Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.057%

Price spread now: Bitget against Backpack−0.124%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.124%, 7d avg −0.095%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.029% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1747	0.0100	pay 0.0013% / 1h	9m 50s	$254K	$319K	10x
Short	Bitget TRUMPUSDT	2.1720	0.0100	get 0.0050% / 4h	1h 09m	$15.7M	$25.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0
Price spread: −0.124% → −0.095%: −$2.91
Slippage, 4 orders: −$15.52
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$40.43
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Backpack: live order book, 54 min ago; Bitget: live order book, 4 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, 54 min ago	0.23 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	2.29 bp	12.7 bp −$13	16.1 bp −$161	48.6 bp −$4,863	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	−0.1659%	1h	2.1670	−0.354%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1731	−0.075%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0072%	1h	2.1743	−0.018%	$409K	$72K	10x	as long as short
SoDEX TRUMP-USD	−0.0045%	1h	2.1735	−0.055%	$82	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0028%	4h	2.1710	−0.170%	$7.6M	$50.2M	75x	as long as short
Lighter TRUMP	−0.0024%	1h	2.1732	−0.069%	$960K	$906K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1786	+0.178%	$27K	$512	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1746	−0.003%	$42K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0031%	8h	2.1766	+0.088%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1800	+0.243%	$106K	$263K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit TRUMPUSDT	+0.0052%	4h	2.1710	−0.170%	$31.0M	$48.5M	50x	as long as short
Orderly PERP_TRUMP_USDC	+0.0070%	4h	2.1730	−0.078%	$4K	$236K	10x	as long as short
Variational Omni TRUMP	+0.0080%	4h	2.1731	−0.075%	$685K	$456K	—	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1725	−0.101%	$14.3M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1733	−0.066%	$430K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1784	+0.171%	$187K	$53K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1700	−0.216%	$62.8M	$237.7M	75x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1710	−0.170%	$27.7M	$170.9M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1700	−0.216%	$416K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1730	−0.078%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDTshort	+0.0100%	4h	2.1720	−0.124%	$15.7M	$25.4M	75x
Backpack TRUMP_USDC_PERPlong	+0.0100%	1h	2.1747	long leg	$254K	$319K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1759	+0.057%	$180K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1790	+0.198%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1800	+0.244%	$535K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1699	−0.219%	$115K	$706K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1744	−0.015%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1745	−0.008%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0288%	1h	2.1763	+0.075%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1770	+0.106%	$4.3M	$657K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1780	+0.152%	$282K	$298K	50x	as long as short