Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h −0.007%

Price spread now: Backpack against BloFin+0.232%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now +0.232%, 7d avg +0.102%

Together, before fees−0.185%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.130% dearer against BloFin than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.102%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.006% in total (about -0.3% 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	BloFin TRUMP-USDT	2.1530	−0.0036	get 0.0018% / 4h	2h 04m	$4.1M	$690K	75x
Short	Backpack TRUMP_USDC_PERP	2.1580	0.0271	get 0.0034% / 1h	4m 21s	$384K	$413K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.232%Rate

Funding earned: $64.39
Price spread: +0.232% → +0.102%: $13.03
Slippage, 4 orders: −$20.25
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $35.18
Costs to cover: 0.422%
Break-even: 3.2 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 44 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 BloFin live order book, 4 min ago	6.95 bp	13.0 bp −$13	20.3 bp −$203	39.9 bp −$3,985	134.2 bp −$67.1K
Sell Backpack live order book, 44 min ago	0.23 bp	6.0 bp −$6	14.2 bp −$142	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	−0.1827%	1h	2.1440	−0.418%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0344%	1h	2.1527	−0.014%	$952K	$1.0M	10x	as long as short
SoDEX TRUMP-USD	−0.0291%	1h	2.1545	+0.070%	$82	$6K	5x	as long as short
Extended TRUMP-USD	−0.0272%	1h	2.1539	+0.041%	$74K	$739K	25x	as long as short
Binance TRUMPUSDT	−0.0271%	4h	2.1560	+0.139%	$60.8M	$251.3M	75x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1541	+0.052%	$5	—	10x	as long as short
Bybit TRUMPUSDT	−0.0200%	4h	2.1560	+0.139%	$30.6M	$52.2M	50x	as long as short
Variational Omni TRUMP	−0.0180%	4h	2.1531	+0.006%	$664K	$426K	—	as long as short
Paradex TRUMP-USD-PERP	−0.0159%	8h	2.1536	+0.030%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	−0.0139%	4h	2.1567	+0.170%	$105K	$264K	20x	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	−0.0106%	4h	2.1550	+0.093%	$7.7M	$54.0M	75x	as long as short
OKX TRUMP-USDT-SWAP	−0.0081%	4h	2.1550	+0.093%	$26.6M	$185.3M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0063%	4h	2.1540	+0.046%	$4K	$233K	10x	as long as short
BloFin TRUMP-USDTlong	−0.0036%	4h	2.1530	long leg	$4.1M	$690K	75x
dYdX TRUMP-USD	−0.0016%	1h	2.1556	+0.121%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1543	+0.060%	$406K	$81K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1562	+0.150%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1525	−0.023%	$19K	—	3x	as long as short
GRVT TRUMP_USDT_Perp	+0.0034%	4h	2.1517	−0.060%	$182K	$4.6M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1567	+0.172%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1550	+0.093%	$405K	$774K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1547	+0.080%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1540	+0.046%	$402K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1550	+0.093%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1560	+0.139%	$15.4M	$27.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1550	+0.093%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1550	+0.093%	$486K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1561	+0.144%	$9K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0197%	1h	2.1569	+0.181%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0271%	1h	2.1580	+0.232%	$384K	$413K	10x
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1550	+0.093%	$215K	$408K	50x	as long as short