Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0374%/8h= +41.0% APRpaid last 24h +0.053%

Price spread now: Backpack against SunX−0.032%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs−$172as in the Price arb table

costs, in and out, $10k−$1691.692% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.174%+$17 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.032%, 7d avg −0.001%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.031% cheaper against SunX than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of −0.001%). If the spread goes back, that is −$3 on $10k: about 7 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.174% in total) that is about 30 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.174% in total (about 9.1% 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	SunX TRUMP-USDT	2.1900	0.0100	pay 0.0050% / 4h	2m 37s	$2K	$1.6M	50x
Short	Backpack TRUMP_USDC_PERP	2.1893	0.0474	get 0.0059% / 1h	2m 37s	$256K	$282K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.032%Rate

Funding earned: $78.55
Price spread: −0.032% → −0.001%: −$3.13
Slippage, 4 orders: −$151.2
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$93.78
Costs to cover: 1.692%
Break-even: 15.4 days

Slippage from SunX: live order book, 12 min ago; Backpack: live order book, 11 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 SunX live order book, 12 min ago	31.99 bp	62.0 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 11 min ago	0.23 bp	8.4 bp −$8	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	2.1730	−0.776%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1872	−0.128%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1877	−0.106%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1880	−0.091%	$410K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1883	−0.075%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1879	−0.094%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1870	−0.137%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1866	−0.155%	$980K	$741K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1860	−0.181%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1882	−0.082%	$455K	$836K	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	2.1878	−0.101%	$189K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1870	−0.137%	$62.9M	$226.9M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1860	−0.183%	$30.7M	$44.8M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1870	−0.137%	$27.2M	$153.2M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1860	−0.183%	$7.4M	$48.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1870	−0.137%	$474K	$135K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1870	−0.137%	$4.3M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1870	−0.137%	$15.5M	$21.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1822	−0.356%	$637K	$377K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1885	−0.069%	$187K	$4.5M	10x	as long as short
SunX TRUMP-USDTlong	+0.0100%	4h	2.1900	long leg	$2K	$1.6M	50x
SoDEX TRUMP-USD	+0.0100%	1h	2.1875	−0.114%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1890	−0.046%	$554K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1853	−0.213%	$75K	$467K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1875	−0.114%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1877	−0.106%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0228%	1h	2.1894	−0.027%	$14.2M	$7.6M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1850	−0.228%	$4.2M	$632K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2060	+0.731%	$285K	$388K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0474%	1h	2.1893	−0.032%	$256K	$282K	10x
Kraken Futures PF_TRUMPUSD	+0.0873%	1h	2.1899	−0.003%	$1.3M	$2.5M	50x	as long as short