Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0471%/8h= −51.6% APRpaid last 24h −0.028%

Price spread now: Bybit against GMX−0.038%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bybit is 0.038% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX TRUMP/USD [ETH-USDC]	2.1308	L +0.0137% / S −0.0099%	pay 0.0017% / 1h	24m 25s	$9K	—	100x
Short	Bybit TRUMPUSDT	2.1300	−0.0335	pay 0.0167% / 4h	2h 24m	$30.0M	$51.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$99
Price spread: −0.038% → 0.000%: −$3.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$125.8
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	2.36 bp	8.6 bp −$9	17.8 bp −$178	101.0 bp −$10.1K	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1090	−1.024%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0488%	1h	2.1267	−0.193%	$940K	$999K	10x	as long as short
SoDEX TRUMP-USD	−0.0413%	1h	2.1295	−0.061%	$84	$6K	5x	as long as short
Bybit TRUMPUSDTshort	−0.0335%	4h	2.1300	−0.038%	$30.0M	$51.6M	50x
Binance TRUMPUSDT	−0.0274%	4h	2.1300	−0.038%	$60.0M	$249.7M	75x	as long as short
Extended TRUMP-USD	−0.0272%	1h	2.1299	−0.043%	$77K	$745K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1282	−0.125%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0224%	8h	2.1278	−0.140%	$5K	$175	5x	as long as short
Variational Omni TRUMP	−0.0202%	4h	2.1212	−0.453%	$654K	$426K	—	as long as short
Gate TRUMP_USDT	−0.0158%	4h	2.1300	−0.038%	$7.6M	$53.4M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0135%	4h	2.1178	−0.610%	$103K	$263K	20x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0125%	1h	2.1318	+0.046%	$401K	$72K	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0070%	4h	2.1290	−0.085%	$26.6M	$180.2M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0048%	4h	2.1290	−0.085%	$5K	$223K	10x	as long as short
GRVT TRUMP_USDT_Perp	−0.0040%	4h	2.1215	−0.436%	$175K	$4.7M	10x	as long as short
BloFin TRUMP-USDT	−0.0034%	4h	2.1280	−0.132%	$4.1M	$686K	75x	as long as short
dYdX TRUMP-USD	−0.0019%	1h	2.1286	−0.103%	$27K	$506	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1304	−0.018%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1290	−0.085%	$18K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1294	−0.066%	$13.4M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1293	−0.070%	$400K	$801K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1270	−0.179%	$183K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1290	−0.085%	$396K	$149K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1290	−0.085%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1310	+0.009%	$15.2M	$26.7M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1330	+0.103%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1320	+0.056%	$478K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]long	L +0.0137% / S −0.0099%	1h	2.1308	long leg	$9K	—	100x
Backpack TRUMP_USDC_PERP	+0.0167%	1h	2.1284	−0.113%	$378K	$411K	10x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0199%	1h	2.1325	+0.078%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1210	−0.460%	$241K	$341K	50x	as long as short