Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h —

Price spread now: Hyperliquid against Phemex−0.019%48s7-day average +0.151% · 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—prices read too far apart to compare

costs, in and out, $10k−$1081.077% of the position

Long on Phemex Short on Hyperliquid

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)+0.170%+$17 · spread now −0.019%, 7d avg +0.151%

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.170% cheaper against Phemex than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.151%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TRUMPUSDT	2.1390	0.0100	pay 0.0050% / 4h	52m 24s	$270K	$599K	50x
Short	Hyperliquid TRUMP	2.1386	0.0100	get 0.0013% / 1h	52m 24s	$13.5M	$7.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → +0.151%: −$16.96
Slippage, 4 orders: −$86.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$124.7
Costs to cover: 1.077%
Break-even: never at this rate

Slippage from Phemex: live order book, 38 min ago; Hyperliquid: live order book, 3 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 Phemex live order book, 38 min ago	4.69 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.40 bp	6.5 bp −$6	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	−0.0462%	1h	2.1385	−0.023%	$80	$6K	5x	as long as short
Binance TRUMPUSDT	−0.0379%	4h	2.1380	−0.047%	$62.5M	$236.3M	75x	as long as short
Extended TRUMP-USD	−0.0376%	1h	2.1378	−0.058%	$74K	$483K	25x	as long as short
Variational Omni TRUMP	−0.0374%	4h	2.1409	+0.090%	$666K	$399K	—	as long as short
Bybit TRUMPUSDT	−0.0326%	4h	2.1390	0.000%	$31.1M	$48.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0320%	1h	2.1410	+0.094%	$128K	$521K	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0315%	4h	2.1390	0.000%	$27.1M	$172.3M	50x	as long as short
MEXC TRUMP_USDC	−0.0272%	4h	2.1360	−0.140%	$386K	$142K	125x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1359	−0.143%	$5	—	10x	as long as short
Lighter TRUMP	−0.0240%	1h	2.1369	−0.098%	$914K	$929K	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0232%	4h	2.1390	0.000%	$7.7M	$46.2M	75x	as long as short
KuCoin TRUMPUSDTM	−0.0228%	4h	2.1370	−0.094%	$4.3M	$10.1M	50x	as long as short
edgeX TRUMPUSDC	−0.0187%	4h	2.1416	+0.123%	$104K	$253K	20x	as long as short
Paradex TRUMP-USD-PERP	−0.0162%	8h	2.1357	−0.153%	$5K	$175	5x	as long as short
BloFin TRUMP-USDT	−0.0135%	4h	2.1370	−0.094%	$4.3M	$656K	75x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0124%	1h	2.1395	+0.023%	$384K	$67K	10x	as long as short
Orderly PERP_TRUMP_USDC	−0.0091%	4h	2.1380	−0.047%	$5K	$292K	10x	as long as short
Bitget TRUMPUSDT	−0.0034%	4h	2.1380	−0.047%	$15.5M	$24.7M	75x	as long as short
Aevo TRUMP-PERP	−0.0016%	1h	2.1366	−0.111%	$19K	—	3x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1375	−0.069%	$25K	$3K	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1386	−0.018%	$40K	—	150x	as long as short
GRVT TRUMP_USDT_Perp	+0.0014%	4h	2.1427	+0.173%	$179K	$4.0M	10x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1350	−0.187%	$12K	$157K	12x	as long as short
Hyperliquid TRUMPshort	+0.0100%	1h	2.1386	−0.019%	$13.5M	$7.3M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1387	−0.013%	$403K	$647K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1367	−0.106%	$184K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1420	+0.140%	$1K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1410	+0.094%	$486K	$2.4M	50x	as long as short
Phemex TRUMPUSDTlong	+0.0100%	4h	2.1390	long leg	$270K	$599K	50x
Backpack TRUMP_USDC_PERP	+0.0191%	1h	2.1416	+0.122%	$382K	$391K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0219%	1h	2.1397	+0.032%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0327%	1h	2.1429	+0.183%	$1.4M	$2.1M	50x	as long as short