Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h −0.013%

Price spread now: Backpack against BloFin−0.155%7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.155%, 7d avg +0.096%

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Backpack is 0.251% cheaper against BloFin than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of +0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TRUMP-USDT	2.1870	0.0340	pay 0.0170% / 4h	3h 58m	$4.2M	$632K	75x
Short	Backpack TRUMP_USDC_PERP	2.1836	0.0281	get 0.0035% / 1h	58m 39s	$255K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$12.35
Price spread: −0.155% → +0.096%: −$25.14
Slippage, 4 orders: −$13.79
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$73.27
Costs to cover: 0.358%
Break-even: never at this rate

Slippage from BloFin: live order book, 10 min ago; Backpack: live order book, 15 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 BloFin live order book, 10 min ago	4.56 bp	10.6 bp −$11	14.6 bp −$146	25.2 bp −$2,524	193.0 bp −$96.5K
Sell Backpack live order book, 15 min ago	0.23 bp	8.4 bp −$8	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	−0.1608%	1h	2.1760	−0.503%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1852	−0.083%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1817	−0.244%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1843	−0.123%	$410K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1840	−0.137%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1867	−0.015%	$119K	$250K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1840	−0.137%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1807	−0.288%	$978K	$705K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1823	−0.216%	$5K	—	5x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1864	−0.027%	$14.2M	$7.6M	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	2.1842	−0.129%	$455K	$836K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1826	−0.199%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1814	−0.258%	$62.7M	$226.9M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1820	−0.229%	$30.6M	$44.8M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1820	−0.229%	$27.1M	$152.9M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1820	−0.229%	$7.4M	$46.5M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1800	−0.320%	$472K	$131K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1820	−0.229%	$4.2M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1830	−0.183%	$15.5M	$21.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1862	−0.036%	$638K	$377K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1888	+0.083%	$187K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1860	−0.046%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1835	−0.160%	$72	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1870	0.000%	$553K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1821	−0.225%	$75K	$463K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1840	−0.137%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1837	−0.151%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0281%	1h	2.1836	−0.155%	$255K	$285K	10x
BloFin TRUMP-USDTlong	+0.0340%	4h	2.1870	long leg	$4.2M	$632K	75x
Coinbase International TRUMP-PERP-INTX	+0.0624%	1h	2.2060	+0.869%	$285K	$388K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0788%	1h	2.1868	−0.011%	$1.3M	$2.5M	50x	as long as short