Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.055%

Price spread now: SunX against Backpack−0.070%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1801.801% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now −0.070%, 7d avg −0.002%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and SunX 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 −0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.189% in total (about -9.8% 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	2.1505	0.0427	pay 0.0053% / 1h	10m 00s	$381K	$415K	10x
Short	SunX TRUMP-USDT	2.1490	0.0100	get 0.0050% / 4h	1h 10m	$2K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$68.71
Price spread: −0.070% → −0.002%: −$6.75
Slippage, 4 orders: −$162.1
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$255.56
Costs to cover: 1.801%
Break-even: never at this rate

Slippage from Backpack: live order book, 34 min ago; SunX: live order book, 5 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, 34 min ago	0.23 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	32.57 bp	96.9 bp −$97	doesn't fit	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	2.1360	−0.674%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1451	−0.249%	$5	—	10x	as long as short
Binance TRUMPUSDT	−0.0161%	4h	2.1465	−0.187%	$60.7M	$250.8M	75x	as long as short
Extended TRUMP-USD	−0.0160%	1h	2.1459	−0.215%	$74K	$521K	25x	as long as short
Variational Omni TRUMP	−0.0127%	4h	2.1451	−0.251%	$662K	$423K	—	as long as short
OKX TRUMP-USDT-SWAP	−0.0107%	4h	2.1450	−0.256%	$26.6M	$184.7M	50x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1504	−0.003%	$1.3M	$2.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0085%	4h	2.1449	−0.260%	$105K	$254K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0055%	4h	2.1470	−0.163%	$5K	$252K	10x	as long as short
Gate TRUMP_USDT	−0.0048%	4h	2.1460	−0.209%	$7.7M	$53.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX TRUMP-USD	−0.0030%	1h	2.1475	−0.140%	$82	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0024%	4h	2.1460	−0.209%	$30.5M	$52.5M	50x	as long as short
Paradex TRUMP-USD-PERP	−0.0024%	8h	2.1470	−0.164%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1466	−0.183%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1487	−0.084%	$405K	$81K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1480	−0.116%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1464	−0.189%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0076%	4h	2.1470	−0.163%	$4.1M	$702K	75x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1471	−0.158%	$939K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1485	−0.093%	$13.6M	$8.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1472	−0.155%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1484	−0.098%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1460	−0.209%	$399K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1470	−0.163%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1480	−0.116%	$15.3M	$27.0M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1463	−0.195%	$176K	$4.6M	10x	as long as short
SunX TRUMP-USDTshort	+0.0100%	4h	2.1490	−0.070%	$2K	$1.6M	50x
HTX TRUMP-USDT	+0.0100%	4h	2.1490	−0.070%	$483K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0098%	1h	2.1482	−0.106%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1470	−0.163%	$187K	$443K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0427%	1h	2.1505	long leg	$381K	$415K	10x