WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0323%/8h= +35.3% APRnext payment +$0.40 per $10,000 · paid last 24h +0.233%

Price spread now: Coinbase International against Backpack+0.256%7-day average +0.225% · you sell dearer than you buy

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$520.519% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.711%+$71 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.256%, 7d avg +0.225%

Together, before fees+0.732%+$73 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.031% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.225%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2462	−0.0019	get 0.0002% / 1h	9m 48s	$80K	$273K	10x
Short	Coinbase International WIF-PERP-INTX	0.2468	0.0304	get 0.0038% / 1h	9m 48s	$327K	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.256%Rate

Funding earned: $67.74
Price spread: +0.256% → +0.225%: $3.12
Slippage, 4 orders: −$31.86
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $19
Costs to cover: 0.519%
Break-even: 5.0 days

Slippage from Backpack: live order book, 58 min ago; Coinbase International: 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, 58 min ago	0.41 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	6.08 bp	18.9 bp −$19	31.2 bp −$312	doesn't fit	doesn't fit

WIF on 31 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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	+0.337%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2467	+0.202%	$640K	$2.3M	50x	as long as short
Gate WIF_USDT	−0.0020%	4h	0.2460	−0.069%	$1.2M	$7.5M	50x	as long as short
Backpack WIF_USDC_PERPlong	−0.0019%	1h	0.2462	long leg	$80K	$273K	10x
dYdX WIF-USD	0.0000%	1h	0.2468	+0.239%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2465	+0.134%	$48K	$266K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2465	+0.150%	$797	—	150x	as long as short
KuCoin WIFUSDTM	+0.0078%	4h	0.2460	−0.069%	$4.4M	$13.2M	75x	as long as short
Lighter WIF	+0.0096%	1h	0.2462	+0.008%	$138K	$626K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2467	+0.215%	$57K	$496K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2465	+0.134%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2467	+0.200%	$35K	$278K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2471	+0.360%	$77K	$54K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2461	−0.028%	$18.8M	$113.2M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2459	−0.110%	$16.9M	$38.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2460	−0.069%	$5.8M	$34.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2460	−0.069%	$21.9M	$11.2M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2460	−0.069%	$7.5M	$12.5M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2465	+0.134%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2471	+0.381%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2467	+0.226%	$279K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2464	+0.093%	$42K	$629K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2462	+0.012%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2465	+0.154%	$567	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2468	+0.256%	$166K	$734K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2461	−0.033%	$8K	$152K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2465	+0.138%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0167% / S −0.0035%	1h	0.2465	+0.149%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0206%	1h	0.2465	+0.130%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTXshort	+0.0304%	1h	0.2468	+0.256%	$327K	$2.5M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2465	+0.147%	$0	—	15x	as long as short