Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0376%/8h= +41.2% APRpaid last 24h +0.053%

Price spread now: Backpack against Variational Omni+0.725%49s7-day average +0.096% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.193%+$19 on $10k

Price spread, last 4 days (all we have)−0.491%−$49 · spread now +0.725%, 7d avg +0.096%

Together, before fees−0.298%+ Points / potential airdropVariational Omni: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.629% dearer against Variational Omni than usual: you sell high and buy low: +$63 more if the spread goes back to its 7-day average of +0.096%. The two prices were read 49 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	Variational Omni TRUMP	2.1802	0.0100	pay 0.0050% / 4h	7m 13s	$636K	$377K	—
Short	Backpack TRUMP_USDC_PERP	2.1960	0.0476	get 0.0060% / 1h	7m 13s	$257K	$282K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.725%Rate

Funding earned: $79.01
Price spread: +0.725% → +0.096%: $62.9
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $131.91
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 7 min ago; Backpack: live order book, 6 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 Variational Omni RFQ quote, 7 min ago	5.02 bp	doesn't fit	15.1 bp −$151	doesn't fit	doesn't fit
Sell Backpack live order book, 6 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	2.1760	−0.192%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1872	+0.322%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1907	+0.482%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1883	+0.372%	$410K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1876	+0.340%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1874	+0.333%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1870	+0.313%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1880	+0.359%	$981K	$741K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1885	+0.380%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1877	+0.346%	$455K	$833K	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	2.1897	+0.436%	$189K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1885	+0.381%	$63.0M	$226.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1880	+0.359%	$30.7M	$44.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1890	+0.404%	$27.2M	$153.3M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1880	+0.359%	$7.5M	$48.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1860	+0.267%	$474K	$135K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1890	+0.404%	$4.4M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1880	+0.359%	$15.5M	$21.8M	75x	as long as short
Variational Omni TRUMPlong	+0.0100%	4h	2.1802	long leg	$636K	$377K	—
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1898	+0.439%	$187K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1900	+0.450%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1885	+0.381%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1920	+0.542%	$554K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1881	+0.362%	$75K	$467K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1875	+0.336%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1880	+0.358%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0238%	1h	2.1885	+0.381%	$14.2M	$7.6M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1880	+0.359%	$4.2M	$637K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2060	+1.184%	$285K	$388K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0476%	1h	2.1960	+0.725%	$257K	$282K	10x
Kraken Futures PF_TRUMPUSD	+0.0872%	1h	2.1910	+0.495%	$1.3M	$2.5M	50x	as long as short