Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0525%/8h= +57.5% APRpaid last 24h +0.053%

Price spread now: Backpack against OKX+0.068%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.068%, 7d avg +0.113%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.045% cheaper against OKX than usual: you would sell low and buy high (spread +0.068% now, against its 7-day average of +0.113%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.283% in total) that is about 27 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.283% in total (about 14.8% 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	OKX TRUMP-USDT-SWAP	2.2120	0.0100	pay 0.0050% / 4h	52m 08s	$27.3M	$152.9M	50x
Short	Backpack TRUMP_USDC_PERP	2.2135	0.0625	get 0.0078% / 1h	52m 08s	$261K	$275K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.068%Rate

Funding earned: $110.2
Price spread: +0.068% → +0.113%: −$4.48
Slippage, 4 orders: −$8.55
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $77.16
Costs to cover: 0.285%
Break-even: 2.1 days

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 26 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 OKX live order book, 2 min ago	2.26 bp	7.3 bp −$7	14.2 bp −$142	45.7 bp −$4,574	doesn't fit
Sell Backpack live order book, 26 min ago	0.23 bp	6.6 bp −$7	doesn't fit	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	−0.1537%	1h	2.2010	−0.497%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2102	−0.081%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2116	−0.017%	$28K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2103	−0.077%	$415K	$76K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2114	−0.027%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2074	−0.209%	$120K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0087%	4h	2.2110	−0.045%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0095%	8h	2.2095	−0.114%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2107	−0.059%	$993K	$726K	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2110	−0.045%	$461K	$834K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.2103	−0.077%	$190K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2113	−0.033%	$63.4M	$222.0M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2120	0.000%	$31.0M	$43.7M	50x	as long as short
OKX TRUMP-USDT-SWAPlong	+0.0100%	4h	2.2120	long leg	$27.3M	$152.9M	50x
Gate TRUMP_USDT	+0.0100%	4h	2.2110	−0.045%	$7.5M	$47.5M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2100	−0.090%	$486K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2110	−0.045%	$4.7M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2120	0.000%	$15.8M	$21.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2022	−0.443%	$690K	$279K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2130	+0.047%	$194K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2130	+0.045%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2109	−0.050%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2130	+0.045%	$526K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2101	−0.087%	$76K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2093	−0.122%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.2104	−0.074%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0306%	1h	2.2138	+0.081%	$14.3M	$7.4M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2130	+0.045%	$4.2M	$633K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2010	−0.497%	$284K	$401K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0625%	1h	2.2135	+0.068%	$261K	$275K	10x
Kraken Futures PF_TRUMPUSD	+0.0863%	1h	2.2138	+0.082%	$1.3M	$2.5M	50x	as long as short