Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0503%/8h= +55.1% APRpaid last 24h +0.201%

Price spread now: SunX against Backpack−0.049%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1681.684% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 3 days (all we have)−0.091%−$9 · spread now −0.049%, 7d avg −0.111%

Together, before fees+0.335%+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and SunX is 0.062% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WIF_USDC_PERP	0.2444	−0.0403	get 0.0050% / 1h	41m 25s	$74K	$251K	10x
Short	SunX WIF-USDT	0.2443	0.0100	get 0.0050% / 4h	3h 41m	$2K	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.049%Rate

Funding earned: $105.65
Price spread: −0.049% → −0.111%: $6.18
Slippage, 4 orders: −$150.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$56.59
Costs to cover: 1.684%
Break-even: 10.7 days

Slippage from Backpack: live order book, 32 min ago; SunX: 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, 32 min ago	0.21 bp	8.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	32.80 bp	61.9 bp −$62	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	−0.0403%	1h	0.2444	long leg	$74K	$251K	10x
Gate WIF_USDT	−0.0048%	4h	0.2438	−0.254%	$1.2M	$7.0M	50x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2443	−0.067%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2450	+0.237%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2439	−0.231%	$16K	—	150x	as long as short
KuCoin WIFUSDTM	+0.0010%	4h	0.2438	−0.254%	$4.3M	$11.9M	75x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−2.013%	$10K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2449	+0.198%	$633K	$2.2M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2439	−0.213%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2442	−0.090%	$146K	$580K	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	0.2441	−0.131%	$54K	$483K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2443	−0.041%	$24K	$258K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2443	−0.059%	$75K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2437	−0.281%	$18.3M	$105.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2437	−0.286%	$16.8M	$36.4M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2436	−0.335%	$5.9M	$32.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2438	−0.254%	$22.0M	$10.9M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2439	−0.213%	$7.5M	$11.9M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2438	−0.254%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2443	−0.044%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2443	−0.043%	$276K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2443	−0.049%	$43K	$631K	25x	as long as short
SunX WIF-USDTshort	+0.0100%	4h	0.2443	−0.049%	$2K	$2.8M	50x
SoDEX WIF-USD	+0.0100%	1h	0.2449	+0.176%	$559	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2445	+0.033%	$168K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2439	−0.223%	$11K	$154K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2449	+0.216%	$82K	$85	3x	as long as short
Hyperliquid WIF	+0.0134%	1h	0.2443	−0.041%	$7.7M	$4.1M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2438	−0.260%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2450	+0.237%	$330K	$2.4M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2446	+0.074%	$995K	$738K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2437	−0.310%	$0	—	15x	as long as short