Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0310%/8h= −33.9% APRpaid last 24h −0.053%

Price spread now: OKX against Backpack−0.075%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.295%−$29 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.075%, 7d avg −0.109%

Together, before fees−0.214%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.035% dearer against Backpack than usual: you sell high and buy low (spread −0.075% now, against its 7-day average of −0.109%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.295% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1446	0.0225	pay 0.0028% / 1h	15m 43s	$381K	$411K	10x
Short	OKX TRUMP-USDT-SWAP	2.1430	−0.0085	pay 0.0042% / 4h	2h 15m	$27.0M	$182.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$65.02
Price spread: −0.075% → −0.109%: $3.47
Slippage, 4 orders: −$11.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$92.56
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Backpack: live order book, 33 min ago; OKX: 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, 33 min ago	0.23 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.34 bp	7.3 bp −$7	10.6 bp −$106	36.4 bp −$3,641	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	−0.1827%	1h	2.1300	−0.681%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0424%	1h	2.1421	−0.117%	$946K	$1.0M	10x	as long as short
SoDEX TRUMP-USD	−0.0366%	1h	2.1408	−0.177%	$84	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0348%	4h	2.1430	−0.075%	$30.2M	$51.8M	50x	as long as short
Extended TRUMP-USD	−0.0280%	1h	2.1399	−0.218%	$74K	$744K	25x	as long as short
Binance TRUMPUSDT	−0.0280%	4h	2.1430	−0.075%	$60.4M	$250.7M	75x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1422	−0.114%	$5	—	10x	as long as short
Variational Omni TRUMP	−0.0221%	4h	2.1411	−0.161%	$661K	$426K	—	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0217%	1h	2.1416	−0.140%	$403K	$72K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0211%	8h	2.1420	−0.119%	$5K	$175	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0172%	4h	2.1410	−0.168%	$7.6M	$53.6M	75x	as long as short
edgeX TRUMPUSDC	−0.0138%	4h	2.1354	−0.428%	$104K	$264K	20x	as long as short
OKX TRUMP-USDT-SWAPshort	−0.0085%	4h	2.1430	−0.075%	$27.0M	$182.3M	50x
Orderly PERP_TRUMP_USDC	−0.0056%	4h	2.1410	−0.168%	$5K	$221K	10x	as long as short
BloFin TRUMP-USDT	−0.0038%	4h	2.1430	−0.075%	$4.1M	$690K	75x	as long as short
dYdX TRUMP-USD	−0.0020%	1h	2.1436	−0.048%	$27K	$506	5x	as long as short
GRVT TRUMP_USDT_Perp	−0.0010%	4h	2.1432	−0.065%	$173K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0008%	1h	2.1395	−0.238%	$19K	—	3x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1438	−0.035%	$40K	—	150x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1440	−0.028%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1430	−0.075%	$403K	$772K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1428	−0.085%	$184K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1410	−0.168%	$399K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1410	−0.168%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1420	−0.121%	$15.4M	$26.8M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1440	−0.028%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1430	−0.075%	$481K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1437	−0.043%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0198%	1h	2.1436	−0.047%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0225%	1h	2.1446	long leg	$381K	$411K	10x
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1430	−0.075%	$242K	$355K	50x	as long as short