Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0494%/8h= +54.1% APRpaid last 24h +0.055%

Price spread now: Backpack against Orderly+0.072%7-day average +0.114% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.319%+$32 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.072%, 7d avg +0.114%

Together, before fees+0.312%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.042% cheaper against Orderly than usual: you would sell low and buy high (spread +0.072% now, against its 7-day average of +0.114%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.319% in total) that is about 22 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.319% in total (about 16.6% 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	Orderly PERP_TRUMP_USDC	2.2140	0.0089	pay 0.0044% / 4h	44m 48s	$3K	$249K	10x
Short	Backpack TRUMP_USDC_PERP	2.2156	0.0583	get 0.0073% / 1h	44m 48s	$261K	$278K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.072%Rate

Funding earned: $103.84
Price spread: +0.072% → +0.114%: −$4.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $83.66
Costs to cover: 0.160%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 33 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 33 min ago	0.23 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit

Orderly: 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	−0.1537%	1h	2.2030	−0.497%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2142	+0.010%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2147	+0.032%	$28K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2139	−0.005%	$415K	$76K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2138	−0.008%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2151	+0.052%	$121K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDClong	+0.0089%	4h	2.2140	long leg	$3K	$249K	10x
Paradex TRUMP-USD-PERP	+0.0096%	8h	2.2143	+0.016%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.2120	−0.090%	$992K	$738K	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.2141	+0.006%	$461K	$835K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.2156	+0.073%	$191K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2111	−0.131%	$63.7M	$223.2M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2110	−0.136%	$31.1M	$44.0M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2130	−0.045%	$27.4M	$153.4M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2120	−0.090%	$7.5M	$48.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2110	−0.136%	$484K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2150	+0.045%	$4.7M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2130	−0.045%	$15.7M	$21.3M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2142	+0.010%	$650K	$373K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2190	+0.226%	$194K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2170	+0.136%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2136	−0.018%	$75	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2190	+0.226%	$567K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2121	−0.086%	$76K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2130	−0.045%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.2133	−0.034%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0340%	1h	2.2145	+0.023%	$14.3M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2150	+0.045%	$4.2M	$639K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2240	+0.452%	$287K	$401K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0583%	1h	2.2156	+0.072%	$261K	$278K	10x
Kraken Futures PF_TRUMPUSD	+0.0862%	1h	2.2169	+0.131%	$1.3M	$2.5M	50x	as long as short