Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.058%

Price spread now: Binance against Backpack−0.121%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

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

costs, in and out, $10k−$320.322% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 on $10k

Price spread, last 4 days (all we have)+0.240%+$24 · spread now −0.121%, 7d avg −0.095%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.026% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1576	0.0100	pay 0.0013% / 1h	19m 27s	$252K	$318K	10x
Short	Binance TRUMPUSDT	2.1550	−0.0009	pay 0.0004% / 4h	19m 27s	$60.5M	$241.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.121%Rate

Funding earned: −$22.89
Price spread: −0.121% → −0.095%: −$2.56
Slippage, 4 orders: −$12.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$57.63
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Backpack: live order book, 39 min ago; Binance: live order book, 9 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 Backpack live order book, 39 min ago	0.23 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	2.32 bp	11.9 bp −$12	14.4 bp −$144	43.3 bp −$4,325	198.8 bp −$99.4K

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	−0.1690%	1h	2.1430	−0.677%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1541	−0.161%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0167%	1h	2.1553	−0.107%	$406K	$72K	10x	as long as short
SoDEX TRUMP-USD	−0.0126%	1h	2.1555	−0.097%	$95	$6K	5x	as long as short
Lighter TRUMP	−0.0072%	1h	2.1546	−0.139%	$954K	$957K	10x	as long as short
Gate TRUMP_USDT	−0.0058%	4h	2.1550	−0.121%	$7.6M	$51.0M	75x	as long as short
Binance TRUMPUSDTshort	−0.0009%	4h	2.1550	−0.121%	$60.5M	$241.6M	75x
Variational Omni TRUMP	−0.0009%	4h	2.1551	−0.116%	$665K	$488K	—	as long as short
Extended TRUMP-USD	−0.0008%	1h	2.1544	−0.147%	$75K	$716K	25x	as long as short
dYdX TRUMP-USD	−0.0003%	1h	2.1576	0.000%	$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
edgeX TRUMPUSDC	−0.0001%	4h	2.1570	−0.030%	$105K	$264K	20x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1564	−0.054%	$41K	—	150x	as long as short
Paradex TRUMP-USD-PERP	+0.0029%	8h	2.1543	−0.154%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0044%	4h	2.1540	−0.167%	$4K	$207K	10x	as long as short
Bybit TRUMPUSDT	+0.0078%	4h	2.1550	−0.121%	$30.5M	$49.6M	50x	as long as short
Aevo TRUMP-PERP	+0.0080%	1h	2.1535	−0.190%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1578	+0.009%	$14.3M	$7.4M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1561	−0.068%	$422K	$829K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1559	−0.077%	$185K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1550	−0.121%	$27.2M	$173.6M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1550	−0.121%	$405K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1550	−0.121%	$4.3M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1550	−0.121%	$15.5M	$25.6M	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0100%	1h	2.1576	long leg	$252K	$318K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1580	+0.019%	$184K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1570	−0.028%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1560	−0.074%	$503K	$2.2M	50x	as long as short
BloFin TRUMP-USDT	+0.0170%	4h	2.1540	−0.167%	$4.1M	$683K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1560	−0.074%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0220%	1h	2.1580	+0.017%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1540	−0.167%	$279K	$281K	50x	as long as short