Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0245%/8h= −26.8% APRpaid last 24h −0.058%

Price spread now: Orderly against Backpack+0.117%46s7-day average −0.114% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.333%−$33 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.117%, 7d avg −0.114%

Together, before fees−0.516%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.231% dearer against Backpack than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of −0.114%): +$23 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.2 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1365	0.0194	pay 0.0024% / 1h	20m 15s	$380K	$411K	10x
Short	Orderly PERP_TRUMP_USDC	2.1390	−0.0050	pay 0.0025% / 4h	2h 20m	$5K	$220K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.117%Rate

Funding earned: −$51.37
Price spread: +0.117% → −0.114%: $23.13
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$44.24
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Backpack: live order book, 28 min ago; Orderly: no order-book sample. Net counts fees only.

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, 28 min ago	0.23 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1150	−1.006%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0464%	1h	2.1385	+0.094%	$946K	$1.0M	10x	as long as short
SoDEX TRUMP-USD	−0.0379%	1h	2.1390	+0.117%	$84	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0362%	4h	2.1390	+0.117%	$30.1M	$51.7M	50x	as long as short
Binance TRUMPUSDT	−0.0274%	4h	2.1400	+0.164%	$60.3M	$250.0M	75x	as long as short
Extended TRUMP-USD	−0.0272%	1h	2.1379	+0.066%	$77K	$745K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1382	+0.077%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0217%	1h	2.1403	+0.178%	$403K	$72K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0217%	8h	2.1391	+0.122%	$5K	$175	5x	as long as short
Variational Omni TRUMP	−0.0201%	4h	2.1331	−0.158%	$659K	$426K	—	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	−0.0178%	4h	2.1390	+0.117%	$7.6M	$53.5M	75x	as long as short
edgeX TRUMPUSDC	−0.0137%	4h	2.1258	−0.502%	$104K	$264K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0082%	4h	2.1380	+0.070%	$26.8M	$181.3M	50x	as long as short
Orderly PERP_TRUMP_USDCshort	−0.0050%	4h	2.1390	+0.117%	$5K	$220K	10x
BloFin TRUMP-USDT	−0.0034%	4h	2.1340	−0.117%	$4.1M	$688K	75x	as long as short
GRVT TRUMP_USDT_Perp	−0.0026%	4h	2.1290	−0.353%	$173K	$4.7M	10x	as long as short
dYdX TRUMP-USD	−0.0017%	1h	2.1390	+0.117%	$27K	$506	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1410	+0.211%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1379	+0.067%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1405	+0.187%	$13.4M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1398	+0.155%	$402K	$801K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1386	+0.096%	$184K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1400	+0.164%	$398K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1400	+0.164%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1400	+0.164%	$15.4M	$26.8M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1410	+0.211%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1410	+0.211%	$480K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1411	+0.214%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0194%	1h	2.1365	long leg	$380K	$411K	10x
Kraken Futures PF_TRUMPUSD	+0.0198%	1h	2.1418	+0.249%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1350	−0.070%	$243K	$343K	50x	as long as short