Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0371%/8h= −40.6% APRpaid last 24h −0.053%

Price spread now: Variational Omni against Backpack+0.098%7-day average −0.096% · you sell dearer than you buy

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.193%−$19 on $10k

Price spread, last 4 days (all we have)−0.333%−$33 · spread now +0.098%, 7d avg −0.096%

Together, before fees−0.526%+ Points / potential airdropVariational Omni: Active · farm board−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.195% dearer against Backpack than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of −0.096%): +$19 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1841	0.0471	pay 0.0059% / 1h	24m 03s	$256K	$281K	10x
Short	Variational Omni TRUMP	2.1862	0.0100	get 0.0050% / 4h	24m 03s	$638K	$377K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.098%Rate

Funding earned: −$77.89
Price spread: +0.098% → −0.096%: $19.48
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$68.41
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 54 min ago; Variational Omni: RFQ quote, 55 min ago. 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, 54 min ago	0.23 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 55 min ago	5.00 bp	doesn't fit	15.7 bp −$157	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	−0.1537%	1h	2.1720	−0.554%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1822	−0.088%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1837	−0.018%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1819	−0.101%	$409K	$78K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1826	−0.069%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1889	+0.221%	$119K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0095%	4h	2.1820	−0.096%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1819	−0.101%	$979K	$740K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0097%	8h	2.1827	−0.063%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1830	−0.050%	$455K	$832K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.1833	−0.036%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1810	−0.142%	$62.6M	$225.6M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1810	−0.142%	$30.7M	$44.5M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1810	−0.142%	$27.1M	$152.4M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1820	−0.096%	$7.4M	$48.5M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1800	−0.188%	$477K	$133K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1820	−0.096%	$4.4M	$10.3M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1820	−0.096%	$15.4M	$21.7M	75x	as long as short
Variational Omni TRUMPshort	+0.0100%	4h	2.1862	+0.098%	$638K	$377K	—
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1913	+0.330%	$184K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1860	+0.087%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1820	−0.096%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1850	+0.041%	$553K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1801	−0.185%	$75K	$469K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1812	−0.131%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1823	−0.082%	$10K	—	100x	as long as short
Hyperliquid TRUMP	+0.0304%	1h	2.1839	−0.009%	$14.1M	$7.5M	10x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1850	+0.041%	$4.2M	$634K	75x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0424%	1h	2.2060	+1.003%	$285K	$391K	50x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0471%	1h	2.1841	long leg	$256K	$281K	10x
Kraken Futures PF_TRUMPUSD	+0.0875%	1h	2.1837	−0.020%	$1.3M	$2.5M	50x	as long as short