Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.201%

Price spread now: OKX against Backpack+0.048%7-day average +0.080% · 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−$50as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.422%+$42 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now +0.048%, 7d avg +0.080%

Together, before fees+0.320%+$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.032% cheaper against Backpack than usual: you would sell low and buy high (spread +0.048% now, against its 7-day average of +0.080%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2490	−0.0232	get 0.0029% / 1h	18m 03s	$77K	$254K	10x
Short	OKX WIF-USDT-SWAP	0.2491	0.0100	get 0.0050% / 4h	3h 18m	$6.0M	$34.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $69.79
Price spread: +0.048% → +0.080%: −$3.17
Slippage, 4 orders: −$26.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $19.86
Costs to cover: 0.468%
Break-even: 5.0 days

Slippage from Backpack: live order book, 55 min ago; OKX: live order book, 1 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, 55 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.01 bp	14.9 bp −$15	39.9 bp −$399	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
Gate WIF_USDT	−0.0234%	4h	0.2489	−0.032%	$1.3M	$7.2M	50x	as long as short
Backpack WIF_USDC_PERPlong	−0.0232%	1h	0.2490	long leg	$77K	$254K	10x
Deribit WIF_USDC-PERPETUAL	−0.0152%	1h	0.2488	−0.072%	$49K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0048%	4h	0.2489	−0.032%	$4.4M	$12.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2488	−0.092%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2488	−0.090%	$12K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.795%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2492	+0.105%	$653K	$2.2M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2490	+0.012%	$148K	$595K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2488	−0.072%	$56K	$496K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDC	+0.0098%	4h	0.2488	−0.072%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2488	−0.060%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2488	−0.080%	$77K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2492	+0.098%	$19.1M	$107.9M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2491	+0.048%	$17.1M	$37.1M	50x	as long as short
OKX WIF-USDT-SWAPshort	+0.0100%	4h	0.2491	+0.048%	$6.0M	$34.0M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2493	+0.129%	$22.5M	$11.0M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2493	+0.129%	$7.6M	$12.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2489	−0.032%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2497	+0.293%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2499	+0.370%	$279K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2502	+0.490%	$43K	$632K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2484	−0.233%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2488	−0.052%	$566	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2487	−0.112%	$171K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2491	+0.067%	$10K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2489	−0.047%	$83K	$85	3x	as long as short
Hyperliquid WIF	+0.0181%	1h	0.2497	+0.297%	$8.0M	$4.2M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0189% / S −0.0049%	1h	0.2487	−0.105%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2495	+0.209%	$336K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2492	+0.088%	$1.0M	$707K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2485	−0.208%	$0	—	15x	as long as short