Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0033%/8h= +3.7% APRpaid last 24h +0.188%

Price spread now: MEXC against Backpack0.000%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.383%+$38 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now 0.000%, 7d avg +0.046%

Together, before fees+0.439%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.046% cheaper against Backpack than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.046%). If the spread goes back, that is −$5 on $10k: about 4.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.383% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2483	0.0067	pay 0.0008% / 1h	30m 14s	$79K	$273K	10x
Short	MEXC WIF_USDT	0.2483	0.0100	get 0.0050% / 4h	2h 30m	$22.3M	$11.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now 0.000%Rate

Funding earned: $7.03
Price spread: 0.000% → +0.046%: −$4.65
Slippage, 4 orders: −$19.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$31.34
Costs to cover: 0.337%
Break-even: 38.2 days

Slippage from Backpack: live order book, 38 min ago; MEXC: 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, 38 min ago	0.41 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	2.03 bp	6.8 bp −$7	18.1 bp −$181	113.0 bp −$11.3K	152.1 bp −$76.1K

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	−0.524%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	−0.0074%	1h	0.2485	+0.077%	$645K	$2.3M	50x	as long as short
Gate WIF_USDT	−0.0066%	4h	0.2483	0.000%	$1.2M	$7.4M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2474	−0.377%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2479	−0.146%	$801	—	150x	as long as short
KuCoin WIFUSDTM	+0.0028%	4h	0.2483	0.000%	$4.5M	$13.0M	75x	as long as short
Backpack WIF_USDC_PERPlong	+0.0067%	1h	0.2483	long leg	$79K	$273K	10x
Lighter WIF	+0.0096%	1h	0.2484	+0.032%	$140K	$624K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2480	−0.121%	$56K	$496K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2481	−0.081%	$5K	$1.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2478	−0.182%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2477	−0.240%	$77K	$53K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2484	+0.053%	$18.9M	$112.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2482	−0.040%	$17.0M	$38.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2484	+0.040%	$5.9M	$34.9M	50x	as long as short
MEXC WIF_USDTshort	+0.0100%	4h	0.2483	0.000%	$22.3M	$11.1M	50x
Bitget WIFUSDT	+0.0100%	4h	0.2484	+0.040%	$7.5M	$12.4M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2479	−0.161%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2470	−0.519%	$75K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2463	−0.802%	$279K	$2.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2471	−0.483%	$42K	$629K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2476	−0.282%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2483	+0.020%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2480	−0.121%	$169K	$727K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2483	−0.007%	$11K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2482	−0.025%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0153%	1h	0.2481	−0.081%	$49K	$276K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0174% / S −0.0039%	1h	0.2480	−0.139%	$8K	—	100x	as long as short
Hyperliquid WIF	+0.0228%	1h	0.2488	+0.199%	$8.0M	$4.7M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2479	−0.161%	$325K	$2.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2477	−0.247%	$0	—	15x	as long as short