Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0225%/8h= −24.6% APRpaid last 24h −0.056%

Price spread now: Bybit against Backpack−0.166%55s7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as 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−$370.372% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 4 days (all we have)+0.194%+$19 · spread now −0.166%, 7d avg −0.099%

Together, before fees−0.144%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.067% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.099%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.2267	0.0325	pay 0.0041% / 1h	43m 14s	$260K	$320K	10x
Short	Bybit TRUMPUSDT	2.2230	0.0100	get 0.0050% / 4h	2h 43m	$31.7M	$47.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$47.19
Price spread: −0.166% → −0.099%: −$6.71
Slippage, 4 orders: −$16.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$91.12
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; Bybit: live order book, 1 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, 25 min ago	0.22 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	2.25 bp	12.2 bp −$12	21.5 bp −$215	140.0 bp −$14.0K	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	−0.1623%	1h	2.2170	−0.436%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2242	−0.114%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2273	+0.025%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2247	−0.090%	$419K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2264	−0.012%	$43K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2219	−0.213%	$108K	$263K	20x	as long as short
Lighter TRUMP	+0.0064%	1h	2.2229	−0.171%	$988K	$788K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0079%	8h	2.2258	−0.041%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0088%	4h	2.2250	−0.076%	$3K	$238K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2283	+0.072%	$14.9M	$6.9M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.2259	−0.036%	$439K	$860K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2257	−0.045%	$192K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2234	−0.149%	$64.5M	$234.7M	75x	as long as short
Bybit TRUMPUSDTshort	+0.0100%	4h	2.2230	−0.166%	$31.7M	$47.8M	50x
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2190	−0.346%	$29.0M	$169.5M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2250	−0.076%	$7.9M	$48.4M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2260	−0.031%	$444K	$144K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2260	−0.031%	$4.1M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2250	−0.076%	$15.9M	$23.9M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.2152	−0.518%	$699K	$448K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2190	−0.345%	$192K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2280	+0.058%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2238	−0.130%	$81	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2300	+0.148%	$579K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2229	−0.169%	$76K	$601K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2227	−0.182%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2263	−0.020%	$10K	—	100x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0325%	1h	2.2267	long leg	$260K	$320K	10x
BloFin TRUMP-USDT	+0.0340%	4h	2.2230	−0.166%	$4.4M	$697K	75x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0507%	1h	2.2259	−0.037%	$1.3M	$2.3M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2100	−0.750%	$286K	$307K	50x	as long as short