Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.058%

Price spread now: Backpack against Binance+0.229%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.411%+$41 on $10k

Price spread, last 4 days (all we have)−0.349%−$35 · spread now +0.229%, 7d avg +0.095%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.135% dearer against Binance than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TRUMPUSDT	2.1467	0.0058	pay 0.0029% / 4h	50m 35s	$60.5M	$240.9M	75x
Short	Backpack TRUMP_USDC_PERP	2.1516	0.0100	get 0.0013% / 1h	50m 35s	$252K	$318K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.229%Rate

Funding earned: $8.86
Price spread: +0.229% → +0.095%: $13.45
Slippage, 4 orders: −$7.59
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.27
Costs to cover: 0.276%
Break-even: 11.2 days

Slippage from Binance: live order book, 8 min ago; Backpack: live order book, 8 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 Binance live order book, 8 min ago	2.33 bp	7.3 bp −$7	9.4 bp −$94	33.4 bp −$3,336	232.9 bp −$116.4K
Sell Backpack live order book, 8 min ago	0.23 bp	6.7 bp −$7	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	−0.1690%	1h	2.1380	−0.404%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0411%	1h	2.1480	+0.062%	$89	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0262%	1h	2.1492	+0.118%	$404K	$72K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1482	+0.069%	$5	—	10x	as long as short
Lighter TRUMP	−0.0240%	1h	2.1462	−0.022%	$949K	$933K	10x	as long as short
Gate TRUMP_USDT	−0.0106%	4h	2.1470	+0.015%	$7.6M	$50.3M	75x	as long as short
Bybit TRUMPUSDT	−0.0036%	4h	2.1470	+0.015%	$30.5M	$49.2M	50x	as long as short
Variational Omni TRUMP	−0.0017%	4h	2.1481	+0.068%	$657K	$482K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0004%	8h	2.1490	+0.107%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1496	+0.138%	$27K	$512	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1504	+0.175%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0035%	4h	2.1566	+0.464%	$105K	$264K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0055%	4h	2.1480	+0.062%	$4K	$221K	10x	as long as short
Extended TRUMP-USD	+0.0056%	1h	2.1459	−0.034%	$74K	$745K	25x	as long as short
Binance TRUMPUSDTlong	+0.0058%	4h	2.1467	long leg	$60.5M	$240.9M	75x
Aevo TRUMP-PERP	+0.0096%	1h	2.1472	+0.025%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1545	+0.363%	$14.2M	$7.3M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1542	+0.353%	$424K	$826K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1500	+0.157%	$185K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1470	+0.015%	$27.0M	$171.4M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1490	+0.108%	$412K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1480	+0.062%	$4.3M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1470	+0.015%	$15.5M	$25.7M	75x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0100%	1h	2.1516	+0.229%	$252K	$318K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1580	+0.528%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1520	+0.248%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1500	+0.155%	$498K	$2.1M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1501	+0.160%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0221%	1h	2.1512	+0.210%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0231%	4h	2.1480	+0.062%	$4.2M	$674K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1550	+0.388%	$279K	$281K	50x	as long as short