Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Hyperliquid−0.398%7-day average −0.037% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 7 days+0.373%+$37 · spread now −0.398%, 7d avg −0.037%

Together, before fees+0.284%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.362% cheaper against Hyperliquid than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.1812	0.0151	pay 0.0019% / 1h	36m 58s	$14.1M	$7.4M	10x
Short	Variational Omni TRUMP	2.1725	0.0100	get 0.0050% / 4h	2h 36m	$678K	$262K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.398%Rate

Funding earned: −$10.75
Price spread: −0.398% → −0.037%: −$36.16
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$55.91
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Variational Omni: RFQ quote, 52 min ago. 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, 6 min ago	0.23 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 52 min ago	5.01 bp	doesn't fit	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	−0.1787%	1h	2.1600	−0.972%	$13K	$119K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1784	−0.126%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0131%	1h	2.1808	−0.020%	$1.0M	$2.1M	50x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1779	−0.150%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1794	−0.083%	$409K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1788	−0.111%	$41K	—	150x	as long as short
Lighter TRUMP	+0.0048%	1h	2.1777	−0.160%	$970K	$658K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1731	−0.373%	$118K	$243K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0070%	8h	2.1787	−0.115%	$5K	—	5x	as long as short
Gate TRUMP_USDT	+0.0086%	4h	2.1780	−0.147%	$7.4M	$46.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC TRUMP_USDC	+0.0086%	4h	2.1740	−0.330%	$478K	$134K	125x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1780	−0.147%	$3K	$249K	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1794	−0.085%	$457K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1782	−0.138%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1751	−0.278%	$61.9M	$215.5M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1760	−0.238%	$30.3M	$42.0M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1760	−0.238%	$26.6M	$147.1M	50x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1780	−0.147%	$4.7M	$10.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1770	−0.193%	$15.4M	$20.2M	75x	as long as short
Variational Omni TRUMPshort	+0.0100%	4h	2.1725	−0.398%	$678K	$262K	—
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1730	−0.376%	$184K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1810	−0.009%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1789	−0.105%	$71	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1810	−0.009%	$511K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1743	−0.318%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1781	−0.141%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERP	+0.0145%	1h	2.1809	−0.014%	$261K	$262K	10x	as long as short
Hyperliquid TRUMPlong	+0.0151%	1h	2.1812	long leg	$14.1M	$7.4M	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1791	−0.094%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1820	+0.037%	$281K	$397K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1800	−0.055%	$4.2M	$494K	75x	as long as short