Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.007%

Price spread now: Gate against Kraken Futures+0.005%51s7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$600.596% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now +0.005%, 7d avg −0.067%

Together, before fees+0.075%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.071% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.067%): +$7 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 7 days funding on this pair paid +0.180%, so the current rate has only just turned against you. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.180% in total (about 9.4% 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	Kraken Futures PF_TRUMPUSD	2.1469	0.0198	pay 0.0025% / 1h	45m 30s	$1.3M	$2.3M	50x
Short	Gate TRUMP_USDT	2.1470	−0.0158	pay 0.0079% / 4h	2h 45m	$7.7M	$52.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now +0.005%Rate

Funding earned: −$74.75
Price spread: +0.005% → −0.067%: $7.12
Slippage, 4 orders: −$34.6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$127.23
Costs to cover: 0.596%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Gate: live order book, 3 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 Kraken Futures live order book, 3 min ago	2.32 bp	11.9 bp −$12	29.7 bp −$297	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	2.32 bp	13.4 bp −$13	31.4 bp −$314	77.7 bp −$7,769	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	−0.1827%	1h	2.1360	−0.508%	$12K	$157K	12x	as long as short
SoDEX TRUMP-USD	−0.0574%	1h	2.1436	−0.154%	$84	$6K	5x	as long as short
Lighter TRUMP	−0.0488%	1h	2.1455	−0.065%	$949K	$994K	10x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0356%	1h	2.1454	−0.070%	$404K	$72K	10x	as long as short
Bybit TRUMPUSDT	−0.0288%	4h	2.1450	−0.089%	$30.5M	$51.0M	50x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1451	−0.082%	$5	—	10x	as long as short
Paradex TRUMP-USD-PERP	−0.0242%	8h	2.1453	−0.074%	$5K	$175	5x	as long as short
Binance TRUMPUSDT	−0.0227%	4h	2.1448	−0.096%	$60.5M	$246.8M	75x	as long as short
Extended TRUMP-USD	−0.0224%	1h	2.1444	−0.114%	$74K	$718K	25x	as long as short
Gate TRUMP_USDTshort	−0.0158%	4h	2.1470	+0.005%	$7.7M	$52.3M	75x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRUMP	−0.0128%	4h	2.1441	−0.129%	$662K	$437K	—	as long as short
edgeX TRUMPUSDC	−0.0107%	4h	2.1475	+0.026%	$105K	$265K	20x	as long as short
GRVT TRUMP_USDT_Perp	−0.0040%	4h	2.1468	−0.006%	$179K	$4.7M	10x	as long as short
Orderly PERP_TRUMP_USDC	−0.0028%	4h	2.1450	−0.089%	$5K	$215K	10x	as long as short
dYdX TRUMP-USD	−0.0024%	1h	2.1468	−0.005%	$27K	$506	5x	as long as short
OKX TRUMP-USDT-SWAP	−0.0022%	4h	2.1430	−0.182%	$27.3M	$178.7M	50x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1465	−0.020%	$41K	—	150x	as long as short
Aevo TRUMP-PERP	+0.0024%	1h	2.1435	−0.158%	$19K	—	3x	as long as short
BloFin TRUMP-USDT	+0.0025%	4h	2.1450	−0.089%	$4.2M	$644K	75x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1477	+0.037%	$13.6M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1470	+0.005%	$404K	$802K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1468	−0.006%	$185K	$52K	10x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1450	−0.089%	$399K	$147K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1460	−0.042%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1460	−0.042%	$15.5M	$26.4M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1470	+0.005%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1470	+0.005%	$488K	$2.4M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1463	−0.030%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSDlong	+0.0198%	1h	2.1469	long leg	$1.3M	$2.3M	50x
Backpack TRUMP_USDC_PERP	+0.0291%	1h	2.1474	+0.023%	$380K	$404K	10x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0392%	1h	2.1600	+0.610%	$281K	$305K	50x	as long as short