Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0650%/8h= −71.1% APRpaid last 24h −0.004%

Price spread now: Orderly against Kraken Futures−0.160%7-day average −0.090% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.160%, 7d avg −0.090%

Together, before fees+0.180%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Orderly is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.090%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.100% in total (about 5.2% 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	Kraken Futures PF_TRUMPUSD	2.1444	0.0599	pay 0.0075% / 1h	52m 09s	$1.3M	$2.3M	50x
Short	Orderly PERP_TRUMP_USDC	2.1410	−0.0050	pay 0.0025% / 4h	52m 09s	$5K	$263K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.160%Rate

Funding earned: −$136.42
Price spread: −0.160% → −0.090%: −$6.95
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$159.37
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 1 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 Kraken Futures live order book, 1 min ago	2.33 bp	18.3 bp −$18	29.9 bp −$299	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 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	−0.1797%	1h	2.1340	−0.486%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1406	−0.176%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0208%	1h	2.1413	−0.146%	$82	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0170%	1h	2.1422	−0.104%	$403K	$81K	10x	as long as short
Binance TRUMPUSDT	−0.0162%	4h	2.1420	−0.113%	$60.6M	$251.4M	75x	as long as short
Extended TRUMP-USD	−0.0160%	1h	2.1404	−0.186%	$74K	$493K	25x	as long as short
Variational Omni TRUMP	−0.0141%	4h	2.1341	−0.481%	$659K	$423K	—	as long as short
OKX TRUMP-USDT-SWAP	−0.0121%	4h	2.1420	−0.113%	$26.6M	$184.2M	50x	as long as short
Gate TRUMP_USDT	−0.0102%	4h	2.1430	−0.066%	$7.6M	$53.1M	75x	as long as short
edgeX TRUMPUSDC	−0.0081%	4h	2.1384	−0.282%	$104K	$254K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TRUMPUSDT	−0.0081%	4h	2.1420	−0.113%	$30.4M	$52.7M	50x	as long as short
Orderly PERP_TRUMP_USDCshort	−0.0050%	4h	2.1410	−0.160%	$5K	$263K	10x
Lighter TRUMP	−0.0048%	1h	2.1404	−0.188%	$936K	$1.0M	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0047%	8h	2.1383	−0.285%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1408	−0.169%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1425	−0.091%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1403	−0.191%	$19K	—	3x	as long as short
KuCoin TRUMPUSDTM	+0.0056%	4h	2.1410	−0.160%	$4.1M	$10.9M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0056%	1h	2.1360	−0.393%	$172K	$455K	50x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1390	−0.253%	$4.1M	$700K	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1451	+0.032%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1429	−0.072%	$402K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1408	−0.168%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1410	−0.160%	$398K	$146K	125x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1430	−0.066%	$15.3M	$27.0M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1432	−0.057%	$181K	$4.4M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1440	−0.020%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1420	−0.113%	$481K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0098%	1h	2.1421	−0.108%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0263%	1h	2.1462	+0.083%	$383K	$423K	10x	as long as short
Kraken Futures PF_TRUMPUSDlong	+0.0599%	1h	2.1444	long leg	$1.3M	$2.3M	50x