Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.005%

Price spread now: Orderly against Hyperliquid−0.172%7-day average −0.057% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.129%+$13 · spread now −0.172%, 7d avg −0.057%

Together, before fees+0.195%+ Points / potential airdropHyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Orderly is 0.116% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.057%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.066%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.2058	0.0100	pay 0.0013% / 1h	27m 29s	$14.3M	$7.2M	10x
Short	Orderly PERP_TRUMP_USDC	2.2020	0.0086	get 0.0043% / 4h	2h 27m	$4K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.172%Rate

Funding earned: −$2.96
Price spread: −0.172% → −0.057%: −$11.57
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.53
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	0.90 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.807%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2036	−0.098%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0060%	4h	2.2040	−0.082%	$7.8M	$49.1M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2046	−0.053%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2087	+0.131%	$416K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2034	−0.108%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2002	−0.254%	$107K	$262K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0075%	8h	2.2047	−0.051%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDCshort	+0.0086%	4h	2.2020	−0.172%	$4K	$240K	10x
Lighter TRUMP	+0.0096%	1h	2.2035	−0.104%	$980K	$790K	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	+0.091%	$78	$6K	5x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.2058	long leg	$14.3M	$7.2M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.2027	−0.140%	$436K	$861K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2052	−0.025%	$190K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2028	−0.138%	$64.0M	$236.1M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2020	−0.172%	$31.6M	$48.4M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2040	−0.082%	$29.0M	$170.4M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2030	−0.127%	$438K	$146K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2050	−0.036%	$4.0M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2050	−0.036%	$15.8M	$24.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2012	−0.210%	$694K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2006	−0.234%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2100	+0.190%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2090	+0.145%	$553K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1999	−0.266%	$76K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2070	+0.054%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2056	−0.008%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0302%	1h	2.2070	+0.054%	$258K	$320K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0511%	1h	2.2107	+0.220%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2190	+0.598%	$288K	$307K	50x	as long as short