Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0664%/8h= +72.7% APRpaid last 24h +0.063%

Price spread now: Backpack against Gate+0.121%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.121%, 7d avg +0.088%

Together, before fees+0.189%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Backpack is 0.033% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.088%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.269% in total (about 14.0% 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	Gate TRUMP_USDT	2.1460	−0.0114	get 0.0057% / 4h	1h 56m	$7.6M	$53.3M	75x
Short	Backpack TRUMP_USDC_PERP	2.1486	0.0550	get 0.0069% / 1h	56m 25s	$384K	$414K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.121%Rate

Funding earned: $139.38
Price spread: +0.121% → +0.088%: $3.27
Slippage, 4 orders: −$18.39
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $99.25
Costs to cover: 0.434%
Break-even: 2.0 days

Slippage from Gate: live order book, 2 min ago; Backpack: live order book, 52 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 Gate live order book, 2 min ago	2.32 bp	13.1 bp −$13	24.7 bp −$247	65.5 bp −$6,551	doesn't fit
Sell Backpack live order book, 52 min ago	0.23 bp	6.0 bp −$6	14.2 bp −$142	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	−0.373%	$12K	$157K	12x	as long as short
Binance TRUMPUSDT	−0.0251%	4h	2.1458	−0.011%	$60.6M	$251.7M	75x	as long as short
Extended TRUMP-USD	−0.0248%	1h	2.1460	−0.002%	$74K	$739K	25x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1452	−0.040%	$5	—	10x	as long as short
Variational Omni TRUMP	−0.0179%	4h	2.1541	+0.378%	$664K	$424K	—	as long as short
Bybit TRUMPUSDT	−0.0151%	4h	2.1460	0.000%	$30.5M	$52.3M	50x	as long as short
edgeX TRUMPUSDC	−0.0131%	4h	2.1512	+0.241%	$105K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	−0.0124%	8h	2.1456	−0.020%	$5K	$175	5x	as long as short
Gate TRUMP_USDTlong	−0.0114%	4h	2.1460	long leg	$7.6M	$53.3M	75x
Kraken Futures PF_TRUMPUSD	−0.0098%	1h	2.1488	+0.130%	$1.3M	$2.3M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX TRUMP-USDT-SWAP	−0.0095%	4h	2.1450	−0.047%	$26.5M	$184.6M	50x	as long as short
Orderly PERP_TRUMP_USDC	−0.0063%	4h	2.1460	0.000%	$5K	$231K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0029%	1h	2.1466	+0.028%	$404K	$81K	10x	as long as short
BloFin TRUMP-USDT	−0.0011%	4h	2.1470	+0.047%	$4.1M	$688K	75x	as long as short
Lighter TRUMP	0.0000%	1h	2.1440	−0.093%	$946K	$1.0M	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1466	+0.027%	$27K	$501	5x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1484	+0.110%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1452	−0.036%	$19K	—	3x	as long as short
GRVT TRUMP_USDT_Perp	+0.0068%	4h	2.1560	+0.465%	$183K	$4.6M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1475	+0.070%	$13.5M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1470	+0.045%	$403K	$778K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1460	0.000%	$185K	$53K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1460	0.000%	$400K	$147K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1460	0.000%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1460	0.000%	$15.3M	$27.0M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1500	+0.186%	$1K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1459	−0.005%	$82	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1480	+0.093%	$484K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0137% / S −0.0099%	1h	2.1480	+0.092%	$9K	—	100x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0192%	1h	2.1470	+0.047%	$206K	$419K	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0550%	1h	2.1486	+0.121%	$384K	$414K	10x