Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h —

Price spread now: Lighter against Phemex+0.094%7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1071.072% of the position

Long on Phemex Short on Lighter

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)−0.162%−$16 · spread now +0.094%, 7d avg −0.068%

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.162% dearer against Phemex than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of −0.068%): +$16 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex TRUMPUSDT	2.1360	0.0100	pay 0.0050% / 4h	47m 20s	$278K	$615K	50x
Short	Lighter TRUMP	2.1380	−0.0280	pay 0.0035% / 1h	47m 20s	$914K	$929K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$79.8
Price spread: +0.094% → −0.068%: $16.19
Slippage, 4 orders: −$95.24
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$170.85
Costs to cover: 1.072%
Break-even: never at this rate

Slippage from Phemex: live order book, 43 min ago; Lighter: live order book, 56 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, 43 min ago	4.69 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 56 min ago	1.40 bp	7.5 bp −$8	33.4 bp −$334	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	−0.0449%	1h	2.1355	−0.023%	$80	$6K	5x	as long as short
Binance TRUMPUSDT	−0.0387%	4h	2.1405	+0.211%	$62.6M	$235.8M	75x	as long as short
Extended TRUMP-USD	−0.0384%	1h	2.1388	+0.130%	$76K	$486K	25x	as long as short
Variational Omni TRUMP	−0.0381%	4h	2.1339	−0.097%	$664K	$399K	—	as long as short
Bybit TRUMPUSDT	−0.0325%	4h	2.1410	+0.234%	$31.1M	$48.1M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0320%	1h	2.1270	−0.421%	$125K	$520K	50x	as long as short
OKX TRUMP-USDT-SWAP	−0.0311%	4h	2.1390	+0.140%	$27.1M	$172.4M	50x	as long as short
Lighter TRUMPshort	−0.0280%	1h	2.1380	+0.094%	$914K	$929K	10x
MEXC TRUMP_USDC	−0.0280%	4h	2.1380	+0.094%	$387K	$142K	125x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1400	+0.185%	$5	—	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TRUMPUSDTM	−0.0232%	4h	2.1400	+0.187%	$4.3M	$10.0M	50x	as long as short
Gate TRUMP_USDT	−0.0230%	4h	2.1390	+0.140%	$7.7M	$46.3M	75x	as long as short
edgeX TRUMPUSDC	−0.0193%	4h	2.1316	−0.205%	$104K	$253K	20x	as long as short
Paradex TRUMP-USD-PERP	−0.0159%	8h	2.1388	+0.131%	$5K	$175	5x	as long as short
BloFin TRUMP-USDT	−0.0146%	4h	2.1280	−0.375%	$4.3M	$652K	75x	as long as short
Orderly PERP_TRUMP_USDC	−0.0090%	4h	2.1400	+0.187%	$5K	$291K	10x	as long as short
Bitget TRUMPUSDT	−0.0034%	4h	2.1410	+0.234%	$15.5M	$24.7M	75x	as long as short
dYdX TRUMP-USD	−0.0025%	1h	2.1384	+0.114%	$25K	$3K	5x	as long as short
Aevo TRUMP-PERP	−0.0016%	1h	2.1540	+0.841%	$19K	—	3x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1377	+0.080%	$384K	$67K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0002%	4h	2.1334	−0.124%	$179K	$4.0M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1413	+0.247%	$40K	—	150x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1350	−0.047%	$12K	$157K	12x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1409	+0.229%	$13.6M	$7.3M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1410	+0.234%	$404K	$647K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1372	+0.056%	$184K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1380	+0.094%	$2K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1360	0.000%	$484K	$2.4M	50x	as long as short
Phemex TRUMPUSDTlong	+0.0100%	4h	2.1360	long leg	$278K	$615K	50x
Backpack TRUMP_USDC_PERP	+0.0164%	1h	2.1387	+0.126%	$382K	$391K	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0220% / S −0.0222%	1h	2.1417	+0.266%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0327%	1h	2.1396	+0.167%	$1.4M	$2.1M	50x	as long as short