Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0234%/8h= +25.7% APRpaid last 24h +0.009%

Price spread now: BloFin against Backpack−0.032%66s7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as 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−$330.331% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.032%, 7d avg −0.092%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.060% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.092%. The two prices were read 66 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 0.006% in total (about 0.3% 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	Backpack TRUMP_USDC_PERP	2.1767	0.0106	pay 0.0013% / 1h	34m 07s	$255K	$318K	10x
Short	BloFin TRUMP-USDT	2.1760	0.0340	get 0.0170% / 4h	1h 34m	$4.3M	$658K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.032%Rate

Funding earned: $49.2
Price spread: −0.032% → −0.092%: $5.98
Slippage, 4 orders: −$11.14
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $22.04
Costs to cover: 0.331%
Break-even: 3.9 days

Slippage from Backpack: live order book, 29 min ago; BloFin: live order book, 9 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, 29 min ago	0.23 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	2.30 bp	8.3 bp −$8	22.3 bp −$223	47.2 bp −$4,720	130.8 bp −$65.4K

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	−0.1659%	1h	2.1620	−0.675%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1731	−0.164%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0100%	4h	2.1760	−0.032%	$7.6M	$49.8M	75x	as long as short
Lighter TRUMP	−0.0048%	1h	2.1733	−0.156%	$968K	$794K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1736	−0.144%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1748	−0.087%	$409K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1744	−0.104%	$42K	—	150x	as long as short
SoDEX TRUMP-USD	+0.0026%	1h	2.1739	−0.129%	$84	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	+0.0039%	8h	2.1736	−0.141%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1674	−0.427%	$105K	$263K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	+0.0077%	4h	2.1740	−0.124%	$4K	$239K	10x	as long as short
Bybit TRUMPUSDT	+0.0082%	4h	2.1740	−0.124%	$31.0M	$48.3M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1771	+0.018%	$14.4M	$7.6M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1756	−0.048%	$430K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1732	−0.162%	$187K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1752	−0.069%	$63.0M	$237.0M	75x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1760	−0.032%	$27.4M	$170.2M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1750	−0.078%	$427K	$143K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1760	−0.032%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1760	−0.032%	$15.5M	$25.0M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1731	−0.166%	$681K	$453K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1710	−0.262%	$182K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1770	+0.014%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1750	−0.078%	$532K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1729	−0.174%	$115K	$702K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1730	−0.170%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0106%	1h	2.1767	long leg	$255K	$318K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1746	−0.094%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0288%	1h	2.1765	−0.010%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDTshort	+0.0340%	4h	2.1760	−0.032%	$4.3M	$658K	75x
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1650	−0.538%	$280K	$297K	50x	as long as short