Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.062%

Price spread now: Backpack against Binance+0.128%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.128%, 7d avg +0.094%

Together, before fees+0.216%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.034% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.094%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance TRUMPUSDT	2.1660	−0.0099	get 0.0049% / 4h	3h 23m	$61.3M	$245.5M	75x
Short	Backpack TRUMP_USDC_PERP	2.1688	0.0229	get 0.0029% / 1h	23m 29s	$340K	$377K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.128%Rate

Funding earned: $68.78
Price spread: +0.128% → +0.094%: $3.37
Slippage, 4 orders: −$12.72
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $39.43
Costs to cover: 0.327%
Break-even: 3.0 days

Slippage from Binance: live order book, 5 min ago; Backpack: live order book, 30 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 Binance live order book, 5 min ago	2.30 bp	7.3 bp −$7	12.9 bp −$129	38.2 bp −$3,817	259.2 bp −$129.6K
Sell Backpack live order book, 30 min ago	0.23 bp	6.0 bp −$6	22.6 bp −$226	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	−0.1765%	1h	2.1580	−0.371%	$13K	$157K	12x	as long as short
Paradex TRUMP-USD-PERP	−0.0306%	8h	2.1662	+0.008%	$5K	$175	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0304%	1h	2.1663	+0.012%	$408K	$72K	10x	as long as short
SoDEX TRUMP-USD	−0.0296%	1h	2.1645	−0.071%	$86	$6K	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1661	+0.004%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0224%	4h	2.1670	+0.045%	$7.8M	$51.8M	75x	as long as short
Binance TRUMPUSDTlong	−0.0099%	4h	2.1660	long leg	$61.3M	$245.5M	75x
Extended TRUMP-USD	−0.0096%	1h	2.1664	+0.017%	$74K	$716K	25x	as long as short
edgeX TRUMPUSDC	−0.0040%	4h	2.1704	+0.200%	$106K	$263K	20x	as long as short
Variational Omni TRUMP	−0.0020%	4h	2.1681	+0.095%	$670K	$516K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX TRUMP-USD	−0.0009%	1h	2.1672	+0.054%	$27K	$512	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1684	+0.111%	$41K	—	150x	as long as short
Orderly PERP_TRUMP_USDC	+0.0019%	4h	2.1650	−0.048%	$3K	$190K	10x	as long as short
Lighter TRUMP	+0.0056%	1h	2.1667	+0.031%	$957K	$975K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0058%	4h	2.1690	+0.137%	$177K	$4.6M	10x	as long as short
Bybit TRUMPUSDT	+0.0063%	4h	2.1670	+0.045%	$30.7M	$50.2M	50x	as long as short
Aevo TRUMP-PERP	+0.0064%	1h	2.1642	−0.085%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1688	+0.128%	$13.7M	$7.9M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1692	+0.148%	$408K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1675	+0.066%	$186K	$52K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1670	+0.045%	$27.7M	$178.9M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1670	+0.045%	$406K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1670	+0.045%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1680	+0.091%	$15.7M	$25.9M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1680	+0.091%	$1K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1670	+0.045%	$495K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0151%	4h	2.1720	+0.275%	$4.2M	$665K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1678	+0.082%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1674	+0.061%	$1.3M	$2.2M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0229%	1h	2.1688	+0.128%	$340K	$377K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1660	−0.002%	$280K	$276K	50x	as long as short