Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.056%

Price spread now: Aster against Backpack+0.016%7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.338%−$34 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now +0.016%, 7d avg −0.070%

Together, before fees−0.238%+ Points / potential airdropAster: Stage 5 · farm board−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.086% dearer against Backpack than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.070%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 7 days (−0.338% in total) that is about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1771	0.0146	pay 0.0018% / 1h	3m 51s	$260K	$266K	10x
Short	Aster TRUMPUSDT	2.1775	0.0100	get 0.0050% / 4h	2h 03m	$455K	$832K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$9.65
Price spread: +0.016% → −0.070%: $8.59
Slippage, 4 orders: −$21.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$41.01
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from Backpack: live order book, 19 min ago; Aster: live order book, 19 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 Backpack live order book, 19 min ago	0.23 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 19 min ago	2.28 bp	8.0 bp −$8	21.6 bp −$216	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	−0.1787%	1h	2.1730	−0.188%	$13K	$119K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1719	−0.238%	$5	—	10x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0131%	1h	2.1762	−0.041%	$1.3M	$2.3M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0118%	1h	2.1720	−0.234%	$407K	$79K	10x	as long as short
dYdX TRUMP-USD	−0.0004%	1h	2.1729	−0.193%	$27K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1728	−0.199%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1842	+0.328%	$119K	$247K	20x	as long as short
Lighter TRUMP	+0.0072%	1h	2.1711	−0.276%	$966K	$665K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0083%	8h	2.1724	−0.214%	$5K	—	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1720	−0.234%	$3K	$249K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid TRUMP	+0.0100%	1h	2.1790	+0.087%	$14.0M	$7.4M	10x	as long as short
Aster TRUMPUSDTshort	+0.0100%	4h	2.1775	+0.016%	$455K	$832K	20x
Pacifica TRUMP	+0.0100%	1h	2.1730	−0.188%	$187K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1771	−0.002%	$62.0M	$215.9M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1770	−0.005%	$30.4M	$42.5M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1760	−0.051%	$26.7M	$147.2M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1760	−0.051%	$7.3M	$46.8M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1750	−0.096%	$478K	$135K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1780	+0.041%	$4.7M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1770	−0.005%	$15.4M	$20.4M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1764	−0.032%	$679K	$261K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1821	+0.230%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1750	−0.096%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1725	−0.211%	$69	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1750	−0.096%	$512K	$1.7M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1763	−0.039%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1710	−0.280%	$19K	—	3x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0146%	1h	2.1771	long leg	$260K	$266K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1716	−0.251%	$10K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0288%	1h	2.1860	+0.409%	$281K	$399K	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1730	−0.188%	$4.2M	$500K	75x	as long as short