Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.056%

Price spread now: Backpack against Orderly+0.082%7-day average +0.113% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.315%+$32 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.082%, 7d avg +0.113%

Together, before fees+0.298%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against Orderly than usual: you would sell low and buy high (spread +0.082% now, against its 7-day average of +0.113%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TRUMP_USDC	2.1860	0.0086	pay 0.0043% / 4h	1h 36m	$3K	$249K	10x
Short	Backpack TRUMP_USDC_PERP	2.1878	0.0317	get 0.0040% / 1h	36m 36s	$260K	$269K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.082%Rate

Funding earned: $48.56
Price spread: +0.082% → +0.113%: −$3.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $29.45
Costs to cover: 0.160%
Break-even: 2.8 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 47 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 47 min ago	0.23 bp	6.1 bp −$6	doesn't fit	doesn't fit	doesn't fit

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	−0.1472%	1h	2.1810	−0.229%	$13K	$137K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1852	−0.036%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1847	−0.059%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1859	−0.005%	$410K	$79K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1867	+0.030%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1934	+0.340%	$120K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDClong	+0.0086%	4h	2.1860	long leg	$3K	$249K	10x
Paradex TRUMP-USD-PERP	+0.0090%	8h	2.1828	−0.146%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1843	−0.078%	$972K	$672K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1877	+0.076%	$14.0M	$7.5M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.1844	−0.075%	$455K	$832K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1848	−0.055%	$188K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1815	−0.207%	$62.2M	$217.5M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1830	−0.137%	$30.6M	$42.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1840	−0.091%	$26.7M	$148.8M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1830	−0.137%	$7.3M	$47.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1840	−0.091%	$480K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1860	0.000%	$4.5M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1830	−0.137%	$15.5M	$20.7M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1962	+0.469%	$685K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1922	+0.283%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1880	+0.091%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1858	−0.009%	$70	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1880	+0.091%	$524K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1821	−0.177%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1849	−0.052%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1863	+0.012%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0317%	1h	2.1878	+0.082%	$260K	$269K	10x
BloFin TRUMP-USDT	+0.0340%	4h	2.1870	+0.046%	$4.2M	$515K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1860	0.000%	$281K	$398K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0522%	1h	2.1885	+0.113%	$1.3M	$2.5M	50x	as long as short