Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0349%/8h= +38.3% APRpaid last 24h −0.005%

Price spread now: Backpack against BloFin+0.210%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now +0.210%, 7d avg +0.103%

Together, before fees−0.167%−$17 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 0.107% dearer against BloFin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.103%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.003% in total (about -0.2% 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	BloFin TRUMP-USDT	2.1440	0.0074	pay 0.0037% / 4h	1h 12m	$4.1M	$701K	75x
Short	Backpack TRUMP_USDC_PERP	2.1485	0.0423	get 0.0053% / 1h	12m 48s	$380K	$415K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.210%Rate

Funding earned: $73.36
Price spread: +0.210% → +0.103%: $10.7
Slippage, 4 orders: −$21.17
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $40.89
Costs to cover: 0.432%
Break-even: 3.1 days

Slippage from BloFin: live order book, 11 min ago; Backpack: live order book, 31 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 BloFin live order book, 11 min ago	4.66 bp	15.0 bp −$15	17.4 bp −$174	32.5 bp −$3,248	114.9 bp −$57.5K
Sell Backpack live order book, 31 min ago	0.23 bp	9.5 bp −$9	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	2.1380	−0.280%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1451	+0.053%	$5	—	10x	as long as short
Extended TRUMP-USD	−0.0168%	1h	2.1449	+0.041%	$74K	$521K	25x	as long as short
Binance TRUMPUSDT	−0.0166%	4h	2.1460	+0.093%	$60.6M	$251.3M	75x	as long as short
Variational Omni TRUMP	−0.0117%	4h	2.1461	+0.099%	$663K	$423K	—	as long as short
OKX TRUMP-USDT-SWAP	−0.0100%	4h	2.1450	+0.047%	$26.6M	$184.7M	50x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1477	+0.171%	$1.3M	$2.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0085%	4h	2.1448	+0.038%	$105K	$266K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0056%	4h	2.1440	0.000%	$5K	$252K	10x	as long as short
Gate TRUMP_USDT	−0.0050%	4h	2.1450	+0.047%	$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
Bybit TRUMPUSDT	−0.0036%	4h	2.1460	+0.093%	$30.5M	$52.5M	50x	as long as short
Paradex TRUMP-USD-PERP	−0.0026%	8h	2.1454	+0.065%	$5K	$175	5x	as long as short
SoDEX TRUMP-USD	−0.0024%	1h	2.1448	+0.037%	$82	$6K	5x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1466	+0.120%	$27K	$501	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1464	+0.112%	$404K	$81K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1470	+0.140%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1442	+0.007%	$19K	—	3x	as long as short
BloFin TRUMP-USDTlong	+0.0074%	4h	2.1440	long leg	$4.1M	$701K	75x
Lighter TRUMP	+0.0096%	1h	2.1454	+0.065%	$938K	$1.0M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1478	+0.177%	$13.6M	$8.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1461	+0.098%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1477	+0.173%	$185K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1460	+0.093%	$399K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1450	+0.047%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1470	+0.140%	$15.3M	$27.0M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1469	+0.133%	$176K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1480	+0.187%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1450	+0.047%	$482K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0098%	1h	2.1468	+0.133%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1490	+0.233%	$187K	$440K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0423%	1h	2.1485	+0.210%	$380K	$415K	10x