Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0364%/8h= −39.9% APRpaid last 24h −0.084%

Price spread now: Lighter against BloFin−0.222%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.300%−$30 on $10k

Price spread, last 4 days (all we have)+0.454%+$45 · spread now −0.222%, 7d avg −0.013%

Together, before fees+0.153%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Lighter is 0.209% cheaper against BloFin than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin TRUMP-USDT	2.1650	0.0340	pay 0.0170% / 4h	1h 06m	$4.3M	$654K	75x
Short	Lighter TRUMP	2.1602	−0.0024	pay 0.0003% / 1h	6m 31s	$954K	$906K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.222%Rate

Funding earned: −$76.44
Price spread: −0.222% → −0.013%: −$20.89
Slippage, 4 orders: −$31.21
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$140.54
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Lighter: live order book, 54 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, 2 min ago	6.92 bp	12.9 bp −$13	23.4 bp −$234	43.2 bp −$4,319	141.1 bp −$70.5K
Sell Lighter live order book, 54 min ago	1.60 bp	8.8 bp −$9	28.2 bp −$282	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	−0.1659%	1h	2.1580	−0.323%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1591	−0.272%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0069%	1h	2.1625	−0.115%	$83	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0038%	4h	2.1600	−0.231%	$7.6M	$50.2M	75x	as long as short
Lighter TRUMPshort	−0.0024%	1h	2.1602	−0.222%	$954K	$906K	10x
dYdX TRUMP-USD	0.0000%	1h	2.1626	−0.112%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1647	−0.014%	$407K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1604	−0.211%	$42K	—	150x	as long as short
Bybit TRUMPUSDT	+0.0010%	4h	2.1590	−0.277%	$30.7M	$48.7M	50x	as long as short
Paradex TRUMP-USD-PERP	+0.0027%	8h	2.1594	−0.259%	$5K	$175	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	+0.0050%	4h	2.1694	+0.204%	$106K	$263K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0069%	4h	2.1640	−0.046%	$4K	$236K	10x	as long as short
Variational Omni TRUMP	+0.0080%	4h	2.1731	+0.373%	$685K	$456K	—	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1626	−0.111%	$14.3M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1617	−0.153%	$427K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1607	−0.199%	$186K	$53K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1595	−0.253%	$62.5M	$237.9M	75x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1590	−0.277%	$27.4M	$170.2M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1580	−0.323%	$414K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1610	−0.185%	$4.0M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1590	−0.277%	$15.6M	$25.5M	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1650	0.000%	$253K	$317K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1690	+0.185%	$177K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1650	0.000%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1660	+0.046%	$532K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1579	−0.326%	$74K	$750K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1636	−0.066%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1656	+0.026%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0290%	1h	2.1654	+0.018%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDTlong	+0.0340%	4h	2.1650	long leg	$4.3M	$654K	75x
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1640	−0.046%	$280K	$284K	50x	as long as short