TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0636%/8h= +69.7% APRnext payment +$0.80 per $10,000 · paid last 24h +0.090%

Price spread now: Backpack against Deribit+0.145%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.517%+$52 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.145%, 7d avg +0.066%

Together, before fees+0.418%+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Backpack is 0.079% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit TRUMP_USDC-PERPETUAL	2.1433	−0.0216	get 0.0027% / 1h	1m 29s	$404K	$81K	10x
Short	Backpack TRUMP_USDC_PERP	2.1464	0.0420	get 0.0052% / 1h	1m 29s	$380K	$415K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.145%Rate

Funding earned: $133.6
Price spread: +0.145% → +0.066%: $7.89
Slippage, 4 orders: −$25.76
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $98.73
Costs to cover: 0.428%
Break-even: 1.8 days

Slippage from Deribit: live order book, 42 min ago; Backpack: live order book, 42 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 Deribit live order book, 42 min ago	8.18 bp	13.5 bp −$14	24.6 bp −$246	doesn't fit	doesn't fit
Sell Backpack live order book, 42 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	2.1340	−0.434%	$12K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1402	−0.147%	$5	—	10x	as long as short
Deribit TRUMP_USDC-PERPETUALlong	−0.0216%	1h	2.1433	long leg	$404K	$81K	10x
Binance TRUMPUSDT	−0.0163%	4h	2.1410	−0.107%	$60.5M	$251.3M	75x	as long as short
Extended TRUMP-USD	−0.0160%	1h	2.1419	−0.065%	$74K	$521K	25x	as long as short
OKX TRUMP-USDT-SWAP	−0.0117%	4h	2.1410	−0.107%	$26.5M	$184.2M	50x	as long as short
SoDEX TRUMP-USD	−0.0109%	1h	2.1425	−0.037%	$82	$6K	5x	as long as short
Variational Omni TRUMP	−0.0107%	4h	2.1501	+0.318%	$664K	$423K	—	as long as short
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1452	+0.087%	$1.3M	$2.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0080%	4h	2.1454	+0.098%	$105K	$255K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate TRUMP_USDT	−0.0074%	4h	2.1400	−0.154%	$7.7M	$53.8M	75x	as long as short
Orderly PERP_TRUMP_USDC	−0.0053%	4h	2.1420	−0.061%	$5K	$260K	10x	as long as short
Bybit TRUMPUSDT	−0.0038%	4h	2.1410	−0.107%	$30.5M	$52.5M	50x	as long as short
Paradex TRUMP-USD-PERP	−0.0032%	8h	2.1428	−0.022%	$5K	$175	5x	as long as short
dYdX TRUMP-USD	−0.0001%	1h	2.1446	+0.059%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1444	+0.053%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1401	−0.150%	$19K	—	3x	as long as short
Lighter TRUMP	+0.0064%	1h	2.1425	−0.037%	$936K	$1.0M	10x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1480	+0.219%	$4.1M	$703K	75x	as long as short
KuCoin TRUMPUSDTM	+0.0080%	4h	2.1420	−0.061%	$4.2M	$11.0M	50x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1429	−0.017%	$13.5M	$8.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1423	−0.047%	$402K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1449	+0.075%	$184K	$54K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1410	−0.107%	$398K	$151K	125x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1420	−0.061%	$15.2M	$27.0M	75x	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1450	+0.079%	$173K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1460	+0.126%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1450	+0.079%	$482K	$2.5M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1448	+0.070%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1430	−0.014%	$186K	$442K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0420%	1h	2.1464	+0.145%	$380K	$415K	10x