Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0245%/8h= +26.8% APRpaid last 24h +0.182%

Price spread now: Binance against Backpack+0.053%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.385%+$38 on $10k

Price spread, last 4 days (all we have)−0.604%−$60 · spread now +0.053%, 7d avg +0.057%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.057%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2488	−0.0145	get 0.0018% / 1h	54m 12s	$85K	$275K	10x
Short	Binance WIFUSDT	0.2489	0.0100	get 0.0050% / 4h	54m 12s	$19.1M	$115.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.053%Rate

Funding earned: $51.41
Price spread: +0.053% → +0.057%: −$0.31
Slippage, 4 orders: −$24.71
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $6.38
Costs to cover: 0.447%
Break-even: 6.1 days

Slippage from Backpack: live order book, 4 min ago; Binance: live order book, 4 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 Backpack live order book, 4 min ago	0.81 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	2.02 bp	10.7 bp −$11	26.7 bp −$267	92.5 bp −$9,251	doesn't fit

WIF on 32 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
BloFin WIF-USDT	−0.0184%	4h	0.2496	+0.334%	$1.0M	$834K	75x	as long as short
Backpack WIF_USDC_PERPlong	−0.0145%	1h	0.2488	long leg	$85K	$275K	10x
dYdX WIF-USD	0.0000%	1h	0.2494	+0.237%	$19K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2489	+0.052%	$47K	$258K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2490	+0.092%	$805	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.712%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2491	+0.133%	$140K	$629K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2490	+0.092%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2491	+0.122%	$34K	$283K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2494	+0.250%	$77K	$57K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDTshort	+0.0100%	4h	0.2489	+0.053%	$19.1M	$115.6M	75x
Bybit WIFUSDT	+0.0100%	4h	0.2489	+0.052%	$17.1M	$38.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2490	+0.092%	$5.9M	$35.4M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2491	+0.133%	$1.2M	$7.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2490	+0.092%	$22.7M	$11.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2489	+0.052%	$4.5M	$13.8M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2489	+0.052%	$7.5M	$12.9M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2491	+0.133%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2495	+0.277%	$76K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2493	+0.213%	$278K	$2.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2478	−0.390%	$43K	$622K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2489	+0.052%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2484	−0.149%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2489	+0.052%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2486	−0.068%	$166K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2488	−0.003%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2488	+0.032%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0143% / S −0.0019%	1h	0.2490	+0.089%	$8K	—	100x	as long as short
Kraken Futures PF_WIFUSD	+0.0260%	1h	0.2490	+0.102%	$651K	$2.3M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2492	+0.173%	$331K	$2.7M	50x	as long as short
Hyperliquid WIF	+0.0370%	1h	0.2492	+0.177%	$8.1M	$4.8M	5x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2487	−0.024%	$0	—	15x	as long as short