Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0153%/8h= +16.7% APRpaid last 24h +0.056%

Price spread now: Backpack against Bybit−0.089%45s7-day average +0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.351% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.089%, 7d avg +0.098%

Together, before fees+0.270%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.186% cheaper against Bybit than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.098%). If the spread goes back, that is −$19 on $10k: about 4.1 days of funding at the current rate (+$5 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRUMPUSDT	2.1440	−0.0053	get 0.0026% / 4h	48m 15s	$30.5M	$49.3M	50x
Short	Backpack TRUMP_USDC_PERP	2.1421	0.0100	get 0.0013% / 1h	48m 15s	$251K	$319K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.089%Rate

Funding earned: $32.04
Price spread: −0.089% → +0.098%: −$18.64
Slippage, 4 orders: −$14.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.7
Costs to cover: 0.351%
Break-even: 11.7 days

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 10 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 Bybit live order book, 1 min ago	2.33 bp	12.5 bp −$12	19.5 bp −$195	124.4 bp −$12.4K	doesn't fit
Sell Backpack live order book, 10 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	2.1340	−0.466%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0432%	1h	2.1425	−0.070%	$88	$6K	5x	as long as short
Lighter TRUMP	−0.0272%	1h	2.1420	−0.093%	$947K	$933K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1436	−0.017%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0123%	1h	2.1434	−0.028%	$403K	$72K	10x	as long as short
Gate TRUMP_USDT	−0.0120%	4h	2.1440	0.000%	$7.6M	$50.4M	75x	as long as short
Bybit TRUMPUSDTlong	−0.0053%	4h	2.1440	long leg	$30.5M	$49.3M	50x
Variational Omni TRUMP	−0.0017%	4h	2.1481	+0.192%	$657K	$482K	—	as long as short
dYdX TRUMP-USD	−0.0009%	1h	2.1434	−0.028%	$27K	$512	5x	as long as short
Paradex TRUMP-USD-PERP	−0.0006%	8h	2.1428	−0.057%	$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
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1455	+0.068%	$40K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0035%	4h	2.1566	+0.589%	$105K	$264K	20x	as long as short
Extended TRUMP-USD	+0.0040%	1h	2.1424	−0.073%	$74K	$745K	25x	as long as short
Binance TRUMPUSDT	+0.0043%	4h	2.1450	+0.047%	$60.4M	$241.0M	75x	as long as short
Orderly PERP_TRUMP_USDC	+0.0052%	4h	2.1430	−0.047%	$4K	$221K	10x	as long as short
Aevo TRUMP-PERP	+0.0088%	1h	2.1553	+0.527%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1467	+0.126%	$14.1M	$7.3M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1433	−0.033%	$421K	$826K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1424	−0.076%	$184K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1430	−0.047%	$27.0M	$171.3M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1440	0.000%	$411K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1450	+0.047%	$4.3M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1430	−0.047%	$15.5M	$25.7M	75x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0100%	1h	2.1421	−0.089%	$251K	$319K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1580	+0.653%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1450	+0.047%	$1K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1430	−0.047%	$496K	$2.1M	50x	as long as short
BloFin TRUMP-USDT	+0.0210%	4h	2.1380	−0.280%	$4.1M	$671K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1458	+0.085%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0221%	1h	2.1452	+0.054%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1550	+0.513%	$279K	$281K	50x	as long as short