Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.054%

Price spread now: KuCoin against Backpack−0.106%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$520.522% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.333%−$33 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.106%, 7d avg −0.079%

Together, before fees−0.324%−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and KuCoin is 0.027% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1713	0.0189	pay 0.0024% / 1h	13m 50s	$384K	$399K	10x
Short	KuCoin TRUMPUSDTM	2.1690	0.0100	get 0.0050% / 4h	3h 13m	$4.2M	$11.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$18.66
Price spread: −0.106% → −0.079%: −$2.71
Slippage, 4 orders: −$30.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$73.55
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Backpack: live order book, 40 min ago; KuCoin: live order book, 5 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, 40 min ago	0.23 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	2.31 bp	15.6 bp −$16	93.9 bp −$939	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	−0.1765%	1h	2.1570	−0.659%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0330%	1h	2.1640	−0.336%	$88	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0304%	1h	2.1653	−0.276%	$408K	$72K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0268%	8h	2.1631	−0.379%	$5K	$175	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1641	−0.329%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0130%	4h	2.1700	−0.060%	$7.9M	$52.1M	75x	as long as short
Binance TRUMPUSDT	−0.0121%	4h	2.1690	−0.106%	$61.3M	$246.3M	75x	as long as short
Extended TRUMP-USD	−0.0120%	1h	2.1679	−0.157%	$77K	$718K	25x	as long as short
edgeX TRUMPUSDC	−0.0057%	4h	2.1685	−0.130%	$106K	$265K	20x	as long as short
Bybit TRUMPUSDT	−0.0050%	4h	2.1700	−0.060%	$30.9M	$50.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRUMP	−0.0041%	4h	2.1651	−0.285%	$669K	$488K	—	as long as short
Lighter TRUMP	−0.0008%	1h	2.1636	−0.355%	$956K	$976K	10x	as long as short
dYdX TRUMP-USD	−0.0007%	1h	2.1666	−0.216%	$27K	$512	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1654	−0.271%	$41K	—	150x	as long as short
Orderly PERP_TRUMP_USDC	+0.0009%	4h	2.1650	−0.290%	$4K	$192K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0042%	4h	2.1666	−0.214%	$182K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0056%	1h	2.1628	−0.393%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0097%	4h	2.1700	−0.060%	$27.8M	$179.8M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1712	−0.005%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1702	−0.053%	$408K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1662	−0.235%	$187K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1690	−0.106%	$407K	$151K	125x	as long as short
KuCoin TRUMPUSDTMshort	+0.0100%	4h	2.1690	−0.106%	$4.2M	$11.2M	50x
Bitget TRUMPUSDT	+0.0100%	4h	2.1700	−0.060%	$15.7M	$26.2M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1660	−0.244%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1670	−0.198%	$495K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0124%	4h	2.1680	−0.152%	$4.2M	$663K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1659	−0.247%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1672	−0.191%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0189%	1h	2.1713	long leg	$384K	$399K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1650	−0.290%	$280K	$276K	50x	as long as short