Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0258%/8h= −28.2% APRpaid last 24h −0.008%

Price spread now: BloFin against Backpack−0.308%66s7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.374% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.244%+$24 · spread now −0.308%, 7d avg −0.107%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and BloFin is 0.202% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.107%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1406	0.0139	pay 0.0017% / 1h	27m 44s	$382K	$390K	10x
Short	BloFin TRUMP-USDT	2.1340	−0.0119	pay 0.0059% / 4h	1h 27m	$4.3M	$689K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now −0.308%Rate

Funding earned: −$54.11
Price spread: −0.308% → −0.107%: −$20.16
Slippage, 4 orders: −$15.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$111.71
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Backpack: live order book, 19 min ago; BloFin: live order book, 4 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, 19 min ago	0.23 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	4.70 bp	10.7 bp −$11	13.6 bp −$136	35.2 bp −$3,517	84.5 bp −$42.2K

TRUMP on 32 exchanges

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
SoDEX TRUMP-USD	−0.0484%	1h	2.1369	−0.173%	$77	$6K	5x	as long as short
Variational Omni TRUMP	−0.0409%	4h	2.1300	−0.495%	$662K	$400K	—	as long as short
OKX TRUMP-USDT-SWAP	−0.0375%	4h	2.1360	−0.215%	$27.0M	$172.6M	50x	as long as short
Bybit TRUMPUSDT	−0.0373%	4h	2.1360	−0.215%	$31.2M	$48.4M	50x	as long as short
Extended TRUMP-USD	−0.0368%	1h	2.1348	−0.271%	$73K	$493K	25x	as long as short
Binance TRUMPUSDT	−0.0364%	4h	2.1366	−0.187%	$63.0M	$238.4M	75x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0296%	1h	2.1250	−0.729%	$130K	$512K	50x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0264%	1h	2.1381	−0.117%	$384K	$78K	10x	as long as short
Lighter TRUMP	−0.0256%	1h	2.1367	−0.182%	$918K	$959K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1360	−0.215%	$5	—	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0230%	4h	2.1360	−0.215%	$7.7M	$47.7M	75x	as long as short
MEXC TRUMP_USDC	−0.0220%	4h	2.1350	−0.262%	$386K	$143K	125x	as long as short
Paradex TRUMP-USD-PERP	−0.0216%	8h	2.1358	−0.226%	$5K	$175	5x	as long as short
edgeX TRUMPUSDC	−0.0178%	4h	2.1290	−0.541%	$104K	$254K	20x	as long as short
KuCoin TRUMPUSDTM	−0.0176%	4h	2.1360	−0.215%	$4.3M	$10.2M	50x	as long as short
BloFin TRUMP-USDTshort	−0.0119%	4h	2.1340	−0.308%	$4.3M	$689K	75x
Orderly PERP_TRUMP_USDC	−0.0087%	4h	2.1350	−0.262%	$5K	$299K	10x	as long as short
Bitget TRUMPUSDT	−0.0052%	4h	2.1380	−0.121%	$15.4M	$24.8M	75x	as long as short
Aevo TRUMP-PERP	−0.0008%	1h	2.1350	−0.262%	$19K	—	3x	as long as short
dYdX TRUMP-USD	−0.0005%	1h	2.1375	−0.145%	$25K	$3K	5x	as long as short
GRVT TRUMP_USDT_Perp	0.0000%	4h	2.1304	−0.478%	$184K	$4.0M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1382	−0.111%	$40K	—	150x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0023%	1h	2.1404	−0.011%	$1.4M	$2.1M	50x	as long as short
Injective TRUMP/USDC PERP	+0.0033%	1h	2.1600	+0.906%	$13K	$157K	12x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1382	−0.112%	$13.5M	$7.7M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1370	−0.168%	$403K	$643K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1379	−0.126%	$184K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1370	−0.168%	$2K	$1.4M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1400	−0.028%	$486K	$2.5M	50x	as long as short
Phemex TRUMPUSDT	+0.0100%	4h	2.1360	−0.215%	$195K	$453K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0139%	1h	2.1406	long leg	$382K	$390K	10x
GMX TRUMP/USD [ETH-USDC]	L +0.0204% / S −0.0199%	1h	2.1369	−0.174%	$10K	—	100x	as long as short