Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0619%/8h= +67.8% APRpaid last 24h +0.201%

Price spread now: BingX against Backpack−0.012%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$590.595% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$19 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.427% in total (about 22.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2436	−0.0519	get 0.0065% / 1h	46m 15s	$74K	$251K	10x
Short	BingX WIF-USDC	0.2436	0.0100	get 0.0050% / 4h	3h 46m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.012%Rate

Funding earned: $129.99
Price spread: −0.012% → 0.000%: −$1.23
Slippage, 4 orders: −$39.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $69.28
Costs to cover: 0.595%
Break-even: 3.3 days

Slippage from Backpack: live order book, 27 min ago; BingX: live order book, 7 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, 27 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	6.14 bp	23.0 bp −$23	65.8 bp −$658	317.2 bp −$31.7K	807.9 bp −$403.9K

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
Deribit WIF_USDC-PERPETUAL	−0.0571%	1h	0.2435	−0.053%	$48K	$289K	25x	as long as short
Backpack WIF_USDC_PERPlong	−0.0519%	1h	0.2436	long leg	$74K	$251K	10x
Gate WIF_USDT	−0.0048%	4h	0.2437	+0.029%	$1.2M	$7.0M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2444	+0.300%	$18K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2438	+0.050%	$16K	—	150x	as long as short
KuCoin WIFUSDTM	+0.0004%	4h	0.2435	−0.053%	$4.3M	$11.9M	75x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.695%	$10K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0040%	1h	0.2437	+0.027%	$630K	$2.2M	50x	as long as short
GRVT WIF_USDT_Perp	+0.0082%	4h	0.2439	+0.127%	$269K	$1.9M	10x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2436	−0.012%	$5K	$1.3M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter WIF	+0.0096%	1h	0.2437	+0.025%	$146K	$580K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2441	+0.193%	$54K	$484K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2438	+0.060%	$24K	$257K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2445	+0.339%	$76K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2438	+0.070%	$18.4M	$105.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2438	+0.078%	$16.8M	$36.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2437	+0.029%	$6.0M	$32.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2438	+0.070%	$22.0M	$10.9M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2439	+0.111%	$7.5M	$11.9M	50x	as long as short
BingX WIF-USDCshort	+0.0100%	4h	0.2436	−0.012%	—	$2.3M	—
Variational Omni WIF	+0.0100%	4h	0.2443	+0.280%	$72K	$68K	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2442	+0.234%	$43K	$630K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2431	−0.218%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2435	−0.053%	$557	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2432	−0.176%	$168K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2436	−0.033%	$11K	$154K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2436	−0.012%	$81K	$85	3x	as long as short
Hyperliquid WIF	+0.0120%	1h	0.2441	+0.176%	$7.7M	$4.1M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2435	−0.041%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2440	+0.152%	$330K	$2.4M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2445	+0.357%	$997K	$737K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2434	−0.089%	$0	—	15x	as long as short