Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: Deribit against Bybit−0.159%45s7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as 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−$720.720% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now −0.159%, 7d avg +0.041%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.200% cheaper against Bybit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.041%). Swap the legs. 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	2.2020	0.0100	pay 0.0050% / 4h	2h 03m	$31.6M	$48.2M	50x
Short	Deribit TRUMP_USDC-PERPETUAL	2.1985	0	get 0.0000% / 1h	3m 30s	$414K	$79K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$21
Price spread: −0.159% → +0.041%: −$20.01
Slippage, 4 orders: −$53.96
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$112.97
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Deribit: live order book, 65 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, 5 min ago	2.29 bp	11.2 bp −$11	19.5 bp −$195	115.5 bp −$11.6K	doesn't fit
Sell Deribit live order book, 65 min ago	8.90 bp	23.4 bp −$23	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	−0.999%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1991	−0.130%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0060%	4h	2.2020	0.000%	$7.8M	$49.9M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2026	+0.027%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUALshort	0.0000%	1h	2.1985	−0.159%	$414K	$79K	10x
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1995	−0.113%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1884	−0.619%	$106K	$263K	20x	as long as short
Lighter TRUMP	+0.0056%	1h	2.2003	−0.077%	$980K	$800K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0070%	8h	2.2010	−0.044%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	+0.0076%	1h	2.1975	−0.204%	$82	$6K	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	2.1980	−0.182%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2034	+0.064%	$14.5M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2025	+0.020%	$435K	$862K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2028	+0.036%	$190K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2020	0.000%	$64.0M	$235.6M	75x	as long as short
Bybit TRUMPUSDTlong	+0.0100%	4h	2.2020	long leg	$31.6M	$48.2M	50x
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2000	−0.091%	$28.6M	$170.0M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2010	−0.045%	$438K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2020	0.000%	$4.3M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2020	0.000%	$15.7M	$24.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1911	−0.494%	$690K	$447K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1923	−0.440%	$180K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2010	−0.045%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2010	−0.045%	$549K	$2.1M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2010	−0.047%	$77K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1965	−0.250%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1994	−0.116%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0270%	1h	2.2040	+0.091%	$258K	$316K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0513%	1h	2.1998	−0.101%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.1880	−0.636%	$284K	$302K	50x	as long as short