Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0289%/8h= +31.6% APRpaid last 24h −0.005%

Price spread now: Kraken Futures against Bybit+0.049%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$510.505% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now +0.049%, 7d avg +0.082%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.032% cheaper against Bybit than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.082%). If the spread goes back, that is −$3 on $10k: about 9 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.122%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% 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	Bybit TRUMPUSDT	2.1620	−0.0116	get 0.0058% / 4h	3h 04m	$30.8M	$50.6M	50x
Short	Kraken Futures PF_TRUMPUSD	2.1631	0.0173	get 0.0022% / 1h	4m 38s	$1.3M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: $60.59
Price spread: +0.049% → +0.082%: −$3.22
Slippage, 4 orders: −$29.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $6.84
Costs to cover: 0.505%
Break-even: 6.2 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: 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 Bybit live order book, 4 min ago	2.32 bp	7.8 bp −$8	15.8 bp −$158	112.2 bp −$11.2K	doesn't fit
Sell Kraken Futures live order book, 4 min ago	4.63 bp	17.7 bp −$18	36.5 bp −$365	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	−0.1765%	1h	2.1490	−0.601%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0382%	1h	2.1605	−0.069%	$84	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0259%	1h	2.1613	−0.032%	$407K	$72K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1601	−0.087%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0238%	8h	2.1616	−0.018%	$5K	$175	5x	as long as short
Binance TRUMPUSDT	−0.0159%	4h	2.1620	0.000%	$61.1M	$246.3M	75x	as long as short
Extended TRUMP-USD	−0.0152%	1h	2.1614	−0.026%	$77K	$718K	25x	as long as short
Bybit TRUMPUSDTlong	−0.0116%	4h	2.1620	long leg	$30.8M	$50.6M	50x
Gate TRUMP_USDT	−0.0104%	4h	2.1620	0.000%	$7.9M	$52.5M	75x	as long as short
edgeX TRUMPUSDC	−0.0069%	4h	2.1588	−0.147%	$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
Lighter TRUMP	−0.0064%	1h	2.1600	−0.093%	$954K	$977K	10x	as long as short
Variational Omni TRUMP	−0.0058%	4h	2.1621	+0.006%	$668K	$437K	—	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1626	+0.028%	$27K	$512	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0002%	4h	2.1600	−0.093%	$5K	$199K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1625	+0.023%	$41K	—	150x	as long as short
GRVT TRUMP_USDT_Perp	+0.0012%	4h	2.1626	+0.029%	$180K	$4.7M	10x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1588	−0.149%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0065%	4h	2.1630	+0.046%	$27.7M	$179.6M	50x	as long as short
BloFin TRUMP-USDT	+0.0085%	4h	2.1610	−0.046%	$4.2M	$650K	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1622	+0.009%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1624	+0.017%	$407K	$827K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1627	+0.032%	$186K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1600	−0.093%	$405K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1610	−0.046%	$4.3M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1620	0.000%	$15.6M	$26.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1620	0.000%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1630	+0.046%	$492K	$2.3M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1630	+0.045%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSDshort	+0.0173%	1h	2.1631	+0.049%	$1.3M	$2.3M	50x
Backpack TRUMP_USDC_PERP	+0.0199%	1h	2.1641	+0.097%	$383K	$403K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1630	+0.046%	$284K	$277K	50x	as long as short