Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h —

Price spread now: Phemex against Backpack−0.127%7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1081.076% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 6 hours (all we have)−0.021%−$2 · spread now −0.127%, 7d avg −0.147%

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.021% dearer against Backpack than usual: you sell high and buy low (spread −0.127% now, against its 7-day average of −0.147%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1327	0.0148	pay 0.0018% / 1h	30m 35s	$381K	$390K	10x
Short	Phemex TRUMPUSDT	2.1300	0.0100	get 0.0050% / 4h	1h 30m	$187K	$437K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$10.02
Price spread: −0.127% → −0.147%: $2.09
Slippage, 4 orders: −$85.64
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$115.57
Costs to cover: 1.076%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Phemex: live order book, just now.

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, 16 min ago	0.23 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, just now	4.69 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit

TRUMP on 32 exchanges

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
SoDEX TRUMP-USD	−0.0499%	1h	2.1295	−0.150%	$77	$6K	5x	as long as short
Variational Omni TRUMP	−0.0409%	4h	2.1300	−0.127%	$662K	$400K	—	as long as short
OKX TRUMP-USDT-SWAP	−0.0368%	4h	2.1290	−0.173%	$26.9M	$172.0M	50x	as long as short
Bybit TRUMPUSDT	−0.0367%	4h	2.1310	−0.080%	$31.2M	$48.4M	50x	as long as short
Extended TRUMP-USD	−0.0360%	1h	2.1288	−0.182%	$73K	$493K	25x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0360%	1h	2.1309	−0.084%	$383K	$78K	10x	as long as short
Binance TRUMPUSDT	−0.0359%	4h	2.1310	−0.080%	$62.8M	$238.0M	75x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0296%	1h	2.1250	−0.361%	$130K	$512K	50x	as long as short
Lighter TRUMP	−0.0248%	1h	2.1301	−0.122%	$914K	$958K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1290	−0.174%	$5	—	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0230%	4h	2.1310	−0.080%	$7.6M	$47.7M	75x	as long as short
MEXC TRUMP_USDC	−0.0214%	4h	2.1300	−0.127%	$385K	$143K	125x	as long as short
Paradex TRUMP-USD-PERP	−0.0212%	8h	2.1300	−0.128%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	−0.0177%	4h	2.1265	−0.293%	$104K	$254K	20x	as long as short
KuCoin TRUMPUSDTM	−0.0166%	4h	2.1300	−0.127%	$4.3M	$10.2M	50x	as long as short
BloFin TRUMP-USDT	−0.0116%	4h	2.1310	−0.080%	$4.3M	$688K	75x	as long as short
Orderly PERP_TRUMP_USDC	−0.0084%	4h	2.1290	−0.173%	$5K	$299K	10x	as long as short
Bitget TRUMPUSDT	−0.0052%	4h	2.1310	−0.080%	$15.3M	$24.8M	75x	as long as short
Aevo TRUMP-PERP	−0.0008%	1h	2.1285	−0.197%	$18K	—	3x	as long as short
dYdX TRUMP-USD	−0.0005%	1h	2.1305	−0.105%	$25K	$3K	5x	as long as short
GRVT TRUMP_USDT_Perp	+0.0004%	4h	2.1290	−0.172%	$183K	$4.0M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1313	−0.064%	$40K	—	150x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0023%	1h	2.1326	−0.005%	$1.3M	$2.0M	50x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1600	+1.280%	$13K	$157K	12x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1319	−0.038%	$13.4M	$7.7M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1312	−0.071%	$401K	$643K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1310	−0.080%	$183K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1320	−0.033%	$2K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1320	−0.033%	$484K	$2.5M	50x	as long as short
Phemex TRUMPUSDTshort	+0.0100%	4h	2.1300	−0.127%	$187K	$437K	50x
Backpack TRUMP_USDC_PERPlong	+0.0148%	1h	2.1327	long leg	$381K	$390K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0203% / S −0.0198%	1h	2.1319	−0.037%	$10K	—	100x	as long as short