Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.029%

Price spread now: Orderly against Deribit−0.169%55s7-day average −0.045% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)+0.174%+$17 · spread now −0.169%, 7d avg −0.045%

Together, before fees+0.366%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.124% cheaper against Deribit than usual: you would sell low and buy high (spread −0.169% now, against its 7-day average of −0.045%). If the spread goes back, that is −$12 on $10k: about 4.9 days of funding at the current rate (+$3 a day). The two prices were read 55 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	Deribit TRUMP_USDC-PERPETUAL	2.1927	0	get 0.0000% / 1h	0m 18s	$413K	$73K	10x
Short	Orderly PERP_TRUMP_USDC	2.1890	0.0085	get 0.0042% / 4h	2h 00m	$4K	$239K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.169%Rate

Funding earned: $17.85
Price spread: −0.169% → −0.045%: −$12.42
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.58
Costs to cover: 0.130%
Break-even: 10.0 days

Slippage unknown: Deribit: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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 Deribit live order book, 3 min ago	6.82 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1850	−0.351%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1881	−0.208%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0086%	4h	2.1890	−0.169%	$7.7M	$49.9M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1920	−0.032%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUALlong	0.0000%	1h	2.1927	long leg	$413K	$73K	10x
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1896	−0.140%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1997	+0.317%	$107K	$264K	20x	as long as short
Lighter TRUMP	+0.0056%	1h	2.1901	−0.119%	$974K	$800K	10x	as long as short
SoDEX TRUMP-USD	+0.0060%	1h	2.1915	−0.055%	$82	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	+0.0066%	8h	2.1903	−0.109%	$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_USDCshort	+0.0085%	4h	2.1890	−0.169%	$4K	$239K	10x
Hyperliquid TRUMP	+0.0100%	1h	2.1916	−0.050%	$14.4M	$7.6M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1923	−0.019%	$433K	$862K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1918	−0.041%	$189K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1886	−0.188%	$63.6M	$234.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1880	−0.214%	$31.4M	$48.0M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1880	−0.214%	$28.5M	$168.9M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1890	−0.169%	$435K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1920	−0.032%	$4.3M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1890	−0.169%	$15.7M	$24.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1911	−0.072%	$690K	$447K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1941	+0.066%	$183K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1910	−0.078%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1960	+0.150%	$548K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1900	−0.124%	$77K	$593K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1880	−0.214%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1897	−0.137%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0261%	1h	2.1941	+0.064%	$257K	$315K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0514%	1h	2.1945	+0.082%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2000	+0.333%	$285K	$304K	50x	as long as short