Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0511%/8h= −55.9% APRpaid last 24h −0.061%

Price spread now: Variational Omni against Backpack−0.160%7-day average −0.091% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.218%−$22 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.160%, 7d avg −0.091%

Together, before fees−0.204%+ Points / potential airdropVariational Omni: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Variational Omni is 0.069% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.091%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1486	0.0284	pay 0.0036% / 1h	15m 44s	$383K	$419K	10x
Short	Variational Omni TRUMP	2.1452	−0.0226	pay 0.0113% / 4h	15m 44s	$662K	$423K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.160%Rate

Funding earned: −$107.26
Price spread: −0.160% → −0.091%: −$6.86
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$124.12
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 23 min ago; Variational Omni: RFQ quote, 23 min ago. 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, 23 min ago	0.23 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 23 min ago	5.05 bp	doesn't fit	16.4 bp −$164	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	−0.1797%	1h	2.1290	−0.912%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0335%	1h	2.1456	−0.140%	$76	$6K	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1442	−0.207%	$5	—	10x	as long as short
Variational Omni TRUMPshort	−0.0226%	4h	2.1452	−0.160%	$662K	$423K	—
Lighter TRUMP	−0.0200%	1h	2.1454	−0.149%	$938K	$1.0M	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0192%	4h	2.1440	−0.214%	$26.7M	$184.0M	50x	as long as short
Extended TRUMP-USD	−0.0184%	1h	2.1440	−0.215%	$74K	$496K	25x	as long as short
Binance TRUMPUSDT	−0.0183%	4h	2.1450	−0.168%	$60.6M	$250.3M	75x	as long as short
Bybit TRUMPUSDT	−0.0172%	4h	2.1440	−0.214%	$30.5M	$52.5M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0169%	1h	2.1466	−0.093%	$404K	$81K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0110%	4h	2.1460	−0.121%	$7.7M	$53.4M	75x	as long as short
Paradex TRUMP-USD-PERP	−0.0098%	8h	2.1459	−0.127%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	−0.0091%	4h	2.1431	−0.255%	$105K	$253K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0068%	4h	2.1460	−0.121%	$5K	$277K	10x	as long as short
dYdX TRUMP-USD	−0.0005%	1h	2.1476	−0.045%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1472	−0.066%	$40K	—	150x	as long as short
KuCoin TRUMPUSDTM	+0.0020%	4h	2.1450	−0.168%	$4.1M	$10.8M	50x	as long as short
Aevo TRUMP-PERP	+0.0032%	1h	2.1440	−0.214%	$19K	—	3x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0056%	1h	2.1330	−0.726%	$167K	$479K	50x	as long as short
BloFin TRUMP-USDT	+0.0057%	4h	2.1470	−0.074%	$4.1M	$688K	75x	as long as short
Bitget TRUMPUSDT	+0.0086%	4h	2.1470	−0.074%	$15.3M	$27.0M	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1474	−0.055%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1460	−0.120%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1482	−0.019%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1450	−0.168%	$399K	$148K	125x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1450	−0.167%	$173K	$4.4M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1480	−0.028%	$1K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1470	−0.074%	$483K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0136% / S −0.0098%	1h	2.1477	−0.044%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0284%	1h	2.1486	long leg	$383K	$419K	10x
Kraken Futures PF_TRUMPUSD	+0.0598%	1h	2.1488	+0.010%	$1.3M	$2.3M	50x	as long as short