Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h +0.076%

Price spread now: Backpack against GRVT+0.243%85s7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as 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−$390.391% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.432%+$43 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.243%, 7d avg +0.105%

Together, before fees+0.301%+ Points / potential airdropGRVT: Active · farm board+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.138% dearer against GRVT than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.105%. The two prices were read 85 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	GRVT TRUMP_USDT_Perp	2.2016	0.0100	pay 0.0050% / 4h	2h 28m	$181K	$4.7M	10x
Short	Backpack TRUMP_USDC_PERP	2.2070	0.0302	get 0.0038% / 1h	28m 13s	$258K	$320K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.243%Rate

Funding earned: $42.49
Price spread: +0.243% → +0.105%: $13.78
Slippage, 4 orders: −$20.07
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $17.2
Costs to cover: 0.391%
Break-even: 4.2 days

Slippage from GRVT: live order book, 6 min ago; Backpack: live order book, 40 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 GRVT live order book, 6 min ago	4.53 bp	11.0 bp −$11	41.9 bp −$419	doesn't fit	doesn't fit
Sell Backpack live order book, 40 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	2.1880	−0.620%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2042	+0.114%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0054%	4h	2.2050	+0.152%	$7.8M	$49.0M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2006	−0.046%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2087	+0.320%	$416K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2065	+0.220%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2020	+0.015%	$107K	$264K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0074%	8h	2.2021	+0.022%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.2070	+0.243%	$4K	$241K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2069	+0.239%	$981K	$789K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX TRUMP-USD	+0.0098%	1h	2.2078	+0.280%	$78	$6K	5x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2060	+0.198%	$14.3M	$7.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2044	+0.124%	$436K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2005	−0.053%	$190K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2062	+0.206%	$64.0M	$235.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2060	+0.198%	$31.6M	$48.4M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2050	+0.152%	$29.1M	$170.4M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2030	+0.061%	$438K	$146K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2080	+0.289%	$4.1M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2050	+0.152%	$15.8M	$24.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2012	−0.022%	$694K	$448K	—	as long as short
GRVT TRUMP_USDT_Perplong	+0.0100%	4h	2.2016	long leg	$181K	$4.7M	10x
SunX TRUMP-USDT	+0.0100%	4h	2.2100	+0.379%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2090	+0.334%	$553K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2069	+0.240%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2070	+0.243%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2056	+0.181%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0302%	1h	2.2070	+0.243%	$258K	$320K	10x
Kraken Futures PF_TRUMPUSD	+0.0511%	1h	2.2107	+0.409%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2190	+0.788%	$288K	$307K	50x	as long as short