Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.056%

Price spread now: Bybit against Backpack+0.074%7-day average −0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.325%−$32 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.074%, 7d avg −0.094%

Together, before fees−0.240%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.167% dearer against Backpack than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of −0.094%): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 10 days. At the pace of the last 7 days (−0.325% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1764	0.0153	pay 0.0019% / 1h	35m 47s	$260K	$262K	10x
Short	Bybit TRUMPUSDT	2.1780	0.0100	get 0.0050% / 4h	2h 35m	$30.3M	$42.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$11.19
Price spread: +0.074% → −0.094%: $16.72
Slippage, 4 orders: −$11.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$26.78
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Backpack: live order book, 52 min ago; Bybit: 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, 52 min ago	0.23 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.30 bp	11.6 bp −$12	21.1 bp −$211	272.4 bp −$27.2K	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	−0.1787%	1h	2.1600	−0.754%	$13K	$119K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1744	−0.090%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0131%	1h	2.1762	−0.011%	$1.0M	$2.1M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0026%	1h	2.1745	−0.087%	$408K	$79K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1759	−0.022%	$27K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1748	−0.075%	$41K	—	150x	as long as short
Lighter TRUMP	+0.0040%	1h	2.1760	−0.018%	$970K	$658K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1731	−0.153%	$118K	$243K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0070%	8h	2.1777	+0.060%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1740	−0.110%	$3K	$249K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TRUMP_USDC	+0.0090%	4h	2.1760	−0.018%	$478K	$134K	125x	as long as short
Gate TRUMP_USDT	+0.0092%	4h	2.1750	−0.064%	$7.4M	$46.8M	75x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1761	−0.013%	$457K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1781	+0.076%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1783	+0.086%	$62.0M	$215.5M	75x	as long as short
Bybit TRUMPUSDTshort	+0.0100%	4h	2.1780	+0.074%	$30.3M	$42.0M	50x
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1770	+0.028%	$26.5M	$147.2M	50x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1770	+0.028%	$4.7M	$10.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1780	+0.074%	$15.4M	$20.2M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1725	−0.179%	$678K	$262K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1730	−0.156%	$184K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1770	+0.028%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1740	−0.110%	$71	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1780	+0.074%	$510K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1753	−0.052%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1740	−0.110%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0144%	1h	2.1790	+0.119%	$14.1M	$7.4M	10x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0153%	1h	2.1764	long leg	$260K	$262K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1751	−0.061%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1820	+0.257%	$281K	$397K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1800	+0.165%	$4.2M	$494K	75x	as long as short