TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0193%/8h= +21.1% APRnext payment +$0.24 per $10,000 · paid last 24h +0.051%

Price spread now: Backpack against Hyperliquid+0.046%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.392%+$39 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now +0.046%, 7d avg +0.047%

Together, before fees+0.282%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.1801	0.0100	pay 0.0013% / 1h	29m 15s	$13.8M	$8.0M	10x
Short	Backpack TRUMP_USDC_PERP	2.1811	0.0293	get 0.0037% / 1h	29m 15s	$342K	$376K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $40.46
Price spread: +0.046% → +0.047%: −$0.1
Slippage, 4 orders: −$16.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.75
Costs to cover: 0.356%
Break-even: 6.2 days

Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 24 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 Hyperliquid live order book, 3 min ago	0.92 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 24 min ago	0.23 bp	6.0 bp −$6	22.6 bp −$226	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	2.1740	−0.280%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0247%	1h	2.1794	−0.032%	$87	$6K	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1791	−0.046%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0117%	1h	2.1798	−0.014%	$410K	$72K	10x	as long as short
Extended TRUMP-USD	−0.0080%	1h	2.1779	−0.103%	$75K	$716K	25x	as long as short
Binance TRUMPUSDT	−0.0079%	4h	2.1784	−0.078%	$61.7M	$245.2M	75x	as long as short
Gate TRUMP_USDT	−0.0038%	4h	2.1790	−0.050%	$7.8M	$51.5M	75x	as long as short
edgeX TRUMPUSDC	−0.0034%	4h	2.1827	+0.121%	$106K	$265K	20x	as long as short
Variational Omni TRUMP	−0.0013%	4h	2.1871	+0.322%	$675K	$516K	—	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1836	+0.159%	$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
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1810	+0.039%	$41K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0023%	8h	2.1793	−0.035%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0025%	4h	2.1790	−0.050%	$3K	$187K	10x	as long as short
Aevo TRUMP-PERP	+0.0064%	1h	2.1790	−0.050%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1785	−0.073%	$962K	$975K	10x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.1801	long leg	$13.8M	$8.0M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1811	+0.044%	$410K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1813	+0.055%	$188K	$52K	10x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1790	−0.050%	$30.9M	$50.0M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1780	−0.096%	$27.9M	$179.7M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1780	−0.096%	$409K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1800	−0.005%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1790	−0.050%	$15.8M	$25.9M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1870	+0.316%	$179K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1840	+0.179%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1810	+0.041%	$496K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0161%	4h	2.1800	−0.005%	$4.2M	$682K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1809	+0.036%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0171%	1h	2.1819	+0.083%	$1.3M	$2.2M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0293%	1h	2.1811	+0.046%	$342K	$376K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1890	+0.408%	$283K	$279K	50x	as long as short