Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.059%

Price spread now: Paradex against Backpack−0.237%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.237% cheaper against Backpack than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1459	0.0100	pay 0.0013% / 1h	38m 13s	$251K	$316K	10x
Short	Paradex TRUMP-USD-PERP	2.1408	0.0010	get 0.0010% / 8h	4h 38m	$5K	$175	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$18.9
Price spread: −0.237% → 0.000%: −$23.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$56.6
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 20 min ago; Paradex: no order-book sample. Net counts fees only.

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, 20 min ago	0.23 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1690%	1h	2.1350	−0.508%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0259%	1h	2.1435	−0.112%	$95	$6K	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1442	−0.081%	$5	—	10x	as long as short
Lighter TRUMP	−0.0232%	1h	2.1415	−0.205%	$947K	$933K	10x	as long as short
Gate TRUMP_USDT	−0.0088%	4h	2.1440	−0.089%	$7.6M	$50.6M	75x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0030%	1h	2.1453	−0.028%	$404K	$72K	10x	as long as short
Variational Omni TRUMP	−0.0012%	4h	2.1461	+0.009%	$657K	$482K	—	as long as short
dYdX TRUMP-USD	−0.0005%	1h	2.1436	−0.108%	$27K	$512	5x	as long as short
Bybit TRUMPUSDT	+0.0007%	4h	2.1430	−0.135%	$30.4M	$49.3M	50x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1451	−0.038%	$40K	—	150x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex TRUMP-USD-PERPshort	+0.0010%	8h	2.1408	−0.237%	$5K	$175	5x
Extended TRUMP-USD	+0.0016%	1h	2.1435	−0.114%	$74K	$749K	25x	as long as short
edgeX TRUMPUSDC	+0.0016%	4h	2.1508	+0.227%	$105K	$263K	20x	as long as short
Binance TRUMPUSDT	+0.0017%	4h	2.1429	−0.141%	$60.2M	$241.2M	75x	as long as short
Orderly PERP_TRUMP_USDC	+0.0048%	4h	2.1440	−0.089%	$4K	$213K	10x	as long as short
BloFin TRUMP-USDT	+0.0084%	4h	2.1440	−0.089%	$4.1M	$676K	75x	as long as short
Aevo TRUMP-PERP	+0.0088%	1h	2.1436	−0.105%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1451	−0.037%	$14.1M	$7.3M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1448	−0.050%	$422K	$828K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1418	−0.192%	$184K	$53K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1420	−0.182%	$27.1M	$171.8M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1440	−0.089%	$404K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1450	−0.042%	$4.3M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1450	−0.042%	$15.5M	$25.6M	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0100%	1h	2.1459	long leg	$251K	$316K	10x
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1520	+0.286%	$185K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1470	+0.051%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1450	−0.042%	$497K	$2.1M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1451	−0.038%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0221%	1h	2.1466	+0.032%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0472%	1h	2.1470	+0.051%	$278K	$281K	50x	as long as short