Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0640%/8hnext payment +$0.80 per $10,000 · paid last 24h +0.089%

Price spread now: Coinbase International against Lighter+0.302%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$560.560% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 3 days (all we have)−0.343%−$34 · spread now +0.302%, 7d avg +0.064%

Together, before fees−0.224%+ Points / potential airdropLighter: Season 3 · farm board−$22 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 Coinbase International is 0.238% dearer against Lighter than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.064%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.119% in total (about 6.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.80 per $10,000. 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	Lighter TRUMP	2.1505	−0.0360	get 0.0045% / 1h	23m 08s	$963K	$585K	10x
Short	Coinbase International TRUMP-PERP-INTX	2.1570	0.0280	get 0.0035% / 1h	23m 08s	$277K	$397K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Lighter. 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 LighterbpFee Coinbase InternationalbpOrdersPrice spread, now +0.302%Rate

Funding earned: $134.4
Price spread: +0.302% → +0.064%: $23.85
Slippage, 4 orders: −$45.97
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $102.28
Costs to cover: 0.560%
Break-even: 1.7 days

Slippage from Lighter: live order book, 6 min ago; Coinbase International: live order book, 9 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 Lighter live order book, 6 min ago	1.64 bp	4.9 bp −$5	15.0 bp −$150	doesn't fit	doesn't fit
Sell Coinbase International live order book, 9 min ago	11.67 bp	25.8 bp −$26	30.1 bp −$301	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	−0.1937%	1h	2.1380	−0.581%	$12K	$115K	12x	as long as short
Kraken Futures PF_TRUMPUSD	−0.0394%	1h	2.1525	+0.094%	$1.0M	$2.1M	50x	as long as short
Lighter TRUMPlong	−0.0360%	1h	2.1505	long leg	$963K	$585K	10x
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1490	−0.070%	$5	—	10x	as long as short
SoDEX TRUMP-USD	−0.0115%	1h	2.1505	0.000%	$77	$6K	5x	as long as short
dYdX TRUMP-USD	−0.0023%	1h	2.1510	+0.023%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1523	+0.084%	$403K	$76K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1515	+0.046%	$41K	—	150x	as long as short
MEXC TRUMP_USDC	+0.0018%	4h	2.1500	−0.023%	$472K	$135K	125x	as long as short
Paradex TRUMP-USD-PERP	+0.0028%	8h	2.1491	−0.064%	$5K	—	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX TRUMPUSDC	+0.0031%	4h	2.1467	−0.174%	$117K	$242K	20x	as long as short
Gate TRUMP_USDT	+0.0038%	4h	2.1510	+0.023%	$7.4M	$44.7M	75x	as long as short
Extended TRUMP-USD	+0.0056%	1h	2.1509	+0.017%	$74K	$472K	25x	as long as short
Binance TRUMPUSDT	+0.0059%	4h	2.1511	+0.026%	$61.7M	$209.3M	75x	as long as short
Orderly PERP_TRUMP_USDC	+0.0088%	4h	2.1500	−0.023%	$3K	$249K	10x	as long as short
Aevo TRUMP-PERP	+0.0096%	1h	2.1501	−0.021%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1528	+0.107%	$13.7M	$7.2M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1505	−0.002%	$433K	$824K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1498	−0.033%	$185K	$65K	10x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1510	+0.023%	$30.0M	$40.9M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1500	−0.023%	$26.6M	$143.3M	50x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1510	+0.023%	$4.4M	$9.5M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1510	+0.023%	$15.2M	$19.9M	75x	as long as short
Backpack TRUMP_USDC_PERP	+0.0100%	1h	2.1533	+0.130%	$254K	$265K	10x	as long as short
Variational Omni TRUMP	+0.0100%	4h	2.1425	−0.373%	$666K	$231K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1540	+0.163%	$191K	$4.5M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1540	+0.163%	$2K	$1.5M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1530	+0.116%	$500K	$1.6M	50x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0228% / S −0.0259%	1h	2.1513	+0.038%	$11K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0237%	4h	2.1510	+0.023%	$4.2M	$474K	75x	as long as short
Coinbase International TRUMP-PERP-INTXshort	+0.0280%	1h	2.1570	+0.302%	$277K	$397K	50x