Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.057%

Price spread now: Backpack against Bybit+0.238%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.238%, 7d avg +0.099%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.139% dearer against Bybit than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRUMPUSDT	2.1820	0.0100	pay 0.0050% / 4h	1h 53m	$31.3M	$48.0M	50x
Short	Backpack TRUMP_USDC_PERP	2.1872	0.0100	get 0.0013% / 1h	53m 43s	$257K	$314K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.238%Rate

Funding earned: $0
Price spread: +0.238% → +0.099%: $13.92
Slippage, 4 orders: −$14.62
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.7
Costs to cover: 0.356%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 10 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 Bybit live order book, 5 min ago	2.29 bp	11.3 bp −$11	19.3 bp −$193	120.9 bp −$12.1K	doesn't fit
Sell Backpack live order book, 10 min ago	0.23 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit

TRUMP on 30 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	−0.1659%	1h	2.1780	−0.183%	$13K	$157K	12x	as long as short
Lighter TRUMP	−0.0448%	1h	2.1852	+0.147%	$974K	$791K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1821	+0.006%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0120%	4h	2.1850	+0.137%	$7.7M	$49.0M	75x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1846	+0.117%	$27K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1870	+0.229%	$412K	$72K	10x	as long as short
SoDEX TRUMP-USD	+0.0006%	1h	2.1865	+0.206%	$85	$6K	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1835	+0.067%	$42K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1785	−0.162%	$106K	$262K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0056%	8h	2.1828	+0.034%	$5K	$175	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_TRUMP_USDC	+0.0084%	4h	2.1840	+0.092%	$4K	$239K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1828	+0.037%	$14.4M	$7.5M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1859	+0.181%	$432K	$829K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1843	+0.103%	$188K	$56K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1844	+0.108%	$63.4M	$234.7M	75x	as long as short
Bybit TRUMPUSDTlong	+0.0100%	4h	2.1820	long leg	$31.3M	$48.0M	50x
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1810	−0.046%	$28.4M	$168.3M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1850	+0.137%	$434K	$141K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1870	+0.229%	$4.2M	$11.0M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1810	−0.046%	$15.7M	$24.5M	75x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0100%	1h	2.1872	+0.238%	$257K	$314K	10x
Variational Omni TRUMP	+0.0100%	4h	2.1971	+0.694%	$688K	$447K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1859	+0.180%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1850	+0.137%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1880	+0.275%	$535K	$2.0M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1840	+0.091%	$116K	$705K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1850	+0.137%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1838	+0.082%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0287%	1h	2.1894	+0.338%	$1.3M	$2.2M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0504%	1h	2.2000	+0.825%	$285K	$303K	50x	as long as short