Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.017%

Price spread now: Bybit against Lighter−0.019%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.019%, 7d avg +0.002%

Together, before fees−0.009%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.021% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TRUMP	2.1464	−0.0232	get 0.0029% / 1h	36m 51s	$938K	$990K	10x
Short	Bybit TRUMPUSDT	2.1460	−0.0295	pay 0.0148% / 4h	3h 36m	$30.6M	$51.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$13.32
Price spread: −0.019% → +0.002%: −$2.06
Slippage, 4 orders: −$21.86
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.24
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Lighter: live order book, 19 min ago; Bybit: live order book, 2 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 Lighter live order book, 19 min ago	1.86 bp	6.3 bp −$6	31.7 bp −$317	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.33 bp	7.8 bp −$8	15.4 bp −$154	93.4 bp −$9,337	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	−0.1829%	1h	2.1350	−0.531%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0636%	1h	2.1465	+0.005%	$71	$6K	5x	as long as short
Variational Omni TRUMP	−0.0300%	4h	2.1441	−0.105%	$661K	$415K	—	as long as short
Bybit TRUMPUSDTshort	−0.0295%	4h	2.1460	−0.019%	$30.6M	$51.8M	50x
Deribit TRUMP_USDC-PERPETUAL	−0.0262%	1h	2.1484	+0.093%	$389K	$81K	10x	as long as short
Binance TRUMPUSDT	−0.0251%	4h	2.1455	−0.043%	$60.9M	$247.7M	75x	as long as short
Extended TRUMP-USD	−0.0248%	1h	2.1454	−0.045%	$74K	$494K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1472	+0.036%	$5	—	10x	as long as short
OKX TRUMP-USDT-SWAP	−0.0238%	4h	2.1450	−0.065%	$26.9M	$182.6M	50x	as long as short
Lighter TRUMPlong	−0.0232%	1h	2.1464	long leg	$938K	$990K	10x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0222%	4h	2.1460	−0.019%	$7.7M	$49.6M	75x	as long as short
Paradex TRUMP-USD-PERP	−0.0158%	8h	2.1465	+0.007%	$5K	$175	5x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0136%	1h	2.1470	+0.028%	$164K	$474K	50x	as long as short
GRVT TRUMP_USDT_Perp	−0.0122%	4h	2.1439	−0.117%	$180K	$4.3M	10x	as long as short
edgeX TRUMPUSDC	−0.0120%	4h	2.1432	−0.150%	$105K	$253K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0096%	4h	2.1470	+0.028%	$5K	$295K	10x	as long as short
KuCoin TRUMPUSDTM	−0.0040%	4h	2.1480	+0.075%	$4.1M	$10.7M	50x	as long as short
dYdX TRUMP-USD	−0.0026%	1h	2.1486	+0.104%	$27K	$805	5x	as long as short
BloFin TRUMP-USDT	−0.0011%	4h	2.1460	−0.019%	$4.2M	$686K	75x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1495	+0.143%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1470	+0.028%	$19K	—	3x	as long as short
Bitget TRUMPUSDT	+0.0030%	4h	2.1460	−0.019%	$15.3M	$26.5M	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1485	+0.098%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1481	+0.079%	$407K	$719K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1493	+0.135%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1440	−0.112%	$398K	$148K	125x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1500	+0.168%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1490	+0.121%	$501K	$2.5M	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0121%	1h	2.1496	+0.150%	$1.3M	$2.3M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0136% / S −0.0098%	1h	2.1491	+0.127%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERP	+0.0303%	1h	2.1502	+0.177%	$380K	$420K	10x	as long as short