Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0273%/8h= −29.8% APRpaid last 24h −0.054%

Price spread now: HTX against Backpack+0.005%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.005%, 7d avg −0.006%

Together, before fees−0.225%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.171% in total (about -8.9% 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	2.1929	0.0373	pay 0.0047% / 1h	20m 24s	$262K	$273K	10x
Short	HTX TRUMP-USDT	2.1930	0.0100	get 0.0050% / 4h	1h 20m	$532K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$57.23
Price spread: +0.005% → −0.006%: $1.05
Slippage, 4 orders: −$45.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$123.44
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; HTX: 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, 63 min ago	0.23 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	11.41 bp	17.4 bp −$17	doesn't fit	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	−0.1472%	1h	2.1810	−0.543%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1887	−0.191%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1909	−0.091%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1923	−0.027%	$411K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1896	−0.151%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1878	−0.231%	$119K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1880	−0.223%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0092%	8h	2.1892	−0.167%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1899	−0.137%	$975K	$682K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1914	−0.068%	$14.0M	$7.4M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.1900	−0.133%	$455K	$833K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1902	−0.121%	$189K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1890	−0.178%	$62.5M	$219.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1890	−0.178%	$30.5M	$43.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1870	−0.269%	$26.8M	$150.2M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1890	−0.178%	$7.4M	$47.4M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1880	−0.223%	$481K	$133K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1900	−0.132%	$4.6M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1900	−0.132%	$15.5M	$21.0M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1852	−0.350%	$687K	$266K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1945	+0.072%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1940	+0.050%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1916	−0.059%	$72	$6K	5x	as long as short
HTX TRUMP-USDTshort	+0.0100%	4h	2.1930	+0.005%	$532K	$1.8M	50x
Extended TRUMP-USD	+0.0104%	1h	2.1891	−0.175%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1909	−0.090%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1896	−0.152%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1920	−0.041%	$4.2M	$516K	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0373%	1h	2.1929	long leg	$262K	$273K	10x
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1920	−0.041%	$281K	$399K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0521%	1h	2.1948	+0.086%	$1.3M	$2.5M	50x	as long as short