Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.057%

Price spread now: Gate against Backpack−0.059%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.250%−$25 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.059%, 7d avg −0.092%

Together, before fees−0.241%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.032% dearer against Backpack than usual: you sell high and buy low (spread −0.059% now, against its 7-day average of −0.092%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.250% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1893	0.0359	pay 0.0045% / 1h	18m 14s	$262K	$272K	10x
Short	Gate TRUMP_USDT	2.1880	0.0100	get 0.0050% / 4h	1h 18m	$7.4M	$47.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.059%Rate

Funding earned: −$54.37
Price spread: −0.059% → −0.092%: $3.24
Slippage, 4 orders: −$19.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$95.47
Costs to cover: 0.443%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; Gate: live order book, 6 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, 65 min ago	0.23 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	2.29 bp	13.1 bp −$13	30.9 bp −$309	73.5 bp −$7,346	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	−0.1472%	1h	2.1780	−0.516%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1867	−0.118%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1868	−0.114%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1876	−0.078%	$410K	$76K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1882	−0.050%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1910	+0.077%	$119K	$249K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0086%	4h	2.1860	−0.151%	$3K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0092%	8h	2.1872	−0.097%	$5K	—	5x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1866	−0.123%	$973K	$682K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1895	+0.009%	$14.0M	$7.4M	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	2.1885	−0.037%	$455K	$833K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1882	−0.048%	$188K	$59K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1870	−0.105%	$62.4M	$219.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1870	−0.105%	$30.5M	$43.3M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1870	−0.105%	$26.8M	$150.2M	50x	as long as short
Gate TRUMP_USDTshort	+0.0100%	4h	2.1880	−0.059%	$7.4M	$47.4M	75x
MEXC TRUMP_USDC	+0.0100%	4h	2.1870	−0.105%	$480K	$133K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1880	−0.059%	$4.6M	$10.4M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1880	−0.059%	$15.5M	$21.0M	75x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1892	−0.003%	$692K	$270K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1920	+0.121%	$179K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1890	−0.014%	$2K	$1.5M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1869	−0.110%	$72	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1890	−0.014%	$531K	$1.8M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1866	−0.125%	$75K	$471K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1860	−0.150%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1879	−0.063%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1860	−0.151%	$4.2M	$514K	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0359%	1h	2.1893	long leg	$262K	$272K	10x
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1920	+0.123%	$281K	$399K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0522%	1h	2.1896	+0.016%	$1.3M	$2.5M	50x	as long as short