Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.056%

Price spread now: SunX against Backpack+0.037%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1681.677% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.037%, 7d avg +0.007%

Together, before fees−0.155%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.029% dearer against Backpack than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of +0.007%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1872	0.0200	pay 0.0025% / 1h	23m 36s	$259K	$261K	10x
Short	SunX TRUMP-USDT	2.1880	0.0100	get 0.0050% / 4h	2h 23m	$2K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$20.99
Price spread: +0.037% → +0.007%: $2.92
Slippage, 4 orders: −$149.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$185.74
Costs to cover: 1.677%
Break-even: never at this rate

Slippage from Backpack: live order book, 64 min ago; SunX: live order book, 11 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, 64 min ago	0.23 bp	6.2 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	32.05 bp	92.7 bp −$93	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	−0.1787%	1h	2.1710	−0.741%	$13K	$119K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1855	−0.080%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0130%	1h	2.1874	+0.008%	$1.1M	$2.1M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0070%	1h	2.1862	−0.046%	$410K	$79K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1859	−0.058%	$27K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1864	−0.035%	$41K	—	150x	as long as short
Lighter TRUMP	+0.0048%	1h	2.1849	−0.105%	$972K	$660K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1803	−0.314%	$119K	$247K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0076%	8h	2.1866	−0.028%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1850	−0.101%	$3K	$249K	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	2.1862	−0.045%	$458K	$831K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1862	−0.044%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1862	−0.046%	$62.2M	$215.4M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1870	−0.009%	$30.4M	$42.1M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1860	−0.055%	$26.7M	$147.7M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1860	−0.055%	$7.4M	$46.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1850	−0.101%	$480K	$134K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1860	−0.055%	$4.7M	$10.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1870	−0.009%	$15.5M	$20.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1844	−0.127%	$680K	$262K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1830	−0.192%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDTshort	+0.0100%	4h	2.1880	+0.037%	$2K	$1.5M	50x
SoDEX TRUMP-USD	+0.0100%	1h	2.1855	−0.078%	$72	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1870	−0.009%	$513K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1870	−0.011%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1844	−0.127%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0135%	1h	2.1881	+0.041%	$14.1M	$7.4M	10x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0200%	1h	2.1872	long leg	$259K	$261K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1862	−0.046%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1950	+0.357%	$282K	$401K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1840	−0.146%	$4.1M	$495K	75x	as long as short