Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0226%/8h= −24.8% APRpaid last 24h —

Price spread now: Phemex against Kraken Futures−0.190%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1311.307% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 6 hours (all we have)+0.071%+$7 · spread now −0.190%, 7d avg −0.119%

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.071% 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 −0.119%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TRUMPUSD	2.1461	0.0326	pay 0.0041% / 1h	44m 59s	$1.4M	$2.1M	50x
Short	Phemex TRUMPUSDT	2.1420	0.0100	get 0.0050% / 4h	44m 59s	$283K	$624K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$47.52
Price spread: −0.190% → −0.119%: −$7.07
Slippage, 4 orders: −$108.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$185.25
Costs to cover: 1.307%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Phemex: live order book, 46 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 Kraken Futures live order book, 2 min ago	4.67 bp	19.1 bp −$19	30.1 bp −$301	doesn't fit	doesn't fit
Sell Phemex live order book, 46 min ago	4.69 bp	47.2 bp −$47	doesn't fit	doesn't fit	doesn't fit

TRUMP on 32 exchanges

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
SoDEX TRUMP-USD	−0.0441%	1h	2.1418	−0.199%	$80	$6K	5x	as long as short
Extended TRUMP-USD	−0.0392%	1h	2.1428	−0.153%	$76K	$486K	25x	as long as short
Binance TRUMPUSDT	−0.0388%	4h	2.1440	−0.097%	$62.7M	$235.4M	75x	as long as short
Variational Omni TRUMP	−0.0388%	4h	2.1350	−0.518%	$665K	$399K	—	as long as short
Bybit TRUMPUSDT	−0.0334%	4h	2.1440	−0.097%	$31.2M	$48.0M	50x	as long as short
Lighter TRUMP	−0.0320%	1h	2.1425	−0.167%	$916K	$929K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0320%	1h	2.1270	−0.889%	$125K	$520K	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0286%	4h	2.1440	−0.097%	$27.2M	$172.5M	50x	as long as short
MEXC TRUMP_USDC	−0.0286%	4h	2.1420	−0.190%	$388K	$142K	125x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1410	−0.239%	$5	—	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TRUMPUSDTM	−0.0228%	4h	2.1430	−0.143%	$4.3M	$10.0M	50x	as long as short
Gate TRUMP_USDT	−0.0214%	4h	2.1420	−0.190%	$7.7M	$46.4M	75x	as long as short
edgeX TRUMPUSDC	−0.0193%	4h	2.1316	−0.674%	$104K	$253K	20x	as long as short
Paradex TRUMP-USD-PERP	−0.0150%	8h	2.1387	−0.343%	$5K	$175	5x	as long as short
BloFin TRUMP-USDT	−0.0148%	4h	2.1420	−0.190%	$4.3M	$657K	75x	as long as short
Orderly PERP_TRUMP_USDC	−0.0089%	4h	2.1410	−0.236%	$5K	$291K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0077%	1h	2.1430	−0.143%	$385K	$67K	10x	as long as short
Bitget TRUMPUSDT	−0.0032%	4h	2.1440	−0.097%	$15.5M	$24.7M	75x	as long as short
dYdX TRUMP-USD	−0.0021%	1h	2.1414	−0.216%	$25K	$3K	5x	as long as short
Aevo TRUMP-PERP	−0.0016%	1h	2.1435	−0.122%	$19K	—	3x	as long as short
GRVT TRUMP_USDT_Perp	+0.0004%	4h	2.1380	−0.376%	$169K	$4.0M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1423	−0.176%	$40K	—	150x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1350	−0.516%	$12K	$157K	12x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1446	−0.069%	$13.6M	$7.4M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1435	−0.121%	$404K	$647K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1394	−0.313%	$184K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1440	−0.097%	$2K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1440	−0.097%	$476K	$2.4M	50x	as long as short
Phemex TRUMPUSDTshort	+0.0100%	4h	2.1420	−0.190%	$283K	$624K	50x
Backpack TRUMP_USDC_PERP	+0.0191%	1h	2.1468	+0.034%	$383K	$388K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0220% / S −0.0223%	1h	2.1427	−0.158%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSDlong	+0.0326%	1h	2.1461	long leg	$1.4M	$2.1M	50x