Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0270%/8h= −29.6% APRpaid last 24h −0.005%

Price spread now: Extended against GRVT+0.174%92s7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$390.387% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.174%, 7d avg −0.033%

Together, before fees−0.006%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.207% dearer against GRVT than usual: you sell high and buy low (spread +0.174% now, against its 7-day average of −0.033%): +$21 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.008% in total) that is about 6 months. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.008% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT TRUMP_USDT_Perp	2.1432	−0.0010	get 0.0005% / 4h	2h 13m	$173K	$4.7M	10x
Short	Extended TRUMP-USD	2.1469	−0.0280	pay 0.0035% / 1h	13m 46s	$74K	$744K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. 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 GRVTbpFee ExtendedbpOrdersPrice spread, now +0.174%Rate

Funding earned: −$56.7
Price spread: +0.174% → −0.033%: $20.71
Slippage, 4 orders: −$24.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$74.68
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Extended: live order book, 34 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, 5 min ago	2.33 bp	8.0 bp −$8	26.6 bp −$266	doesn't fit	doesn't fit
Sell Extended live order book, 34 min ago	4.66 bp	7.7 bp −$8	31.2 bp −$312	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	−0.1827%	1h	2.1300	−0.616%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0400%	1h	2.1467	+0.163%	$948K	$1.0M	10x	as long as short
SoDEX TRUMP-USD	−0.0351%	1h	2.1465	+0.154%	$84	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0310%	4h	2.1480	+0.224%	$30.4M	$51.9M	50x	as long as short
Binance TRUMPUSDT	−0.0280%	4h	2.1477	+0.210%	$60.6M	$250.9M	75x	as long as short
Extended TRUMP-USDshort	−0.0280%	1h	2.1469	+0.174%	$74K	$744K	25x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1452	+0.092%	$5	—	10x	as long as short
Variational Omni TRUMP	−0.0221%	4h	2.1411	−0.096%	$661K	$426K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0204%	8h	2.1454	+0.101%	$5K	$175	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0169%	1h	2.1470	+0.177%	$404K	$72K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0150%	4h	2.1480	+0.224%	$7.7M	$53.7M	75x	as long as short
edgeX TRUMPUSDC	−0.0139%	4h	2.1419	−0.059%	$104K	$265K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0080%	4h	2.1460	+0.131%	$27.0M	$182.6M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0057%	4h	2.1460	+0.131%	$5K	$225K	10x	as long as short
BloFin TRUMP-USDT	−0.0040%	4h	2.1430	−0.009%	$4.1M	$690K	75x	as long as short
dYdX TRUMP-USD	−0.0019%	1h	2.1456	+0.111%	$27K	$506	5x	as long as short
GRVT TRUMP_USDT_Perplong	−0.0010%	4h	2.1432	long leg	$173K	$4.7M	10x
Aevo TRUMP-PERP	+0.0008%	1h	2.1444	+0.057%	$19K	—	3x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1476	+0.206%	$40K	—	150x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1490	+0.271%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1483	+0.237%	$404K	$772K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1447	+0.071%	$184K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1470	+0.177%	$400K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1480	+0.224%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1480	+0.224%	$15.4M	$26.8M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1480	+0.224%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1500	+0.317%	$481K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1472	+0.188%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0198%	1h	2.1491	+0.277%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0233%	1h	2.1501	+0.322%	$382K	$411K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1480	+0.224%	$237K	$357K	50x	as long as short