Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%

Price spread now: OKX against Deribit−0.014%46s7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$410.413% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.221%+$22 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.014%, 7d avg −0.055%

Together, before fees+0.230%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and OKX is 0.042% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.055%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TRUMP_USDC-PERPETUAL	2.1813	0	get 0.0000% / 1h	40m 31s	$411K	$72K	10x
Short	OKX TRUMP-USDT-SWAP	2.1810	0.0100	get 0.0050% / 4h	3h 40m	$27.9M	$179.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.014%Rate

Funding earned: $21
Price spread: −0.014% → −0.055%: $4.15
Slippage, 4 orders: −$24.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.13
Costs to cover: 0.413%
Break-even: 12.4 days

Slippage from Deribit: live order book, 13 min ago; OKX: 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 Deribit live order book, 13 min ago	6.42 bp	16.8 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.29 bp	7.3 bp −$7	8.9 bp −$89	34.3 bp −$3,428	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	2.1650	−0.747%	$13K	$157K	12x	as long as short
Bybit TRUMPUSDT	−0.0279%	4h	2.1810	−0.014%	$30.8M	$50.0M	50x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1801	−0.053%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0180%	1h	2.1815	+0.009%	$95	$6K	5x	as long as short
Binance TRUMPUSDT	−0.0057%	4h	2.1799	−0.066%	$61.7M	$244.6M	75x	as long as short
Extended TRUMP-USD	−0.0048%	1h	2.1789	−0.111%	$75K	$722K	25x	as long as short
Gate TRUMP_USDT	−0.0040%	4h	2.1810	−0.014%	$7.8M	$51.2M	75x	as long as short
Variational Omni TRUMP	−0.0032%	4h	2.1791	−0.100%	$676K	$513K	—	as long as short
edgeX TRUMPUSDC	−0.0022%	4h	2.1861	+0.220%	$107K	$263K	20x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1826	+0.060%	$27K	$512	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit TRUMP_USDC-PERPETUALlong	0.0000%	1h	2.1813	long leg	$411K	$72K	10x
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1810	−0.014%	$41K	—	150x	as long as short
Orderly PERP_TRUMP_USDC	+0.0033%	4h	2.1790	−0.105%	$4K	$172K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0036%	8h	2.1799	−0.066%	$5K	$175	5x	as long as short
Aevo TRUMP-PERP	+0.0072%	1h	2.1787	−0.117%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1801	−0.055%	$965K	$968K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1825	+0.055%	$13.8M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1818	+0.024%	$427K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1809	−0.020%	$188K	$52K	10x	as long as short
OKX TRUMP-USDT-SWAPshort	+0.0100%	4h	2.1810	−0.014%	$27.9M	$179.2M	50x
MEXC TRUMP_USDC	+0.0100%	4h	2.1800	−0.060%	$409K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1810	−0.014%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1820	+0.032%	$15.9M	$25.9M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1840	+0.124%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1840	+0.124%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1830	+0.078%	$509K	$2.3M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1816	+0.015%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0171%	1h	2.1842	+0.133%	$1.3M	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0190%	4h	2.1810	−0.014%	$4.2M	$681K	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0366%	1h	2.1841	+0.128%	$344K	$376K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1810	−0.014%	$282K	$279K	50x	as long as short