Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.056%

Price spread now: Backpack against KuCoin+0.045%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.526% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.045%, 7d avg +0.081%

Together, before fees+0.352%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.036% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.045% now, against its 7-day average of +0.081%). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin TRUMPUSDTM	2.2030	0.0100	pay 0.0050% / 4h	2h 03m	$4.3M	$11.0M	50x
Short	Backpack TRUMP_USDC_PERP	2.2040	0.0270	get 0.0034% / 1h	3m 22s	$258K	$316K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.045%Rate

Funding earned: $35.72
Price spread: +0.045% → +0.081%: −$3.61
Slippage, 4 orders: −$30.57
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.46
Costs to cover: 0.526%
Break-even: 11.0 days

Slippage from KuCoin: live order book, 5 min ago; Backpack: live order book, 65 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 KuCoin live order book, 5 min ago	2.28 bp	17.0 bp −$17	96.8 bp −$968	doesn't fit	doesn't fit
Sell Backpack live order book, 65 min ago	0.22 bp	6.0 bp −$6	doesn't fit	doesn't fit	doesn't fit

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	2.1800	−1.044%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1991	−0.175%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0060%	4h	2.1990	−0.182%	$7.7M	$49.9M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2026	−0.018%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1985	−0.204%	$414K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2005	−0.115%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1884	−0.665%	$106K	$263K	20x	as long as short
Lighter TRUMP	+0.0056%	1h	2.2003	−0.123%	$980K	$800K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0070%	8h	2.2010	−0.089%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	+0.0076%	1h	2.1975	−0.250%	$82	$6K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1990	−0.182%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2013	−0.077%	$14.5M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2030	+0.002%	$436K	$862K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2028	−0.009%	$190K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2000	−0.136%	$63.9M	$235.6M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1990	−0.182%	$31.6M	$48.2M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2000	−0.136%	$28.6M	$170.1M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1990	−0.182%	$437K	$148K	125x	as long as short
KuCoin TRUMPUSDTMlong	+0.0100%	4h	2.2030	long leg	$4.3M	$11.0M	50x
Bitget TRUMPUSDT	+0.0100%	4h	2.1990	−0.182%	$15.7M	$24.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1911	−0.539%	$690K	$447K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1923	−0.485%	$180K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2010	−0.091%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2010	−0.091%	$549K	$2.1M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2010	−0.092%	$77K	$599K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1975	−0.250%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.1995	−0.158%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0270%	1h	2.2040	+0.045%	$258K	$316K	10x
Kraken Futures PF_TRUMPUSD	+0.0513%	1h	2.1998	−0.147%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.1880	−0.681%	$284K	$302K	50x	as long as short