WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0168%/8h= −18.4% APRnext payment −$0.21 per $10,000 · paid last 24h +0.070%

Price spread now: Deribit against Backpack−0.079%50s7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.363% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.328%−$33 on $10k

Price spread, last 3 days (all we have)+0.234%+$23 · spread now −0.079%, 7d avg +0.065%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Deribit is 0.144% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.065%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2391	0.0000	get 0.0000% / 1h	51m 14s	$75K	$235K	10x
Short	Deribit WIF_USDC-PERPETUAL	0.2389	−0.0168	pay 0.0021% / 1h	51m 14s	$47K	$289K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$35.36
Price spread: −0.079% → +0.065%: −$14.42
Slippage, 4 orders: −$19.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.12
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Backpack: live order book, 32 min ago; Deribit: live order book, 32 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, 32 min ago	0.21 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 32 min ago	6.30 bp	9.8 bp −$10	24.0 bp −$240	doesn't fit	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-PERPETUALshort	−0.0168%	1h	0.2389	−0.079%	$47K	$289K	25x
KuCoin WIFUSDTM	−0.0122%	4h	0.2389	−0.079%	$4.3M	$11.3M	75x	as long as short
Backpack WIF_USDC_PERPlong	0.0000%	1h	0.2391	long leg	$75K	$235K	10x
dYdX WIF-USD	0.0000%	1h	0.2391	−0.005%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2390	−0.038%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	+0.171%	$10K	$10K	12x	as long as short
Variational Omni WIF	+0.0086%	4h	0.2384	−0.276%	$68K	$65K	—	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2389	−0.079%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0094%	4h	0.2390	−0.033%	$25K	$255K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2390	−0.042%	$133K	$543K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex WIFUSDT	+0.0096%	1h	0.2389	−0.079%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2392	+0.028%	$7.4M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2390	−0.054%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2389	−0.079%	$17.6M	$99.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2389	−0.088%	$16.7M	$34.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2389	−0.079%	$6.1M	$30.5M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2391	+0.004%	$1.2M	$6.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2388	−0.121%	$21.4M	$10.6M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2390	−0.038%	$7.2M	$11.6M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2391	+0.004%	—	$65.1M	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2398	+0.297%	$276K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2391	+0.004%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2384	−0.289%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2389	−0.100%	$549	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2388	−0.121%	$165K	$714K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2389	−0.074%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2389	−0.100%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0184% / S −0.0987%	1h	0.2389	−0.067%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2396	+0.213%	$314K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2387	−0.163%	$965K	$700K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0378%	1h	0.2391	+0.008%	$629K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2388	−0.107%	$0	—	15x	as long as short