Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h −0.056%

Price spread now: Binance against Backpack−0.038%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.397%−$40 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.038%, 7d avg −0.095%

Together, before fees−0.292%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.056% dearer against Backpack than usual: you sell high and buy low (spread −0.038% now, against its 7-day average of −0.095%): +$6 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.397% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.2144	0.0596	pay 0.0075% / 1h	54m 59s	$261K	$275K	10x
Short	Binance TRUMPUSDT	2.2136	0.0100	get 0.0050% / 4h	54m 59s	$63.5M	$221.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$104.24
Price spread: −0.038% → −0.095%: $5.63
Slippage, 4 orders: −$11.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$129.85
Costs to cover: 0.312%
Break-even: never at this rate

Slippage from Backpack: live order book, 23 min ago; Binance: live order book, 3 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 Backpack live order book, 23 min ago	0.23 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	2.27 bp	7.3 bp −$7	8.9 bp −$89	35.7 bp −$3,571	164.3 bp −$82.2K

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	−0.1537%	1h	2.1920	−1.012%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2087	−0.257%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2066	−0.350%	$28K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2116	−0.126%	$415K	$76K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2121	−0.104%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2015	−0.582%	$120K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0087%	4h	2.2120	−0.108%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0095%	8h	2.2087	−0.256%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2104	−0.181%	$993K	$726K	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2127	−0.075%	$460K	$834K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.2068	−0.345%	$190K	$59K	10x	as long as short
Binance TRUMPUSDTshort	+0.0100%	4h	2.2136	−0.038%	$63.5M	$221.7M	75x
Bybit TRUMPUSDT	+0.0100%	4h	2.2120	−0.108%	$30.9M	$43.6M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2110	−0.154%	$27.3M	$152.6M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2140	−0.018%	$7.5M	$47.4M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2140	−0.018%	$486K	$131K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2150	+0.027%	$4.7M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2150	+0.027%	$15.8M	$21.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2022	−0.551%	$690K	$279K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2027	−0.530%	$193K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2150	+0.027%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2105	−0.176%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2120	−0.108%	$528K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2141	−0.014%	$76K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2110	−0.154%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.2119	−0.112%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0294%	1h	2.2144	0.000%	$14.3M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2120	−0.108%	$4.2M	$632K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2010	−0.605%	$284K	$401K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0596%	1h	2.2144	long leg	$261K	$275K	10x
Kraken Futures PF_TRUMPUSD	+0.0864%	1h	2.2129	−0.066%	$1.3M	$2.5M	50x	as long as short