Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.073%

Price spread now: Backpack against edgeX−0.167%7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.167%, 7d avg +0.103%

Together, before fees+0.484%+ Points / potential airdropedgeX: Active · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.270% cheaper against edgeX than usual: you would sell low and buy high (spread −0.167% now, against its 7-day average of +0.103%). If the spread goes back, that is −$27 on $10k: about 3.5 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX TRUMPUSDC	2.1694	−0.0061	get 0.0030% / 4h	3h 09m	$106K	$263K	20x
Short	Backpack TRUMP_USDC_PERP	2.1658	0.0192	get 0.0024% / 1h	9m 22s	$383K	$399K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −0.167%Rate

Funding earned: $53.16
Price spread: −0.167% → +0.103%: −$26.95
Slippage, 4 orders: −$27.26
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.05
Costs to cover: 0.463%
Break-even: 9.6 days

Slippage from edgeX: live order book, 43 min ago; Backpack: live order book, 44 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 edgeX live order book, 43 min ago	6.88 bp	13.7 bp −$14	36.8 bp −$368	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.23 bp	6.0 bp −$6	22.6 bp −$226	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	−0.1765%	1h	2.1550	−0.664%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0366%	1h	2.1625	−0.319%	$86	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0351%	1h	2.1632	−0.286%	$407K	$72K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0261%	8h	2.1625	−0.319%	$5K	$175	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1561	−0.612%	$5	—	10x	as long as short
Bybit TRUMPUSDT	−0.0154%	4h	2.1560	−0.618%	$30.6M	$50.5M	50x	as long as short
Gate TRUMP_USDT	−0.0146%	4h	2.1570	−0.572%	$7.8M	$52.3M	75x	as long as short
Binance TRUMPUSDT	−0.0145%	4h	2.1550	−0.664%	$60.9M	$246.0M	75x	as long as short
Extended TRUMP-USD	−0.0136%	1h	2.1589	−0.483%	$77K	$718K	25x	as long as short
edgeX TRUMPUSDClong	−0.0061%	4h	2.1694	long leg	$106K	$263K	20x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRUMP	−0.0046%	4h	2.1631	−0.291%	$669K	$447K	—	as long as short
Lighter TRUMP	−0.0032%	1h	2.1629	−0.300%	$956K	$977K	10x	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1648	−0.213%	$27K	$512	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0003%	4h	2.1550	−0.664%	$5K	$198K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1575	−0.547%	$41K	—	150x	as long as short
GRVT TRUMP_USDT_Perp	+0.0042%	4h	2.1695	+0.002%	$182K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0048%	1h	2.1541	−0.707%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0073%	4h	2.1560	−0.618%	$27.7M	$178.7M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1600	−0.434%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1575	−0.551%	$406K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1632	−0.286%	$186K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1590	−0.480%	$405K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1570	−0.572%	$4.3M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1580	−0.526%	$15.6M	$26.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1640	−0.250%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1660	−0.157%	$493K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0107%	4h	2.1680	−0.065%	$4.2M	$663K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1576	−0.546%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1657	−0.173%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0192%	1h	2.1658	−0.167%	$383K	$399K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1750	+0.257%	$284K	$278K	50x	as long as short