Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0341%/8h= +37.4% APRpaid last 24h +0.059%

Price spread now: Backpack against Gate+0.182%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

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

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.262%+$26 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.182%, 7d avg +0.092%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.089% dearer against Gate than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.092%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate TRUMP_USDT	2.2020	−0.0040	get 0.0020% / 4h	2h 30m	$7.8M	$49.0M	75x
Short	Backpack TRUMP_USDC_PERP	2.2060	0.0301	get 0.0038% / 1h	30m 09s	$258K	$320K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.182%Rate

Funding earned: $71.7
Price spread: +0.182% → +0.092%: $8.94
Slippage, 4 orders: −$18.24
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $37.4
Costs to cover: 0.432%
Break-even: 3.3 days

Slippage from Gate: live order book, 4 min ago; Backpack: live order book, 38 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 Gate live order book, 4 min ago	2.27 bp	15.5 bp −$15	33.5 bp −$335	71.2 bp −$7,121	doesn't fit
Sell Backpack live order book, 38 min ago	0.22 bp	6.0 bp −$6	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	2.1970	−0.227%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2002	−0.083%	$5	—	10x	as long as short
Gate TRUMP_USDTlong	−0.0040%	4h	2.2020	long leg	$7.8M	$49.0M	75x
dYdX TRUMP-USD	0.0000%	1h	2.1986	−0.152%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2013	−0.032%	$414K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2009	−0.050%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2128	+0.491%	$108K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0073%	8h	2.1975	−0.205%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	+0.0079%	1h	2.2025	+0.023%	$80	$6K	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1990	−0.136%	$4K	$243K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter TRUMP	+0.0096%	1h	2.2018	−0.009%	$979K	$789K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2056	+0.163%	$14.3M	$7.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1997	−0.103%	$435K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1995	−0.112%	$189K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2029	+0.042%	$64.0M	$235.7M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2030	+0.045%	$31.5M	$48.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2030	+0.045%	$29.0M	$170.1M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2020	0.000%	$438K	$146K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2010	−0.045%	$4.0M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2040	+0.091%	$15.8M	$24.2M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2012	−0.038%	$694K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2016	−0.016%	$181K	$4.7M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2030	+0.045%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2040	+0.091%	$552K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1999	−0.095%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2005	−0.068%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2008	−0.053%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0301%	1h	2.2060	+0.182%	$258K	$320K	10x
Kraken Futures PF_TRUMPUSD	+0.0512%	1h	2.2053	+0.149%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2190	+0.772%	$288K	$307K	50x	as long as short