Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0088%/8h= +9.7% APRpaid last 24h +0.152%

Price spread now: KuCoin against Backpack−0.029%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$590.586% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now −0.029%, 7d avg +0.060%

Together, before fees+0.315%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.089% cheaper against Backpack than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.060%). If the spread goes back, that is −$9 on $10k: about 3.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2383	0.0012	pay 0.0001% / 1h	23m 10s	$73K	$317K	10x
Short	KuCoin WIFUSDTM	0.2382	0.0100	get 0.0050% / 4h	2h 23m	$3.9M	$16.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.029%Rate

Funding earned: $18.52
Price spread: −0.029% → +0.060%: −$8.89
Slippage, 4 orders: −$36.65
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$49.02
Costs to cover: 0.586%
Break-even: 25.5 days

Slippage from Backpack: live order book, 25 min ago; KuCoin: live order book, 6 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, 25 min ago	0.20 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	2.10 bp	20.5 bp −$21	68.8 bp −$688	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
BloFin WIF-USDT	−0.0142%	4h	0.2386	+0.138%	$976K	$899K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2386	+0.138%	$13K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2391	+0.364%	—	—	150x	as long as short
Backpack WIF_USDC_PERPlong	+0.0012%	1h	0.2383	long leg	$73K	$317K	10x
GMX WIF/USD [WBTC.b-USDC]	L +0.0089% / S +0.0030%	1h	0.2391	+0.357%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2390	+0.319%	$145K	$670K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2387	+0.180%	$51K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2385	+0.109%	$8.4M	$6.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2383	+0.031%	$29K	$330K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2387	+0.163%	$75K	$69K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDT	+0.0100%	4h	0.2384	+0.054%	$18.5M	$139.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2383	+0.013%	$16.1M	$46.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2382	−0.029%	$5.4M	$39.4M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2384	+0.055%	$1.1M	$8.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2384	+0.055%	$21.4M	$12.0M	50x	as long as short
KuCoin WIFUSDTMshort	+0.0100%	4h	0.2382	−0.029%	$3.9M	$16.0M	75x
Bitget WIFUSDT	+0.0100%	4h	0.2382	−0.029%	$7.2M	$15.4M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2383	+0.013%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2376	−0.277%	$87K	$174K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2378	−0.189%	$275K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2377	−0.239%	$44K	$629K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2391	+0.348%	$4K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2387	+0.180%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2392	+0.369%	$552	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2388	+0.222%	$154K	$829K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2389	+0.279%	$8K	$161K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2392	+0.371%	$80K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0168%	1h	0.2392	+0.390%	$32K	$274K	25x	as long as short
Kraken Futures PF_WIFUSD	+0.0250%	1h	0.2392	+0.406%	$633K	$2.5M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2393	+0.432%	$319K	$3.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2387	+0.164%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2398	+0.642%	$10K	$10K	12x	as long as short