Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.181%

Price spread now: Bybit against Backpack+0.029%7-day average +0.036% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.254%+$25 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now +0.029%, 7d avg +0.036%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, 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	0.2385	−0.0139	get 0.0017% / 1h	49m 57s	$75K	$235K	10x
Short	Bybit WIFUSDT	0.2386	0.0100	get 0.0050% / 4h	1h 49m	$16.6M	$34.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.029%Rate

Funding earned: $50.29
Price spread: +0.029% → +0.036%: −$0.69
Slippage, 4 orders: −$21
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $7.61
Costs to cover: 0.420%
Break-even: 5.9 days

Slippage from Backpack: live order book, 33 min ago; Bybit: 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, 33 min ago	0.21 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.09 bp	12.2 bp −$12	31.2 bp −$312	209.8 bp −$21.0K	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
Deribit WIF_USDC-PERPETUAL	−0.0169%	1h	0.2387	+0.071%	$47K	$289K	25x	as long as short
Backpack WIF_USDC_PERPlong	−0.0139%	1h	0.2385	long leg	$75K	$235K	10x
KuCoin WIFUSDTM	−0.0124%	4h	0.2386	+0.029%	$4.3M	$11.3M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2391	+0.230%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2389	+0.139%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	+0.407%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2387	+0.071%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0095%	4h	0.2387	+0.052%	$25K	$255K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2387	+0.067%	$133K	$544K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2388	+0.113%	$53K	$482K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WIF	+0.0100%	1h	0.2391	+0.220%	$7.4M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2390	+0.214%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2386	+0.034%	$17.6M	$99.8M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2386	+0.029%	$16.6M	$34.8M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2387	+0.071%	$6.1M	$30.5M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2387	+0.071%	$1.2M	$6.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2387	+0.071%	$21.4M	$10.6M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2388	+0.113%	$7.2M	$11.6M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2388	+0.113%	—	$65.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2388	+0.126%	$68K	$65K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2398	+0.532%	$276K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2391	+0.239%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2384	−0.055%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2387	+0.059%	$548	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2386	+0.029%	$165K	$714K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2387	+0.056%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2387	+0.060%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0185% / S −0.0996%	1h	0.2389	+0.141%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2396	+0.449%	$314K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2387	+0.071%	$965K	$700K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0379%	1h	0.2389	+0.137%	$628K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2388	+0.127%	$0	—	15x	as long as short