Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.056%

Price spread now: Backpack against Bitget+0.160%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.294%+$29 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now +0.160%, 7d avg +0.097%

Together, before fees+0.193%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.063% dearer against Bitget than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TRUMPUSDT	2.1890	0.0100	pay 0.0050% / 4h	2h 07m	$15.6M	$24.4M	75x
Short	Backpack TRUMP_USDC_PERP	2.1925	0.0259	get 0.0032% / 1h	7m 24s	$258K	$317K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.160%Rate

Funding earned: $33.46
Price spread: +0.160% → +0.097%: $6.32
Slippage, 4 orders: −$15.9
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $1.88
Costs to cover: 0.379%
Break-even: 6.6 days

Slippage from Bitget: live order book, 1 min ago; Backpack: live order book, 61 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 Bitget live order book, 1 min ago	2.29 bp	12.6 bp −$13	20.3 bp −$203	55.5 bp −$5,550	doesn't fit
Sell Backpack live order book, 61 min ago	0.22 bp	6.0 bp −$6	doesn't fit	doesn't fit	doesn't fit

TRUMP on 30 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	−0.1623%	1h	2.1800	−0.411%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1881	−0.039%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0086%	4h	2.1890	0.000%	$7.7M	$49.8M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1906	+0.074%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1900	+0.046%	$412K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1896	+0.029%	$42K	—	150x	as long as short
Lighter TRUMP	+0.0040%	1h	2.1898	+0.037%	$975K	$800K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1814	−0.349%	$106K	$263K	20x	as long as short
SoDEX TRUMP-USD	+0.0068%	1h	2.1888	−0.009%	$82	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	+0.0071%	8h	2.1887	−0.012%	$5K	$175	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1870	−0.091%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1901	+0.050%	$14.4M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1925	+0.158%	$434K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1910	+0.092%	$189K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1882	−0.035%	$63.5M	$236.2M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1870	−0.091%	$31.4M	$48.4M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1880	−0.046%	$28.5M	$169.9M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1880	−0.046%	$435K	$147K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1900	+0.046%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDTlong	+0.0100%	4h	2.1890	long leg	$15.6M	$24.4M	75x
Variational Omni TRUMP	+0.0100%	4h	2.1881	−0.040%	$688K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1803	−0.396%	$180K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1910	+0.091%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1880	−0.046%	$562K	$2.2M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1890	0.000%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1880	−0.046%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1899	+0.040%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0259%	1h	2.1925	+0.160%	$258K	$317K	10x
Kraken Futures PF_TRUMPUSD	+0.0515%	1h	2.1913	+0.107%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.1880	−0.046%	$284K	$303K	50x	as long as short