TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0543%/8h= −59.5% APRnext payment −$0.68 per $10,000 · paid last 24h −0.086%

Price spread now: Deribit against Backpack−0.120%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.515%−$52 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.120%, 7d avg −0.063%

Together, before fees−0.439%−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Deribit is 0.057% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1658	0.0192	pay 0.0024% / 1h	9m 50s	$383K	$399K	10x
Short	Deribit TRUMP_USDC-PERPETUAL	2.1632	−0.0351	pay 0.0044% / 1h	9m 50s	$407K	$72K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$114.04
Price spread: −0.120% → −0.063%: −$5.67
Slippage, 4 orders: −$27.83
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$164.54
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; Deribit: live order book, 44 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, 44 min ago	0.23 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 44 min ago	6.42 bp	9.9 bp −$10	19.9 bp −$199	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	2.1550	−0.499%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0366%	1h	2.1625	−0.152%	$86	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUALshort	−0.0351%	1h	2.1632	−0.120%	$407K	$72K	10x
Paradex TRUMP-USD-PERP	−0.0257%	8h	2.1627	−0.141%	$5K	$175	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1621	−0.171%	$5	—	10x	as long as short
Binance TRUMPUSDT	−0.0145%	4h	2.1620	−0.177%	$61.1M	$245.9M	75x	as long as short
Gate TRUMP_USDT	−0.0142%	4h	2.1640	−0.083%	$7.9M	$52.3M	75x	as long as short
Extended TRUMP-USD	−0.0136%	1h	2.1619	−0.180%	$77K	$718K	25x	as long as short
Bybit TRUMPUSDT	−0.0135%	4h	2.1630	−0.129%	$30.7M	$50.4M	50x	as long as short
edgeX TRUMPUSDC	−0.0061%	4h	2.1694	+0.167%	$106K	$263K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRUMP	−0.0046%	4h	2.1631	−0.125%	$669K	$447K	—	as long as short
Lighter TRUMP	−0.0032%	1h	2.1629	−0.134%	$956K	$977K	10x	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1648	−0.047%	$27K	$512	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0004%	4h	2.1620	−0.175%	$5K	$199K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1644	−0.065%	$41K	—	150x	as long as short
GRVT TRUMP_USDT_Perp	+0.0042%	4h	2.1695	+0.169%	$182K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0048%	1h	2.1615	−0.199%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0077%	4h	2.1630	−0.129%	$27.7M	$179.1M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1640	−0.083%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1658	0.000%	$407K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1637	−0.099%	$186K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1620	−0.175%	$406K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1640	−0.083%	$4.3M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1630	−0.129%	$15.7M	$26.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1640	−0.083%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1660	+0.009%	$493K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0107%	4h	2.1680	+0.102%	$4.2M	$663K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1642	−0.076%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1657	−0.006%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0192%	1h	2.1658	long leg	$383K	$399K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1750	+0.425%	$284K	$278K	50x	as long as short