TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0400%/8h= +43.8% APRnext payment +$0.50 per $10,000 · paid last 24h +0.030%

Price spread now: Coinbase International against Backpack−0.055%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now −0.055%, 7d avg −0.011%

Together, before fees−0.272%−$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.044% cheaper against Backpack than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of −0.011%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.142%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.50 per $10,000. 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	2.1722	0.0104	pay 0.0013% / 1h	40m 05s	$256K	$318K	10x
Short	Coinbase International TRUMP-PERP-INTX	2.1710	0.0504	get 0.0063% / 1h	40m 05s	$281K	$300K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.055%Rate

Funding earned: $83.99
Price spread: −0.055% → −0.011%: −$4.44
Slippage, 4 orders: −$42.89
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $16.66
Costs to cover: 0.629%
Break-even: 5.6 days

Slippage from Backpack: live order book, 23 min ago; Coinbase International: live order book, 23 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	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 23 min ago	15.93 bp	25.4 bp −$25	29.9 bp −$299	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	−0.1659%	1h	2.1660	−0.285%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1691	−0.142%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0098%	4h	2.1710	−0.055%	$7.6M	$49.5M	75x	as long as short
Lighter TRUMP	−0.0056%	1h	2.1689	−0.152%	$966K	$794K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1716	−0.029%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1704	−0.083%	$408K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1704	−0.083%	$42K	—	150x	as long as short
SoDEX TRUMP-USD	+0.0018%	1h	2.1695	−0.124%	$83	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	+0.0040%	8h	2.1711	−0.049%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1734	+0.055%	$106K	$262K	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	+0.0078%	4h	2.1690	−0.147%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1721	−0.005%	$14.3M	$7.6M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1720	−0.011%	$429K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1706	−0.075%	$187K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1700	−0.101%	$62.9M	$236.1M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1690	−0.147%	$31.0M	$48.1M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1700	−0.101%	$27.6M	$169.3M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1690	−0.147%	$426K	$143K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1710	−0.055%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1720	−0.009%	$15.5M	$25.0M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1681	−0.190%	$681K	$453K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1810	+0.406%	$183K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1730	+0.037%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1750	+0.129%	$532K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1689	−0.153%	$115K	$702K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1685	−0.170%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0104%	1h	2.1722	long leg	$256K	$318K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1706	−0.073%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0289%	1h	2.1725	+0.014%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1700	−0.101%	$4.3M	$656K	75x	as long as short
Coinbase International TRUMP-PERP-INTXshort	+0.0504%	1h	2.1710	−0.055%	$281K	$300K	50x