Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0220%/8h= −24.0% APRpaid last 24h −0.028%

Price spread now: Bybit against GMX−0.095%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.095% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TRUMP/USD [ETH-USDC]	2.1400	L +0.0137% / S −0.0099%	pay 0.0017% / 1h	31m 11s	$9K	—	100x
Short	Bybit TRUMPUSDT	2.1380	−0.0083	pay 0.0041% / 4h	1h 31m	$30.4M	$52.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$46.1
Price spread: −0.095% → 0.000%: −$9.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$78.6
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 8 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 8 min ago	2.34 bp	7.8 bp −$8	15.5 bp −$155	83.8 bp −$8,380	doesn't fit

GMX: 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 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	−0.1927%	1h	2.1260	−0.656%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1382	−0.087%	$5	—	10x	as long as short
Extended TRUMP-USD	−0.0208%	1h	2.1380	−0.096%	$74K	$645K	25x	as long as short
Binance TRUMPUSDT	−0.0204%	4h	2.1390	−0.048%	$60.4M	$251.4M	75x	as long as short
Variational Omni TRUMP	−0.0157%	4h	2.1351	−0.229%	$659K	$424K	—	as long as short
edgeX TRUMPUSDC	−0.0106%	4h	2.1350	−0.233%	$104K	$265K	20x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0099%	1h	2.1420	+0.090%	$1.3M	$2.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0099%	4h	2.1390	−0.048%	$26.4M	$184.4M	50x	as long as short
Gate TRUMP_USDT	−0.0092%	4h	2.1390	−0.048%	$7.7M	$53.6M	75x	as long as short
Bybit TRUMPUSDTshort	−0.0083%	4h	2.1380	−0.095%	$30.4M	$52.5M	50x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	−0.0061%	4h	2.1390	−0.048%	$5K	$246K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0061%	8h	2.1368	−0.152%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	−0.0008%	1h	2.1385	−0.072%	$82	$6K	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1386	−0.066%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1401	+0.003%	$403K	$81K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1399	−0.009%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0032%	1h	2.1377	−0.109%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0036%	4h	2.1410	+0.045%	$4.1M	$684K	75x	as long as short
Lighter TRUMP	+0.0088%	1h	2.1381	−0.090%	$944K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1399	−0.006%	$13.5M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1400	−0.002%	$402K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1384	−0.076%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1390	−0.048%	$398K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1390	−0.048%	$4.1M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1400	−0.002%	$15.2M	$27.2M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1388	−0.057%	$175K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1410	+0.045%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1410	+0.045%	$481K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]long	L +0.0137% / S −0.0099%	1h	2.1400	long leg	$9K	—	100x
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1360	−0.188%	$202K	$421K	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0353%	1h	2.1426	+0.120%	$379K	$415K	10x	as long as short