Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.024%

Price spread now: Bybit against Lighter+0.061%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.061%, 7d avg +0.001%

Together, before fees−0.050%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.059% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TRUMP	2.1467	−0.0400	get 0.0050% / 1h	13m 34s	$948K	$1.0M	10x
Short	Bybit TRUMPUSDT	2.1480	−0.0310	pay 0.0155% / 4h	2h 13m	$30.4M	$51.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.061%Rate

Funding earned: $18.87
Price spread: +0.061% → +0.001%: $5.93
Slippage, 4 orders: −$25.59
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.78
Costs to cover: 0.366%
Break-even: 11.4 days

Slippage from Lighter: live order book, 2 min ago; Bybit: live order book, 5 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 Lighter live order book, 2 min ago	1.63 bp	8.2 bp −$8	33.4 bp −$334	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.33 bp	12.4 bp −$12	19.9 bp −$199	103.6 bp −$10.4K	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	−0.1827%	1h	2.1300	−0.778%	$12K	$157K	12x	as long as short
Lighter TRUMPlong	−0.0400%	1h	2.1467	long leg	$948K	$1.0M	10x
SoDEX TRUMP-USD	−0.0351%	1h	2.1465	−0.009%	$84	$6K	5x	as long as short
Bybit TRUMPUSDTshort	−0.0310%	4h	2.1480	+0.061%	$30.4M	$51.9M	50x
Binance TRUMPUSDT	−0.0280%	4h	2.1480	+0.061%	$60.6M	$250.9M	75x	as long as short
Extended TRUMP-USD	−0.0280%	1h	2.1479	+0.057%	$74K	$744K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1452	−0.072%	$5	—	10x	as long as short
Variational Omni TRUMP	−0.0221%	4h	2.1411	−0.259%	$661K	$426K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0199%	8h	2.1472	+0.025%	$5K	$175	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0169%	1h	2.1470	+0.014%	$404K	$72K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0140%	4h	2.1470	+0.014%	$7.7M	$53.7M	75x	as long as short
edgeX TRUMPUSDC	−0.0139%	4h	2.1420	−0.220%	$104K	$265K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0080%	4h	2.1470	+0.014%	$27.0M	$182.7M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0057%	4h	2.1460	−0.033%	$5K	$225K	10x	as long as short
BloFin TRUMP-USDT	−0.0040%	4h	2.1430	−0.172%	$4.1M	$690K	75x	as long as short
dYdX TRUMP-USD	−0.0019%	1h	2.1476	+0.041%	$27K	$506	5x	as long as short
GRVT TRUMP_USDT_Perp	−0.0010%	4h	2.1432	−0.163%	$173K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0008%	1h	2.1444	−0.106%	$19K	—	3x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1476	+0.042%	$40K	—	150x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1490	+0.107%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1485	+0.084%	$404K	$772K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1478	+0.053%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1470	+0.014%	$400K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1490	+0.107%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1480	+0.061%	$15.4M	$26.8M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1480	+0.061%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1500	+0.154%	$481K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1472	+0.025%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0198%	1h	2.1491	+0.114%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0233%	1h	2.1501	+0.158%	$382K	$411K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1480	+0.061%	$237K	$357K	50x	as long as short