Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0270%/8h= +29.5% APRpaid last 24h +0.056%

Price spread now: Backpack against Variational Omni+0.443%49s7-day average +0.096% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.200%+$20 on $10k

Price spread, last 4 days (all we have)−0.297%−$30 · spread now +0.443%, 7d avg +0.096%

Together, before fees−0.097%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.348% dearer against Variational Omni than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of +0.096%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni TRUMP	2.2202	0.0100	pay 0.0050% / 4h	2h 48m	$701K	$446K	—
Short	Backpack TRUMP_USDC_PERP	2.2300	0.0370	get 0.0046% / 1h	48m 22s	$261K	$317K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.443%Rate

Funding earned: $56.6
Price spread: +0.443% → +0.096%: $34.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $81.37
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 21 min ago; Backpack: live order book, 20 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 Variational Omni RFQ quote, 21 min ago	4.94 bp	doesn't fit	17.3 bp −$173	doesn't fit	doesn't fit
Sell Backpack live order book, 20 min ago	0.22 bp	6.0 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	−0.1623%	1h	2.2190	−0.052%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.2162	−0.180%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.2276	+0.333%	$28K	$512	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.2219	+0.079%	$418K	$80K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.2194	−0.032%	$43K	—	150x	as long as short
Lighter TRUMP	+0.0024%	1h	2.2258	+0.254%	$989K	$786K	10x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.2075	−0.570%	$107K	$263K	20x	as long as short
Paradex TRUMP-USD-PERP	+0.0079%	8h	2.2254	+0.238%	$5K	$175	5x	as long as short
Orderly PERP_TRUMP_USDC	+0.0088%	4h	2.2200	−0.007%	$3K	$244K	10x	as long as short
Hyperliquid TRUMP	+0.0100%	1h	2.2221	+0.088%	$14.9M	$6.9M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TRUMPUSDT	+0.0100%	4h	2.2252	+0.226%	$439K	$862K	20x	as long as short
Pacifica TRUMP	+0.0100%	1h	2.2271	+0.311%	$192K	$57K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.2196	−0.026%	$64.3M	$234.2M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.2200	−0.007%	$31.6M	$47.7M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.2200	−0.007%	$28.9M	$169.0M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.2190	−0.052%	$7.8M	$48.1M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.2180	−0.097%	$442K	$144K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.2240	+0.173%	$4.1M	$10.9M	50x	as long as short
Bitget TRUMPUSDT	+0.0100%	4h	2.2220	+0.083%	$16.0M	$23.8M	75x	as long as short
Variational Omni TRUMPlong	+0.0100%	4h	2.2202	long leg	$701K	$446K	—
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.2176	−0.113%	$181K	$4.6M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.2220	+0.083%	$2K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.2215	+0.061%	$81	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.2270	+0.308%	$578K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.2219	+0.080%	$76K	$601K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.2199	−0.013%	$19K	—	3x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0217% / S −0.0188%	1h	2.2193	−0.037%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.2230	+0.128%	$4.4M	$697K	75x	as long as short
Backpack TRUMP_USDC_PERPshort	+0.0370%	1h	2.2300	+0.443%	$261K	$317K	10x
Kraken Futures PF_TRUMPUSD	+0.0507%	1h	2.2252	+0.226%	$1.3M	$2.4M	50x	as long as short
Coinbase International TRUMP-PERP-INTX	+0.0536%	1h	2.2100	−0.457%	$286K	$307K	50x	as long as short