Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0193%/8h= +21.1% APRpaid last 24h +0.058%

Price spread now: Backpack against Orderly+0.037%7-day average +0.114% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.332%+$33 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now +0.037%, 7d avg +0.114%

Together, before fees+0.360%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.077% cheaper against Orderly than usual: you would sell low and buy high (spread +0.037% now, against its 7-day average of +0.114%). If the spread goes back, that is −$8 on $10k: about 32 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_TRUMP_USDC	2.1620	0.0016	pay 0.0008% / 4h	3h 21m	$4K	$193K	10x
Short	Backpack TRUMP_USDC_PERP	2.1628	0.0209	get 0.0026% / 1h	21m 42s	$339K	$377K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.037%Rate

Funding earned: $40.56
Price spread: +0.037% → +0.114%: −$7.68
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $16.88
Costs to cover: 0.160%
Break-even: 4.1 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 32 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 32 min ago	0.23 bp	6.0 bp −$6	22.6 bp −$226	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2.1550	−0.324%	$13K	$157K	12x	as long as short
Deribit TRUMP_USDC-PERPETUAL	−0.0351%	1h	2.1611	−0.042%	$407K	$72K	10x	as long as short
SoDEX TRUMP-USD	−0.0323%	1h	2.1605	−0.069%	$86	$6K	5x	as long as short
Paradex TRUMP-USD-PERP	−0.0300%	8h	2.1690	+0.322%	$5K	$175	5x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1611	−0.039%	$5	—	10x	as long as short
Gate TRUMP_USDT	−0.0196%	4h	2.1700	+0.370%	$7.9M	$51.9M	75x	as long as short
Binance TRUMPUSDT	−0.0105%	4h	2.1692	+0.334%	$61.4M	$245.9M	75x	as long as short
Extended TRUMP-USD	−0.0096%	1h	2.1699	+0.366%	$74K	$714K	25x	as long as short
edgeX TRUMPUSDC	−0.0040%	4h	2.1704	+0.387%	$106K	$263K	20x	as long as short
Variational Omni TRUMP	−0.0020%	4h	2.1681	+0.282%	$670K	$516K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX TRUMP-USD	−0.0008%	1h	2.1706	+0.398%	$27K	$512	5x	as long as short
Bybit TRUMPUSDT	−0.0007%	4h	2.1690	+0.324%	$30.7M	$50.3M	50x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1625	+0.022%	$41K	—	150x	as long as short
Orderly PERP_TRUMP_USDClong	+0.0016%	4h	2.1620	long leg	$4K	$193K	10x
Lighter TRUMP	+0.0032%	1h	2.1670	+0.231%	$957K	$975K	10x	as long as short
Aevo TRUMP-PERP	+0.0056%	1h	2.1590	−0.139%	$19K	—	3x	as long as short
GRVT TRUMP_USDT_Perp	+0.0058%	4h	2.1690	+0.324%	$177K	$4.6M	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.1688	+0.315%	$13.7M	$8.0M	10x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1697	+0.356%	$408K	$834K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.1697	+0.354%	$187K	$52K	10x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1690	+0.324%	$27.7M	$179.3M	50x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1690	+0.324%	$407K	$150K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1670	+0.231%	$4.2M	$11.1M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.1700	+0.370%	$15.7M	$26.0M	75x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1630	+0.046%	$2K	$1.6M	50x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1620	0.000%	$494K	$2.3M	50x	as long as short
BloFin TRUMP-USDT	+0.0141%	4h	2.1660	+0.185%	$4.2M	$663K	75x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0171% / S −0.0141%	1h	2.1620	+0.001%	$10K	—	100x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0173%	1h	2.1629	+0.042%	$1.3M	$2.2M	50x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0209%	1h	2.1628	+0.037%	$339K	$377K	10x
Coinbase International TRUMP-PERP-INTX	+0.0400%	1h	2.1630	+0.046%	$280K	$276K	50x	as long as short