Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.059%

Price spread now: Gate against Backpack−0.159%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.159%, 7d avg −0.092%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.067% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.2025	0.0303	pay 0.0038% / 1h	30m 52s	$258K	$320K	10x
Short	Gate TRUMP_USDT	2.1990	−0.0024	pay 0.0012% / 4h	2h 30m	$7.8M	$49.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.159%Rate

Funding earned: −$68.58
Price spread: −0.159% → −0.092%: −$6.67
Slippage, 4 orders: −$18.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$118.49
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; Gate: 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, 38 min ago	0.22 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	2.27 bp	12.8 bp −$13	28.1 bp −$281	69.1 bp −$6,907	doesn't fit

TRUMP on 30 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	−0.1623%	1h	2.1970	−0.250%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2027	+0.007%	$5	—	10x	as long as short
Gate TRUMP_USDTshort	−0.0024%	4h	2.1990	−0.159%	$7.8M	$49.0M	75x
dYdX TRUMP-USD	0.0000%	1h	2.2026	+0.007%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2017	−0.036%	$414K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2023	−0.010%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2128	+0.468%	$108K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0073%	8h	2.2004	−0.094%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	+0.0078%	1h	2.2000	−0.114%	$80	$6K	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.2010	−0.068%	$4K	$245K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRUMP	+0.0096%	1h	2.1989	−0.163%	$978K	$789K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2025	0.000%	$14.7M	$7.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2004	−0.096%	$435K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2027	+0.007%	$190K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2001	−0.110%	$63.9M	$235.7M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1990	−0.159%	$31.5M	$48.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1990	−0.159%	$28.9M	$169.8M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1990	−0.159%	$437K	$146K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2000	−0.114%	$4.0M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2020	−0.023%	$15.8M	$24.2M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2012	−0.061%	$694K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2016	−0.039%	$181K	$4.7M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2040	+0.068%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2050	+0.114%	$552K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2009	−0.071%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1996	−0.134%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2022	−0.012%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0303%	1h	2.2025	long leg	$258K	$320K	10x
Kraken Futures PF_TRUMPUSD	+0.0513%	1h	2.2026	+0.003%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2190	+0.749%	$288K	$307K	50x	as long as short