Funding arb · Price arb /

WAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.062%

Price spread now: Binance against Bluefin+0.038%48s7-day average −0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as 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−$3453.449% of the position

Long on Bluefin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.460%+$146 on $10k

Price spread, last 3 days (all we have)−0.459%−$46 · spread now +0.038%, 7d avg −0.186%

Together, before fees+1.001%+$100 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.224% dearer against Bluefin than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.186%): +$22 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 6.4 days. Mind the row above: over the last 7 days funding on this pair paid +1.460%, so the current rate has only just turned against you. The two prices were read 48 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	Bluefin WAL-PERP	0.03446	0.0217	pay 0.0027% / 1h	6m 32s	$32K	$781K	20x
Short	Binance WALUSDT	0.03447	0.0100	get 0.0050% / 4h	2h 06m	$2.3M	$6.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bluefin. 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 BluefinbpFee BinancebpOrdersPrice spread, now +0.038%Rate

Funding earned: −$24.64
Price spread: +0.038% → −0.186%: $22.45
Slippage, 4 orders: −$327.87
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$347.06
Costs to cover: 3.449%
Break-even: never at this rate

Slippage from Bluefin: live order book, 63 min ago; Binance: live order book, 2 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 Bluefin live order book, 63 min ago	2.86 bp	159.0 bp −$159	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	2.90 bp	29.5 bp −$29	109.7 bp −$1,097	doesn't fit	doesn't fit

WAL on 10 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
Binance WALUSDTshort	+0.0100%	4h	0.03447	+0.038%	$2.3M	$6.5M	75x
Bybit WALUSDT	+0.0100%	4h	0.03447	+0.029%	$1.3M	$1.7M	25x	as long as short
OKX WAL-USDT-SWAP	+0.0100%	4h	0.03446	0.000%	$214K	$948K	10x	as long as short
Gate WAL_USDT	+0.0100%	4h	0.03442	−0.116%	$290K	$490K	50x	as long as short
MEXC WAL_USDT	+0.0100%	4h	0.03446	0.000%	$585K	$290K	20x	as long as short
KuCoin WALUSDTM	+0.0100%	4h	0.03448	+0.058%	$343K	$70K	30x	as long as short
Bitget WALUSDT	+0.0100%	4h	0.03448	+0.058%	$586K	$895K	20x	as long as short
BingX WAL-USDT	+0.0100%	4h	0.03445	−0.029%	—	$6.6M	—	as long as short
Variational Omni WAL	+0.0100%	4h	0.03450	+0.113%	$22K	$8K	—	as long as short
Bluefin WAL-PERPlong	+0.0217%	1h	0.03446	long leg	$32K	$781K	20x