437K	—	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1496	+0.055%	$27K	$511	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0005%	4h	2.1470	−0.064%	$5K	$201K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0002%	4h	2.1600	+0.543%	$180K	$4.7M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1499	+0.071%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1465	−0.086%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0048%	4h	2.1480	−0.018%	$27.4M	$178.9M	50x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1520	+0.168%	$4.2M	$647K	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1485	+0.006%	$13.6M	$8.0M	10x	as long as short
Aster TRUMPUSDTlong	+0.0100%	4h	2.1484	long leg	$404K	$811K	20x
Pacifica TRUMP	+0.0100%	1h	2.1491	+0.033%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1490	+0.029%	$400K	$152K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1480	−0.018%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1460	−0.111%	$15.5M	$26.3M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1500	+0.075%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1520	+0.168%	$490K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1499	+0.071%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0174%	1h	2.1507	+0.110%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0200%	1h	2.1506	+0.103%	$381K	$403K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1520	+0.168%	$292K	$303K	50x	as long as short