Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0491%/8h= −53.7% APRpaid last 24h −0.055%

Price spread now: OKX against Backpack−0.158%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

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

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.297%−$30 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.158%, 7d avg −0.110%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.048% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.110%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.297% in total (about -15.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1504	0.0400	pay 0.0050% / 1h	22m 47s	$381K	$417K	10x
Short	OKX TRUMP-USDT-SWAP	2.1470	−0.0090	pay 0.0045% / 4h	1h 22m	$26.6M	$185.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$103.07
Price spread: −0.158% → −0.110%: −$4.8
Slippage, 4 orders: −$12.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$140.07
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from Backpack: live order book, 21 min ago; OKX: 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, 21 min ago	0.23 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.33 bp	7.3 bp −$7	10.2 bp −$102	36.3 bp −$3,630	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	2.1350	−0.716%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1457	−0.220%	$5	—	10x	as long as short
Binance TRUMPUSDT	−0.0185%	4h	2.1471	−0.151%	$60.6M	$252.2M	75x	as long as short
Extended TRUMP-USD	−0.0184%	1h	2.1470	−0.159%	$74K	$521K	25x	as long as short
Variational Omni TRUMP	−0.0135%	4h	2.1481	−0.106%	$663K	$424K	—	as long as short
edgeX TRUMPUSDC	−0.0098%	4h	2.1423	−0.377%	$105K	$264K	20x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1503	−0.002%	$1.3M	$2.3M	50x	as long as short
OKX TRUMP-USDT-SWAPshort	−0.0090%	4h	2.1470	−0.158%	$26.6M	$185.3M	50x
Gate TRUMP_USDT	−0.0078%	4h	2.1470	−0.158%	$7.7M	$53.7M	75x	as long as short
Bybit TRUMPUSDT	−0.0073%	4h	2.1470	−0.158%	$30.5M	$52.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	−0.0059%	4h	2.1460	−0.205%	$5K	$249K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0041%	8h	2.1471	−0.156%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1496	−0.036%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1483	−0.098%	$405K	$81K	10x	as long as short
SoDEX TRUMP-USD	+0.0005%	1h	2.1476	−0.130%	$80	$6K	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1475	−0.135%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0032%	1h	2.1460	−0.205%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0055%	4h	2.1450	−0.251%	$4.1M	$681K	75x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1461	−0.200%	$938K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1484	−0.093%	$13.5M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1474	−0.139%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1480	−0.112%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1470	−0.158%	$399K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1470	−0.158%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1480	−0.112%	$15.3M	$27.2M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1390	−0.530%	$175K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1480	−0.112%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1500	−0.019%	$483K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1481	−0.108%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1450	−0.251%	$202K	$425K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0400%	1h	2.1504	long leg	$381K	$417K	10x