Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.055%

Price spread now: HTX against Backpack+0.147%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$690.691% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 3 days (all we have)−0.174%−$17 · spread now +0.147%, 7d avg −0.005%

Together, before fees−0.353%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.152% dearer against Backpack than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of −0.005%): +$15 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.179% in total) that is about 6.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.179% in total (about -9.3% 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	Backpack TRUMP_USDC_PERP	2.1768	0.0407	pay 0.0051% / 1h	47m 48s	$258K	$284K	10x
Short	HTX TRUMP-USDT	2.1800	0.0100	get 0.0050% / 4h	3h 47m	$551K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.147%Rate

Funding earned: −$64.37
Price spread: +0.147% → −0.005%: $15.23
Slippage, 4 orders: −$47.11
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$118.25
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; HTX: live order book, 1 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, 25 min ago	0.23 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	9.17 bp	33.9 bp −$34	71.9 bp −$719	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	−0.1608%	1h	2.1650	−0.542%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1747	−0.098%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1767	−0.007%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1742	−0.119%	$408K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1747	−0.096%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1788	+0.091%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1740	−0.129%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1752	−0.074%	$973K	$715K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1753	−0.069%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1755	−0.058%	$453K	$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	2.1771	+0.015%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1769	+0.006%	$62.4M	$227.0M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1750	−0.083%	$30.5M	$44.8M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1760	−0.037%	$26.9M	$152.6M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1760	−0.037%	$7.4M	$46.7M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1770	+0.009%	$472K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1750	−0.083%	$4.0M	$10.5M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1760	−0.037%	$15.6M	$22.2M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1742	−0.121%	$636K	$377K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1800	+0.147%	$181K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1770	+0.009%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1745	−0.106%	$71	$6K	5x	as long as short
HTX TRUMP-USDTshort	+0.0100%	4h	2.1800	+0.147%	$551K	$1.9M	50x
Extended TRUMP-USD	+0.0104%	1h	2.1751	−0.080%	$75K	$513K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1732	−0.163%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1742	−0.119%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0220%	1h	2.1779	+0.051%	$14.1M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1760	−0.037%	$4.2M	$625K	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0407%	1h	2.1768	long leg	$258K	$284K	10x
Coinbase International TRUMP-PERP-INTX	+0.0624%	1h	2.1760	−0.037%	$281K	$383K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0792%	1h	2.1770	+0.009%	$1.3M	$2.6M	50x	as long as short