Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0266%/8h= −29.1% APRpaid last 24h −0.066%

Price spread now: Orderly against Backpack−0.214%7-day average −0.117% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.356%−$36 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.214%, 7d avg −0.117%

Together, before fees−0.207%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Orderly is 0.097% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1506	0.0183	pay 0.0023% / 1h	48m 26s	$381K	$395K	10x
Short	Orderly PERP_TRUMP_USDC	2.1460	−0.0084	pay 0.0042% / 4h	1h 48m	$5K	$303K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.214%Rate

Funding earned: −$55.89
Price spread: −0.214% → −0.117%: −$9.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$81.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 63 min ago; Orderly: no order-book sample. Net counts fees only.

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, 63 min ago	0.23 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TRUMP on 32 exchanges

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
Variational Omni TRUMP	−0.0404%	4h	2.1470	−0.170%	$667K	$399K	—	as long as short
Bybit TRUMPUSDT	−0.0390%	4h	2.1450	−0.260%	$31.2M	$48.6M	50x	as long as short
SoDEX TRUMP-USD	−0.0356%	1h	2.1475	−0.144%	$73	$6K	5x	as long as short
OKX TRUMP-USDT-SWAP	−0.0340%	4h	2.1450	−0.260%	$27.3M	$172.7M	50x	as long as short
Binance TRUMPUSDT	−0.0321%	4h	2.1456	−0.233%	$62.9M	$237.2M	75x	as long as short
Extended TRUMP-USD	−0.0320%	1h	2.1450	−0.258%	$74K	$491K	25x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0296%	1h	2.1460	−0.214%	$131K	$515K	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0262%	1h	2.1480	−0.121%	$386K	$78K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1470	−0.168%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0242%	4h	2.1460	−0.214%	$7.8M	$47.2M	75x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRUMP-USD-PERP	−0.0179%	8h	2.1461	−0.211%	$5K	$175	5x	as long as short
Lighter TRUMP	−0.0160%	1h	2.1466	−0.186%	$923K	$952K	10x	as long as short
edgeX TRUMPUSDC	−0.0158%	4h	2.1471	−0.161%	$105K	$254K	20x	as long as short
MEXC TRUMP_USDC	−0.0154%	4h	2.1450	−0.260%	$388K	$142K	125x	as long as short
KuCoin TRUMPUSDTM	−0.0128%	4h	2.1470	−0.167%	$4.2M	$10.2M	50x	as long as short
Orderly PERP_TRUMP_USDCshort	−0.0084%	4h	2.1460	−0.214%	$5K	$303K	10x
BloFin TRUMP-USDT	−0.0080%	4h	2.1480	−0.121%	$4.4M	$675K	75x	as long as short
Bitget TRUMPUSDT	−0.0026%	4h	2.1460	−0.214%	$15.3M	$25.1M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1495	−0.051%	$25K	$3K	5x	as long as short
Aevo TRUMP-PERP	0.0000%	1h	2.1459	−0.217%	$19K	—	3x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1537	+0.144%	$41K	—	150x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0023%	1h	2.1508	+0.007%	$1.3M	$1.9M	50x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1600	+0.437%	$13K	$157K	12x	as long as short
GRVT TRUMP_USDT_Perp	+0.0036%	4h	2.1520	+0.066%	$177K	$4.1M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1476	−0.139%	$13.6M	$7.6M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1467	−0.183%	$404K	$644K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1468	−0.174%	$185K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1490	−0.074%	$2K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1490	−0.074%	$498K	$2.4M	50x	as long as short
Phemex TRUMPUSDT	+0.0100%	4h	2.1490	−0.074%	$149K	$358K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0183%	1h	2.1506	long leg	$381K	$395K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0195% / S −0.0191%	1h	2.1499	−0.034%	$11K	—	100x	as long as short