Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0588%/8h= −64.4% APRpaid last 24h −0.024%

Price spread now: Lighter against Aster−0.074%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now −0.074%, 7d avg −0.029%

Together, before fees+0.076%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Lighter is 0.045% cheaper against Aster than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.052%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.052% in total (about 2.7% 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	Aster TRUMPUSDT	2.1276	0.0100	pay 0.0050% / 4h	2h 25m	$400K	$801K	20x
Short	Lighter TRUMP	2.1260	−0.0488	pay 0.0061% / 1h	25m 45s	$940K	$999K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$123.48
Price spread: −0.074% → −0.029%: −$4.47
Slippage, 4 orders: −$31
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$166.95
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Aster: live order book, 22 min ago; Lighter: live order book, 20 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 Aster live order book, 22 min ago	4.66 bp	8.7 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit
Sell Lighter live order book, 20 min ago	0.23 bp	10.3 bp −$10	32.1 bp −$321	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	−0.1827%	1h	2.1080	−0.920%	$12K	$157K	12x	as long as short
Lighter TRUMPshort	−0.0488%	1h	2.1260	−0.074%	$940K	$999K	10x
SoDEX TRUMP-USD	−0.0434%	1h	2.1205	−0.333%	$83	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0371%	4h	2.1280	+0.020%	$30.0M	$51.6M	50x	as long as short
Binance TRUMPUSDT	−0.0274%	4h	2.1273	−0.015%	$59.9M	$250.1M	75x	as long as short
Extended TRUMP-USD	−0.0272%	1h	2.1224	−0.243%	$76K	$746K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1202	−0.348%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0228%	8h	2.1195	−0.378%	$5K	$175	5x	as long as short
Variational Omni TRUMP	−0.0202%	4h	2.1212	−0.302%	$654K	$426K	—	as long as short
Gate TRUMP_USDT	−0.0188%	4h	2.1240	−0.168%	$7.6M	$53.3M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0132%	4h	2.1264	−0.055%	$104K	$263K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0070%	4h	2.1290	+0.067%	$26.6M	$180.1M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0045%	4h	2.1180	−0.450%	$5K	$223K	10x	as long as short
GRVT TRUMP_USDT_Perp	−0.0040%	4h	2.1215	−0.285%	$175K	$4.7M	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0033%	1h	2.1221	−0.257%	$400K	$72K	10x	as long as short
BloFin TRUMP-USDT	−0.0030%	4h	2.1160	−0.544%	$4.1M	$682K	75x	as long as short
dYdX TRUMP-USD	−0.0020%	1h	2.1286	+0.050%	$27K	$506	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1214	−0.289%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1190	−0.403%	$18K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1262	−0.065%	$13.3M	$8.1M	10x	as long as short
Aster TRUMPUSDTlong	+0.0100%	4h	2.1276	long leg	$400K	$801K	20x
Pacifica TRUMP	+0.0100%	1h	2.1197	−0.368%	$182K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1220	−0.262%	$395K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1220	−0.262%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1260	−0.074%	$15.2M	$26.7M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1240	−0.168%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1240	−0.168%	$476K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1219	−0.267%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0161%	1h	2.1244	−0.149%	$380K	$409K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0200%	1h	2.1226	−0.232%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1210	−0.309%	$241K	$341K	50x	as long as short