TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0085%/8h= +9.4% APRnext payment +$0.11 per $10,000 · paid last 24h +0.051%

Price spread now: Backpack against Hyperliquid+0.249%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.390%+$39 on $10k

Price spread, last 4 days (all we have)−0.297%−$30 · spread now +0.249%, 7d avg +0.044%

Together, before fees+0.094%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.205% dearer against Hyperliquid than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.1243	0.0100	pay 0.0013% / 1h	39m 27s	$13.3M	$8.1M	10x
Short	Backpack TRUMP_USDC_PERP	2.1296	0.0185	get 0.0023% / 1h	39m 27s	$381K	$408K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.249%Rate

Funding earned: $17.94
Price spread: +0.249% → +0.044%: $20.52
Slippage, 4 orders: −$15.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4
Costs to cover: 0.345%
Break-even: 5.4 days

Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 9 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 Hyperliquid live order book, 3 min ago	0.94 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	0.23 bp	6.0 bp −$6	14.2 bp −$142	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	2.1260	+0.080%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0588%	1h	2.1255	+0.056%	$83	$6K	5x	as long as short
Lighter TRUMP	−0.0544%	1h	2.1236	−0.033%	$938K	$996K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0455%	1h	2.1270	+0.127%	$400K	$72K	10x	as long as short
Bybit TRUMPUSDT	−0.0297%	4h	2.1220	−0.108%	$30.0M	$51.3M	50x	as long as short
Binance TRUMPUSDT	−0.0248%	4h	2.1210	−0.155%	$59.9M	$248.3M	75x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1229	−0.064%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0242%	8h	2.1240	−0.015%	$5K	$175	5x	as long as short
Extended TRUMP-USD	−0.0240%	1h	2.1225	−0.087%	$73K	$743K	25x	as long as short
Variational Omni TRUMP	−0.0142%	4h	2.1302	+0.276%	$659K	$427K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0113%	4h	2.1372	+0.607%	$104K	$263K	20x	as long as short
Gate TRUMP_USDT	−0.0112%	4h	2.1240	−0.014%	$7.6M	$52.6M	75x	as long as short
GRVT TRUMP_USDT_Perp	−0.0068%	4h	2.1267	+0.111%	$178K	$4.6M	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0051%	4h	2.1210	−0.155%	$26.7M	$178.5M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0032%	4h	2.1280	+0.174%	$5K	$219K	10x	as long as short
dYdX TRUMP-USD	−0.0024%	1h	2.1257	+0.065%	$27K	$506	5x	as long as short
BloFin TRUMP-USDT	+0.0002%	4h	2.1260	+0.080%	$4.1M	$640K	75x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1288	+0.212%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1255	+0.056%	$18K	—	3x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.1243	long leg	$13.3M	$8.1M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1233	−0.048%	$399K	$801K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1246	+0.014%	$183K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1240	−0.014%	$395K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1240	−0.014%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1240	−0.014%	$15.3M	$26.6M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1300	+0.268%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1290	+0.221%	$485K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0170% / S −0.0141%	1h	2.1280	+0.174%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0185%	1h	2.1296	+0.249%	$381K	$408K	10x
Kraken Futures PF_TRUMPUSD	+0.0200%	1h	2.1290	+0.219%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1270	+0.127%	$264K	$306K	50x	as long as short