Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0091%/8h= +10.0% APRpaid last 24h +0.190%

Price spread now: Orderly against Backpack+0.130%7-day average +0.047% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.326%+$33 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.130%, 7d avg +0.047%

Together, before fees+0.350%+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.082% dearer against Backpack than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.047%.

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 51s	$75K	$235K	10x
Short	Orderly PERP_WIF_USDC	0.2394	0.0091	get 0.0046% / 4h	1h 51m	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.130%Rate

Funding earned: $19.16
Price spread: +0.130% → +0.047%: $8.23
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $11.4
Costs to cover: 0.160%
Break-even: 2.8 days

Slippage unknown: Backpack: live order book, 31 min ago; Orderly: no order-book sample. Net counts fees only.

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, 31 min ago	0.21 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPETUAL	−0.0168%	1h	0.2392	+0.046%	$47K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0124%	4h	0.2392	+0.046%	$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	0.2393	+0.088%	$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_USDCshort	+0.0091%	4h	0.2394	+0.130%	$5K	$1.3M	10x
Aster WIFUSDT	+0.0094%	4h	0.2393	+0.078%	$25K	$255K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2389	−0.063%	$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	0.2391	+0.004%	$53K	$482K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2395	+0.176%	$7.4M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2390	−0.021%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2391	+0.011%	$17.7M	$99.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2392	+0.063%	$16.7M	$34.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2391	+0.004%	$6.1M	$30.6M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2393	+0.088%	$1.2M	$6.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2391	+0.004%	$21.4M	$10.6M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2393	+0.088%	$7.2M	$11.6M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2393	+0.088%	—	$2.3M	—	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	0.2399	+0.339%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2386	−0.205%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2392	+0.025%	$550	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2389	−0.079%	$165K	$714K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2391	−0.011%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2392	+0.063%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0183% / S −0.0978%	1h	0.2393	+0.100%	$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	0.2388	−0.121%	$965K	$701K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0378%	1h	0.2394	+0.110%	$629K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2393	+0.081%	$0	—	15x	as long as short