Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0389%/8h= −42.6% APRpaid last 24h −0.094%

Price spread now: Orderly against Coinbase International−0.046%7-day average −0.102% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.046%, 7d avg −0.102%

Together, before fees−0.200%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.056% dearer against Coinbase International than usual: you sell high and buy low (spread −0.046% now, against its 7-day average of −0.102%): +$6 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.199% in total) that is about 47 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.199% in total (about -10.4% 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	Coinbase International TRUMP-PERP-INTX	2.1670	0.0400	pay 0.0050% / 1h	15m 52s	$280K	$277K	50x
Short	Orderly PERP_TRUMP_USDC	2.1660	0.0011	get 0.0006% / 4h	3h 15m	$4K	$189K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.046%Rate

Funding earned: −$81.68
Price spread: −0.046% → −0.102%: $5.58
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$92.1
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 37 min ago; Orderly: no order-book sample. 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 Coinbase International live order book, 37 min ago	13.74 bp	23.2 bp −$23	31.7 bp −$317	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1550	−0.554%	$13K	$157K	12x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0350%	1h	2.1655	−0.069%	$408K	$72K	10x	as long as short
SoDEX TRUMP-USD	−0.0318%	1h	2.1648	−0.102%	$88	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	−0.0272%	8h	2.1664	−0.027%	$5K	$175	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1639	−0.143%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0160%	4h	2.1670	0.000%	$7.9M	$52.0M	75x	as long as short
Binance TRUMPUSDT	−0.0116%	4h	2.1667	−0.016%	$61.2M	$246.6M	75x	as long as short
Extended TRUMP-USD	−0.0112%	1h	2.1629	−0.190%	$74K	$714K	25x	as long as short
Bybit TRUMPUSDT	−0.0082%	4h	2.1670	0.000%	$30.8M	$50.4M	50x	as long as short
edgeX TRUMPUSDC	−0.0049%	4h	2.1667	−0.013%	$106K	$264K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRUMP	−0.0041%	4h	2.1651	−0.087%	$669K	$488K	—	as long as short
dYdX TRUMP-USD	−0.0007%	1h	2.1686	+0.072%	$27K	$512	5x	as long as short
Lighter TRUMP	+0.0008%	1h	2.1665	−0.023%	$957K	$976K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1671	+0.006%	$41K	—	150x	as long as short
Orderly PERP_TRUMP_USDCshort	+0.0011%	4h	2.1660	−0.046%	$4K	$189K	10x
GRVT TRUMP_USDT_Perp	+0.0022%	4h	2.1660	−0.046%	$177K	$4.6M	10x	as long as short
Aevo TRUMP-PERP	+0.0056%	1h	2.1638	−0.146%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1690	+0.092%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1679	+0.043%	$408K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1679	+0.042%	$187K	$52K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1660	−0.046%	$27.6M	$179.2M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1670	0.000%	$406K	$151K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1660	−0.046%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1670	0.000%	$15.7M	$26.1M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1680	+0.046%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1700	+0.138%	$495K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0125%	4h	2.1710	+0.185%	$4.2M	$664K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1675	+0.024%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1677	+0.033%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERP	+0.0194%	1h	2.1685	+0.069%	$384K	$399K	10x	as long as short
Coinbase International TRUMP-PERP-INTXlong	+0.0400%	1h	2.1670	long leg	$280K	$277K	50x