Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.057%

Price spread now: Backpack against Bitget+0.152%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.375% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.296%+$30 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.152%, 7d avg +0.095%

Together, before fees+0.238%+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.057% dearer against Bitget than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget TRUMPUSDT	2.1680	0.0100	pay 0.0050% / 4h	1h 08m	$15.6M	$25.4M	75x
Short	Backpack TRUMP_USDC_PERP	2.1713	0.0100	get 0.0013% / 1h	8m 29s	$254K	$318K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.152%Rate

Funding earned: $0
Price spread: +0.152% → +0.095%: $5.71
Slippage, 4 orders: −$15.52
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.81
Costs to cover: 0.375%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: live order book, 55 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 Bitget live order book, 5 min ago	2.29 bp	8.3 bp −$8	12.3 bp −$123	43.9 bp −$4,392	doesn't fit
Sell Backpack live order book, 55 min ago	0.23 bp	7.5 bp −$8	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	−0.1659%	1h	2.1640	−0.185%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1671	−0.041%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0052%	1h	2.1695	+0.069%	$82	$6K	5x	as long as short
Gate TRUMP_USDT	−0.0038%	4h	2.1690	+0.046%	$7.7M	$50.2M	75x	as long as short
Lighter TRUMP	−0.0032%	1h	2.1689	+0.042%	$958K	$906K	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1686	+0.026%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1706	+0.120%	$408K	$72K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1700	+0.092%	$42K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0028%	8h	2.1690	+0.047%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	+0.0032%	4h	2.1690	+0.046%	$30.9M	$48.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	+0.0050%	4h	2.1739	+0.271%	$106K	$263K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0069%	4h	2.1680	0.000%	$4K	$236K	10x	as long as short
Variational Omni TRUMP	+0.0080%	4h	2.1731	+0.234%	$685K	$456K	—	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1703	+0.106%	$14.3M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1680	0.000%	$429K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1697	+0.080%	$187K	$53K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1682	+0.010%	$62.8M	$237.8M	75x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1690	+0.046%	$27.6M	$170.8M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1660	−0.092%	$415K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1680	0.000%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDTlong	+0.0100%	4h	2.1680	long leg	$15.6M	$25.4M	75x
Backpack TRUMP_USDC_PERPshort	+0.0100%	1h	2.1713	+0.152%	$254K	$318K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1790	+0.507%	$178K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1710	+0.138%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1710	+0.138%	$533K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1669	−0.050%	$115K	$710K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1686	+0.025%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1697	+0.077%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0289%	1h	2.1721	+0.191%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1710	+0.138%	$4.3M	$655K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.1700	+0.092%	$281K	$297K	50x	as long as short