Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0417%/8h= +45.7% APRpaid last 24h +0.054%

Price spread now: Backpack against HTX+0.027%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now +0.027%, 7d avg +0.006%

Together, before fees+0.193%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Backpack is 0.021% dearer against HTX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.006%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.171% in total (about 8.9% 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	HTX TRUMP-USDT	2.2040	0.0100	pay 0.0050% / 4h	56m 19s	$526K	$1.8M	50x
Short	Backpack TRUMP_USDC_PERP	2.2046	0.0517	get 0.0065% / 1h	56m 19s	$260K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.027%Rate

Funding earned: $87.66
Price spread: +0.027% → +0.006%: $2.13
Slippage, 4 orders: −$43.01
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.78
Costs to cover: 0.650%
Break-even: 5.0 days

Slippage from HTX: live order book, 2 min ago; Backpack: live order book, 22 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 HTX live order book, 2 min ago	9.08 bp	26.9 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 22 min ago	0.23 bp	6.6 bp −$7	doesn't fit	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	−0.1537%	1h	2.1920	−0.544%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2022	−0.082%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0022%	1h	2.2027	−0.059%	$413K	$76K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2037	−0.015%	$28K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2030	−0.044%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1928	−0.510%	$119K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0087%	4h	2.2020	−0.091%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0095%	8h	2.2020	−0.089%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2020	−0.091%	$991K	$724K	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2025	−0.067%	$458K	$834K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.2030	−0.044%	$190K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2030	−0.045%	$62.9M	$221.1M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2030	−0.045%	$30.8M	$43.5M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2030	−0.045%	$27.1M	$151.8M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2020	−0.091%	$7.4M	$47.3M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2010	−0.136%	$484K	$131K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2030	−0.045%	$4.7M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2040	0.000%	$15.7M	$21.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1922	−0.535%	$694K	$272K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1946	−0.424%	$191K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2040	0.000%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2025	−0.068%	$74	$6K	5x	as long as short
HTX TRUMP-USDTlong	+0.0100%	4h	2.2040	long leg	$526K	$1.8M	50x
Extended TRUMP-USD	+0.0104%	1h	2.2021	−0.087%	$76K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2026	−0.065%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.2030	−0.045%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0227%	1h	2.2051	+0.050%	$14.2M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2050	+0.045%	$4.2M	$630K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2010	−0.136%	$284K	$403K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0517%	1h	2.2046	+0.027%	$260K	$275K	10x
Kraken Futures PF_TRUMPUSD	+0.0867%	1h	2.2048	+0.034%	$1.3M	$2.5M	50x	as long as short