TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0018%/8h= −2.0% APRnext payment −$0.02 per $10,000 · paid last 24h −0.054%

Price spread now: Hyperliquid against Backpack+0.041%7-day average −0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.395%−$40 on $10k

Price spread, last 4 days (all we have)+0.387%+$39 · spread now +0.041%, 7d avg −0.049%

Together, before fees−0.008%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.090% dearer against Backpack than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.049%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 17 days. At the pace of the last 7 days (−0.395% in total) that is about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1842	0.0118	pay 0.0015% / 1h	18m 15s	$255K	$319K	10x
Short	Hyperliquid TRUMP	2.1851	0.0100	get 0.0013% / 1h	18m 15s	$14.4M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$3.74
Price spread: +0.041% → −0.049%: $8.97
Slippage, 4 orders: −$11.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$25.11
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; Hyperliquid: live order book, 4 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, 45 min ago	0.23 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.37 bp	5.9 bp −$6	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	−0.1659%	1h	2.1760	−0.375%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1811	−0.141%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0071%	1h	2.1810	−0.147%	$410K	$72K	10x	as long as short
Lighter TRUMP	−0.0048%	1h	2.1820	−0.101%	$973K	$837K	10x	as long as short
Gate TRUMP_USDT	−0.0030%	4h	2.1820	−0.101%	$7.7M	$50.2M	75x	as long as short
SoDEX TRUMP-USD	−0.0020%	1h	2.1805	−0.169%	$82	$6K	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1856	+0.062%	$27K	$512	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1814	−0.128%	$42K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0035%	8h	2.1825	−0.076%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1875	+0.152%	$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
Bybit TRUMPUSDT	+0.0052%	4h	2.1820	−0.101%	$31.2M	$48.5M	50x	as long as short
Orderly PERP_TRUMP_USDC	+0.0071%	4h	2.1800	−0.192%	$4K	$239K	10x	as long as short
Hyperliquid TRUMPshort	+0.0100%	1h	2.1851	+0.041%	$14.4M	$7.6M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1838	−0.020%	$432K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1840	−0.009%	$188K	$53K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1820	−0.101%	$63.1M	$237.6M	75x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1820	−0.101%	$27.6M	$171.4M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1810	−0.147%	$418K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1830	−0.055%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1830	−0.055%	$15.7M	$25.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1861	+0.087%	$686K	$453K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1858	+0.072%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1840	−0.009%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1850	+0.037%	$537K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1799	−0.195%	$116K	$706K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1807	−0.161%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0118%	1h	2.1842	long leg	$255K	$319K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1810	−0.145%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0287%	1h	2.1842	−0.001%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1880	+0.174%	$4.3M	$661K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1900	+0.266%	$284K	$301K	50x	as long as short