TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0636%/8h= −69.7% APRnext payment −$0.80 per $10,000 · paid last 24h −0.090%

Price spread now: Deribit against Backpack−0.144%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.517%−$52 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.144%, 7d avg −0.066%

Together, before fees−0.418%−$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Deribit is 0.079% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1464	0.0420	pay 0.0052% / 1h	1m 40s	$380K	$415K	10x
Short	Deribit TRUMP_USDC-PERPETUAL	2.1433	−0.0216	pay 0.0027% / 1h	1m 40s	$404K	$81K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$133.6
Price spread: −0.144% → −0.066%: −$7.87
Slippage, 4 orders: −$25.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$184.23
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; Deribit: live order book, 42 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, 42 min ago	0.23 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 42 min ago	8.18 bp	11.7 bp −$12	22.3 bp −$223	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	−0.1927%	1h	2.1340	−0.578%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1432	−0.151%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUALshort	−0.0216%	1h	2.1433	−0.144%	$404K	$81K	10x
Binance TRUMPUSDT	−0.0163%	4h	2.1436	−0.129%	$60.6M	$251.3M	75x	as long as short
Extended TRUMP-USD	−0.0160%	1h	2.1429	−0.163%	$74K	$521K	25x	as long as short
OKX TRUMP-USDT-SWAP	−0.0117%	4h	2.1420	−0.205%	$26.6M	$184.2M	50x	as long as short
SoDEX TRUMP-USD	−0.0109%	1h	2.1425	−0.182%	$82	$6K	5x	as long as short
Variational Omni TRUMP	−0.0107%	4h	2.1501	+0.173%	$664K	$423K	—	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1452	−0.058%	$1.3M	$2.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0079%	4h	2.1476	+0.054%	$105K	$255K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0070%	4h	2.1440	−0.112%	$7.7M	$53.8M	75x	as long as short
Orderly PERP_TRUMP_USDC	−0.0053%	4h	2.1440	−0.112%	$5K	$260K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0033%	8h	2.1434	−0.142%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0030%	4h	2.1430	−0.158%	$30.5M	$52.5M	50x	as long as short
dYdX TRUMP-USD	−0.0001%	1h	2.1446	−0.085%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1444	−0.091%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1426	−0.175%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0064%	1h	2.1425	−0.182%	$936K	$1.0M	10x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1480	+0.075%	$4.1M	$703K	75x	as long as short
KuCoin TRUMPUSDTM	+0.0080%	4h	2.1440	−0.112%	$4.2M	$11.0M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1457	−0.033%	$13.6M	$8.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1454	−0.047%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1449	−0.070%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1430	−0.158%	$398K	$151K	125x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1440	−0.112%	$15.3M	$26.9M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1460	−0.019%	$173K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1460	−0.019%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1450	−0.065%	$482K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1448	−0.074%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1430	−0.158%	$186K	$442K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0420%	1h	2.1464	long leg	$380K	$415K	10x