Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.033%

Price spread now: Lighter against HTX−0.140%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)+0.419%+$42 · spread now −0.140%, 7d avg −0.099%

Together, before fees+0.294%+ Points / potential airdropLighter: Season 3 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Lighter is 0.040% cheaper against HTX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.099%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.125% in total (about -6.5% 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	2.1460	0.0100	pay 0.0050% / 4h	3h 38m	$500K	$2.5M	50x
Short	Lighter TRUMP	2.1430	−0.0256	pay 0.0032% / 1h	38m 25s	$937K	$989K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$74.76
Price spread: −0.140% → −0.099%: −$4.04
Slippage, 4 orders: −$44.97
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$135.76
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from HTX: live order book, just now; Lighter: live order book, 17 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, just now	9.31 bp	23.7 bp −$24	84.8 bp −$848	doesn't fit	doesn't fit
Sell Lighter live order book, 17 min ago	1.86 bp	7.4 bp −$7	33.1 bp −$331	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	−0.1829%	1h	2.1360	−0.466%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0665%	1h	2.1428	−0.149%	$71	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0309%	1h	2.1470	+0.047%	$388K	$81K	10x	as long as short
Variational Omni TRUMP	−0.0300%	4h	2.1441	−0.086%	$661K	$415K	—	as long as short
Bybit TRUMPUSDT	−0.0270%	4h	2.1450	−0.047%	$30.6M	$51.8M	50x	as long as short
Lighter TRUMPshort	−0.0256%	1h	2.1430	−0.140%	$937K	$989K	10x
Binance TRUMPUSDT	−0.0250%	4h	2.1470	+0.047%	$60.9M	$247.0M	75x	as long as short
Extended TRUMP-USD	−0.0248%	1h	2.1460	−0.002%	$74K	$494K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1452	−0.039%	$5	—	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0240%	4h	2.1460	0.000%	$26.9M	$182.7M	50x	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	−0.0228%	4h	2.1470	+0.047%	$7.7M	$49.6M	75x	as long as short
Paradex TRUMP-USD-PERP	−0.0162%	8h	2.1435	−0.118%	$5K	$175	5x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0136%	1h	2.1410	−0.233%	$165K	$472K	50x	as long as short
edgeX TRUMPUSDC	−0.0118%	4h	2.1453	−0.034%	$105K	$252K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0095%	4h	2.1450	−0.047%	$5K	$296K	10x	as long as short
GRVT TRUMP_USDT_Perp	−0.0090%	4h	2.1502	+0.197%	$181K	$4.3M	10x	as long as short
KuCoin TRUMPUSDTM	−0.0038%	4h	2.1460	0.000%	$4.1M	$10.7M	50x	as long as short
dYdX TRUMP-USD	−0.0027%	1h	2.1464	+0.019%	$27K	$805	5x	as long as short
BloFin TRUMP-USDT	−0.0006%	4h	2.1430	−0.140%	$4.2M	$685K	75x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1480	+0.093%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1443	−0.080%	$19K	—	3x	as long as short
Bitget TRUMPUSDT	+0.0030%	4h	2.1460	0.000%	$15.3M	$26.5M	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1482	+0.103%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1478	+0.083%	$407K	$719K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1458	−0.009%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1450	−0.047%	$399K	$148K	125x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1490	+0.140%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDTlong	+0.0100%	4h	2.1460	long leg	$500K	$2.5M	50x
Kraken Futures PF_TRUMPUSD	+0.0121%	1h	2.1463	+0.016%	$1.3M	$2.3M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0136% / S −0.0098%	1h	2.1481	+0.099%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0307%	1h	2.1460	0.000%	$380K	$420K	10x	as long as short