Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h +0.054%

Price spread now: Backpack against HTX+0.023%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now +0.023%, 7d avg +0.004%

Together, before fees+0.262%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX TRUMP-USDT	2.1420	0.0100	pay 0.0050% / 4h	3h 32m	$495K	$2.5M	50x
Short	Backpack TRUMP_USDC_PERP	2.1425	0.0284	get 0.0035% / 1h	32m 54s	$382K	$422K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $38.62
Price spread: +0.023% → +0.004%: $1.89
Slippage, 4 orders: −$34.29
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.78
Costs to cover: 0.563%
Break-even: 9.9 days

Slippage from HTX: live order book, 6 min ago; Backpack: live order book, 66 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 HTX live order book, 6 min ago	9.31 bp	23.7 bp −$24	84.8 bp −$848	doesn't fit	doesn't fit
Sell Backpack live order book, 66 min ago	0.23 bp	6.2 bp −$6	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	−0.1829%	1h	2.1350	−0.327%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0534%	1h	2.1385	−0.163%	$69	$6K	5x	as long as short
Bybit TRUMPUSDT	−0.0495%	4h	2.1390	−0.140%	$30.6M	$51.7M	50x	as long as short
Gate TRUMP_USDT	−0.0348%	4h	2.1390	−0.140%	$7.7M	$49.7M	75x	as long as short
Variational Omni TRUMP	−0.0300%	4h	2.1451	+0.147%	$662K	$415K	—	as long as short
Extended TRUMP-USD	−0.0256%	1h	2.1399	−0.096%	$74K	$494K	25x	as long as short
Binance TRUMPUSDT	−0.0252%	4h	2.1403	−0.080%	$61.3M	$247.6M	75x	as long as short
OKX TRUMP-USDT-SWAP	−0.0249%	4h	2.1400	−0.093%	$26.8M	$182.0M	50x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1429	+0.043%	$5	—	10x	as long as short
Lighter TRUMP	−0.0232%	1h	2.1390	−0.140%	$935K	$990K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit TRUMP_USDC-PERPETUAL	−0.0217%	1h	2.1389	−0.145%	$387K	$81K	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0162%	8h	2.1363	−0.268%	$5K	$175	5x	as long as short
Coinbase International TRUMP-PERP-INTX	−0.0136%	1h	2.1360	−0.280%	$148K	$493K	50x	as long as short
edgeX TRUMPUSDC	−0.0126%	4h	2.1455	+0.165%	$105K	$253K	20x	as long as short
Orderly PERP_TRUMP_USDC	−0.0100%	4h	2.1370	−0.233%	$5K	$296K	10x	as long as short
KuCoin TRUMPUSDTM	−0.0054%	4h	2.1400	−0.093%	$4.1M	$10.7M	50x	as long as short
GRVT TRUMP_USDT_Perp	−0.0042%	4h	2.1454	+0.157%	$181K	$4.3M	10x	as long as short
dYdX TRUMP-USD	−0.0022%	1h	2.1387	−0.156%	$26K	$805	5x	as long as short
BloFin TRUMP-USDT	−0.0012%	4h	2.1380	−0.187%	$4.2M	$684K	75x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1405	−0.072%	$40K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0016%	1h	2.1434	+0.067%	$19K	—	3x	as long as short
Bitget TRUMPUSDT	+0.0020%	4h	2.1400	−0.093%	$15.3M	$26.6M	75x	as long as short
MEXC TRUMP_USDC	+0.0094%	4h	2.1390	−0.140%	$397K	$149K	125x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1413	−0.033%	$13.6M	$8.1M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1418	−0.011%	$407K	$716K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1397	−0.107%	$184K	$54K	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1430	+0.047%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDTlong	+0.0100%	4h	2.1420	long leg	$495K	$2.5M	50x
Kraken Futures PF_TRUMPUSD	+0.0121%	1h	2.1424	+0.018%	$1.3M	$2.3M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0136% / S −0.0098%	1h	2.1385	−0.164%	$9K	—	100x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0284%	1h	2.1425	+0.023%	$382K	$422K	10x