Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0423%/8h= −46.3% APRpaid last 24h −0.053%

Price spread now: SunX against Backpack−0.131%49s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1671.668% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.174%−$17 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now −0.131%, 7d avg +0.001%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and SunX is 0.132% cheaper against Backpack than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.174% in total (about -9.1% 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	2.2109	0.0523	pay 0.0065% / 1h	40m 24s	$261K	$278K	10x
Short	SunX TRUMP-USDT	2.2080	0.0100	get 0.0050% / 4h	40m 24s	$2K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$88.8
Price spread: −0.131% → +0.001%: −$13.19
Slippage, 4 orders: −$148.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$268.75
Costs to cover: 1.668%
Break-even: never at this rate

Slippage from Backpack: live order book, 38 min ago; SunX: 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, 38 min ago	0.23 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	31.62 bp	91.5 bp −$91	doesn't fit	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	−0.1537%	1h	2.1970	−0.629%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1992	−0.528%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0023%	1h	2.1986	−0.556%	$412K	$76K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2081	−0.127%	$28K	$485	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1996	−0.510%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2145	+0.161%	$121K	$250K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0089%	4h	2.1990	−0.538%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1985	−0.561%	$986K	$738K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0096%	8h	2.2054	−0.250%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2032	−0.348%	$459K	$832K	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	2.2068	−0.184%	$190K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1990	−0.538%	$63.5M	$224.0M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1990	−0.538%	$31.0M	$44.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1990	−0.538%	$27.2M	$152.7M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1990	−0.538%	$7.4M	$48.1M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1990	−0.538%	$482K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2040	−0.312%	$4.7M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1990	−0.538%	$15.8M	$21.5M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2082	−0.121%	$648K	$373K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2085	−0.108%	$193K	$4.5M	10x	as long as short
SunX TRUMP-USDTshort	+0.0100%	4h	2.2080	−0.131%	$2K	$1.6M	50x
SoDEX TRUMP-USD	+0.0100%	1h	2.1985	−0.561%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2040	−0.312%	$563K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1981	−0.578%	$76K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1985	−0.561%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1992	−0.527%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0332%	1h	2.2047	−0.280%	$14.2M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2060	−0.222%	$4.2M	$637K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2240	+0.593%	$287K	$395K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0523%	1h	2.2109	long leg	$261K	$278K	10x
Kraken Futures PF_TRUMPUSD	+0.0868%	1h	2.2006	−0.467%	$1.3M	$2.5M	50x	as long as short