TRUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +11.0% APRnext payment +$0.13 per $10,000 · paid last 24h +0.051%

Price spread now: Backpack against Hyperliquid+0.098%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.392%+$39 on $10k

Price spread, last 4 days (all we have)−0.162%−$16 · spread now +0.098%, 7d avg +0.047%

Together, before fees+0.230%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.051% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid TRUMP	2.1485	0.0100	pay 0.0013% / 1h	1m 46s	$13.6M	$8.0M	10x
Short	Backpack TRUMP_USDC_PERP	2.1506	0.0200	get 0.0025% / 1h	1m 46s	$381K	$403K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.098%Rate

Funding earned: $21.06
Price spread: +0.098% → +0.047%: $5.09
Slippage, 4 orders: −$14.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$6.95
Costs to cover: 0.331%
Break-even: 9.3 days

Slippage from Hyperliquid: live order book, 11 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 Hyperliquid live order book, 11 min ago	1.15 bp	7.1 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 52 min ago	0.23 bp	6.0 bp −$6	22.6 bp −$226	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	−0.1765%	1h	2.1520	+0.163%	$13K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0385%	1h	2.1475	−0.047%	$86	$6K	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0308%	1h	2.1488	+0.014%	$404K	$72K	10x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1482	−0.016%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0234%	8h	2.1477	−0.039%	$5K	$175	5x	as long as short
Bybit TRUMPUSDT	−0.0224%	4h	2.1490	+0.023%	$30.6M	$50.9M	50x	as long as short
Gate TRUMP_USDT	−0.0172%	4h	2.1470	−0.070%	$7.7M	$52.6M	75x	as long as short
Binance TRUMPUSDT	−0.0168%	4h	2.1480	−0.023%	$60.8M	$246.5M	75x	as long as short
Extended TRUMP-USD	−0.0168%	1h	2.1459	−0.119%	$76K	$718K	25x	as long as short
Lighter TRUMP	−0.0088%	1h	2.1472	−0.061%	$949K	$998K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	−0.0078%	4h	2.1604	+0.555%	$105K	$264K	20x	as long as short
Variational Omni TRUMP	−0.0058%	4h	2.1621	+0.634%	$668K	$437K	—	as long as short
dYdX TRUMP-USD	−0.0006%	1h	2.1496	+0.050%	$27K	$511	5x	as long as short
Orderly PERP_TRUMP_USDC	−0.0005%	4h	2.1470	−0.070%	$5K	$201K	10x	as long as short
GRVT TRUMP_USDT_Perp	+0.0002%	4h	2.1600	+0.538%	$180K	$4.7M	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1499	+0.065%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0040%	1h	2.1465	−0.092%	$19K	—	3x	as long as short
OKX TRUMP-USDT-SWAP	+0.0048%	4h	2.1480	−0.023%	$27.4M	$178.9M	50x	as long as short
BloFin TRUMP-USDT	+0.0078%	4h	2.1520	+0.163%	$4.2M	$647K	75x	as long as short
Hyperliquid TRUMPlong	+0.0100%	1h	2.1485	long leg	$13.6M	$8.0M	10x
Aster TRUMPUSDT	+0.0100%	4h	2.1484	−0.006%	$404K	$811K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1491	+0.028%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1490	+0.023%	$400K	$152K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1480	−0.023%	$4.2M	$11.2M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1460	−0.116%	$15.5M	$26.3M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1500	+0.070%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1520	+0.163%	$490K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1499	+0.066%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0174%	1h	2.1507	+0.104%	$1.3M	$2.3M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0200%	1h	2.1506	+0.098%	$381K	$403K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1520	+0.163%	$292K	$303K	50x	as long as short