Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0742%/8h= +81.2% APRpaid last 24h +0.249%

Price spread now: BloFin against Backpack−0.037%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs+$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.815%+$82 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.037%, 7d avg +0.064%

Together, before fees+0.934%+$93 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.101% cheaper against Backpack than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.064%). If the spread goes back, that is −$10 on $10k: about 11 hours of funding at the current rate (+$22 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2436	−0.0402	get 0.0050% / 1h	8m 26s	$75K	$250K	10x
Short	BloFin WIF-USDT	0.2435	0.0340	get 0.0170% / 4h	8m 26s	$984K	$732K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.037%Rate

Funding earned: $155.72
Price spread: −0.037% → +0.064%: −$10.13
Slippage, 4 orders: −$21.82
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $101.76
Costs to cover: 0.438%
Break-even: 2.4 days

Slippage from Backpack: live order book, 5 min ago; BloFin: 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, 5 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	4.12 bp	10.1 bp −$10	11.9 bp −$119	42.4 bp −$4,243	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
Backpack WIF_USDC_PERPlong	−0.0402%	1h	0.2436	long leg	$75K	$250K	10x
Deribit WIF_USDC-PERPETUAL	−0.0161%	1h	0.2434	−0.078%	$48K	$289K	25x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2439	+0.113%	$18K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2435	−0.054%	$16K	—	150x	as long as short
KuCoin WIFUSDTM	+0.0020%	4h	0.2435	−0.037%	$4.3M	$11.7M	75x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.679%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0094%	4h	0.2435	−0.037%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2438	+0.094%	$136K	$571K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2439	+0.127%	$54K	$484K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2444	+0.345%	$7.6M	$4.1M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2438	+0.090%	$24K	$256K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2438	+0.093%	$75K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2440	+0.159%	$18.3M	$104.1M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2439	+0.135%	$16.8M	$36.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2439	+0.127%	$6.0M	$32.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2438	+0.086%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2440	+0.168%	$22.1M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2440	+0.168%	$7.5M	$11.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2437	+0.045%	—	$65.7M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2425	−0.441%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2429	−0.284%	$275K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2436	+0.004%	$43K	$626K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2425	−0.447%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2435	−0.016%	$556	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2429	−0.283%	$167K	$746K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2438	+0.067%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2434	−0.088%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2435	−0.034%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2435	−0.037%	$320K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0320%	1h	0.2438	+0.083%	$633K	$2.2M	50x	as long as short
BloFin WIF-USDTshort	+0.0340%	4h	0.2435	−0.037%	$984K	$732K	75x
Reya WIFRUSDPERP	+0.0558%	1h	0.2439	+0.113%	$0	—	15x	as long as short