Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0359%/8h= +39.3% APRpaid last 24h +0.060%

Price spread now: Backpack against Variational Omni+0.251%7-day average +0.091% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.209%+$21 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.251%, 7d avg +0.091%

Together, before fees+0.192%+ Points / potential airdropVariational Omni: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Backpack is 0.160% dearer against Variational Omni than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TRUMP	2.1212	−0.0182	get 0.0091% / 4h	2h 30m	$655K	$426K	—
Short	Backpack TRUMP_USDC_PERP	2.1265	0.0177	get 0.0022% / 1h	30m 49s	$380K	$409K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.251%Rate

Funding earned: $75.3
Price spread: +0.251% → +0.091%: $16.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $81.31
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 18 min ago; Backpack: live order book, 18 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 Variational Omni RFQ quote, 18 min ago	5.05 bp	doesn't fit	10.6 bp −$106	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.23 bp	6.0 bp −$6	14.2 bp −$142	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	−0.1827%	1h	2.1120	−0.432%	$12K	$157K	12x	as long as short
Lighter TRUMP	−0.0488%	1h	2.1237	+0.119%	$939K	$997K	10x	as long as short
SoDEX TRUMP-USD	−0.0467%	1h	2.1215	+0.015%	$83	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0320%	4h	2.1240	+0.133%	$30.0M	$51.6M	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0268%	1h	2.1225	+0.063%	$400K	$72K	10x	as long as short
Extended TRUMP-USD	−0.0264%	1h	2.1237	+0.119%	$76K	$746K	25x	as long as short
Binance TRUMPUSDT	−0.0264%	4h	2.1245	+0.159%	$59.8M	$249.9M	75x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1212	0.000%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0227%	8h	2.1226	+0.067%	$5K	$175	5x	as long as short
Variational Omni TRUMPlong	−0.0182%	4h	2.1212	long leg	$655K	$426K	—

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0140%	4h	2.1240	+0.133%	$7.6M	$53.1M	75x	as long as short
edgeX TRUMPUSDC	−0.0125%	4h	2.1187	−0.116%	$103K	$265K	20x	as long as short
OKX TRUMP-USDT-SWAP	−0.0056%	4h	2.1230	+0.086%	$26.6M	$179.5M	50x	as long as short
GRVT TRUMP_USDT_Perp	−0.0048%	4h	2.1200	−0.055%	$175K	$4.7M	10x	as long as short
Orderly PERP_TRUMP_USDC	−0.0039%	4h	2.1210	−0.008%	$5K	$220K	10x	as long as short
BloFin TRUMP-USDT	−0.0024%	4h	2.1200	−0.055%	$4.1M	$680K	75x	as long as short
dYdX TRUMP-USD	−0.0017%	1h	2.1246	+0.160%	$27K	$506	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1235	+0.110%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1163	−0.231%	$18K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1250	+0.181%	$13.3M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1247	+0.166%	$399K	$801K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1226	+0.065%	$183K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1230	+0.086%	$395K	$148K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1230	+0.086%	$4.1M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1240	+0.133%	$15.2M	$26.6M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1250	+0.181%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1250	+0.181%	$479K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1231	+0.090%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0177%	1h	2.1265	+0.251%	$380K	$409K	10x
Kraken Futures PF_TRUMPUSD	+0.0200%	1h	2.1238	+0.125%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1230	+0.086%	$254K	$318K	50x	as long as short