Funding arb · Price arb /

WAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.019%

Price spread now: Bluefin against Gate+0.058%7-day average +0.227% · you sell dearer than you buy

Net, funding: paid 7d − costs−$552as in the Funding arb table

Net, price: spread back to 7d avg − costs−$418as in the Price arb table

costs, in and out, $10k−$4014.013% of the position

Long on Gate Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.502%−$150 on $10k

Price spread, last 4 days (all we have)+0.540%+$54 · spread now +0.058%, 7d avg +0.227%

Together, before fees−0.963%−$96 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.169% cheaper against Gate than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.227%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate WAL_USDT	0.03442	0.0100	pay 0.0050% / 4h	2h 41m	$293K	$579K	50x
Short	Bluefin WAL-PERP	0.03444	0.0100	get 0.0013% / 1h	41m 20s	$30K	$636K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Gate. 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 GatebpFee BluefinbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → +0.227%: −$16.89
Slippage, 4 orders: −$379.34
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$418.23
Costs to cover: 4.013%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Bluefin: live order book, 8 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 Gate live order book, 5 min ago	4.33 bp	57.7 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Bluefin live order book, 8 min ago	2.88 bp	118.7 bp −$119	doesn't fit	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
Bybit WALUSDT	−0.0109%	4h	0.03445	+0.087%	$1.5M	$1.7M	25x	as long as short
OKX WAL-USDT-SWAP	+0.0084%	4h	0.03437	−0.145%	$219K	$1.0M	10x	as long as short
Binance WALUSDT	+0.0100%	4h	0.03437	−0.138%	$2.3M	$6.7M	75x	as long as short
Gate WAL_USDTlong	+0.0100%	4h	0.03442	long leg	$293K	$579K	50x
MEXC WAL_USDT	+0.0100%	4h	0.03441	−0.029%	$567K	$284K	20x	as long as short
KuCoin WALUSDTM	+0.0100%	4h	0.03435	−0.203%	$328K	$56K	30x	as long as short
Bitget WALUSDT	+0.0100%	4h	0.03444	+0.058%	$596K	$931K	20x	as long as short
BingX WAL-USDT	+0.0100%	4h	0.03442	0.000%	—	$6.6M	—	as long as short
Variational Omni WAL	+0.0100%	4h	0.03469	+0.781%	$21K	$13K	—	as long as short
Bluefin WAL-PERPshort	+0.0100%	1h	0.03444	+0.058%	$30K	$636K	20x