WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0734%/8h= +80.3% APRnext payment +$0.92 per $10,000 · paid last 24h +0.208%

Price spread now: Hyperliquid against Backpack+0.232%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.400%+$40 on $10k

Price spread, last 4 days (all we have)−0.423%−$42 · spread now +0.232%, 7d avg +0.130%

Together, before fees−0.024%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Hyperliquid is 0.102% dearer against Backpack than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.130%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.400% in total (about 20.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.92 per $10,000. 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	0.2372	−0.0634	get 0.0079% / 1h	18m 45s	$73K	$235K	10x
Short	Hyperliquid WIF	0.2378	0.0100	get 0.0013% / 1h	18m 45s	$7.4M	$4.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.232%Rate

Funding earned: $154.07
Price spread: +0.232% → +0.130%: $10.17
Slippage, 4 orders: −$23.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $121.89
Costs to cover: 0.423%
Break-even: 1.5 days

Slippage from Backpack: live order book, 4 min ago; Hyperliquid: live order book, 3 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, 4 min ago	0.21 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	3.98 bp	14.6 bp −$15	doesn't fit	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
Backpack WIF_USDC_PERPlong	−0.0634%	1h	0.2372	long leg	$73K	$235K	10x
Deribit WIF_USDC-PERPETUAL	−0.0591%	1h	0.2376	+0.152%	$47K	$289K	25x	as long as short
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+0.953%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0190%	4h	0.2372	−0.017%	$4.2M	$11.2M	75x	as long as short
Kraken Futures PF_WIFUSD	−0.0076%	1h	0.2377	+0.193%	$628K	$2.1M	50x	as long as short
Variational Omni WIF	−0.0001%	4h	0.2379	+0.294%	$68K	$47K	—	as long as short
dYdX WIF-USD	0.0000%	1h	0.2376	+0.148%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2377	+0.183%	$14K	—	150x	as long as short
Aster WIFUSDT	+0.0037%	4h	0.2374	+0.083%	$23K	$254K	10x	as long as short
GRVT WIF_USDT_Perp	+0.0054%	4h	0.2379	+0.296%	$273K	$1.8M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate WIF_USDT	+0.0066%	4h	0.2373	+0.025%	$1.2M	$6.9M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2375	+0.110%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2375	+0.110%	$132K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2378	+0.236%	$53K	$482K	20x	as long as short
Hyperliquid WIFshort	+0.0100%	1h	0.2378	+0.232%	$7.4M	$4.0M	5x
Pacifica WIF	+0.0100%	1h	0.2374	+0.073%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2374	+0.067%	$17.6M	$99.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2373	+0.034%	$16.6M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2373	+0.025%	$6.0M	$30.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2373	+0.025%	$21.2M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2374	+0.067%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2373	+0.025%	—	$65.0M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2381	+0.363%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2373	+0.025%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2375	+0.105%	$541	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2378	+0.236%	$165K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2373	+0.015%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2375	+0.118%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0150% / S −0.0749%	1h	0.2376	+0.148%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2378	+0.236%	$312K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2377	+0.194%	$966K	$686K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2376	+0.148%	$0	—	15x	as long as short