Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.182%

Price spread now: Backpack against Binance−0.028%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.385%−$38 on $10k

Price spread, last 4 days (all we have)+0.578%+$58 · spread now −0.028%, 7d avg −0.057%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.029% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance WIFUSDT	0.2493	0.0100	pay 0.0050% / 4h	1h 18m	$19.1M	$114.8M	75x
Short	Backpack WIF_USDC_PERP	0.2492	0.0100	get 0.0013% / 1h	18m 28s	$85K	$272K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → −0.057%: $2.89
Slippage, 4 orders: −$24.78
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.89
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Binance: live order book, 10 min ago; Backpack: live order book, 45 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 Binance live order book, 10 min ago	2.03 bp	12.4 bp −$12	24.4 bp −$244	111.3 bp −$11.1K	doesn't fit
Sell Backpack live order book, 45 min ago	0.20 bp	11.0 bp −$11	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
BloFin WIF-USDT	−0.0189%	4h	0.2494	+0.049%	$1.0M	$832K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2495	+0.069%	$19K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2494	+0.049%	$47K	$258K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2496	+0.144%	$807	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−0.914%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2497	+0.181%	$141K	$628K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2493	+0.008%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2496	+0.122%	$34K	$283K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2495	+0.088%	$77K	$57K	5x	as long as short
Binance WIFUSDTlong	+0.0100%	4h	0.2493	long leg	$19.1M	$114.8M	75x

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WIFUSDT	+0.0100%	4h	0.2491	−0.072%	$17.1M	$38.5M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2491	−0.072%	$5.9M	$35.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2494	+0.049%	$1.2M	$7.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2493	+0.008%	$22.5M	$11.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2495	+0.089%	$4.4M	$13.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2491	−0.072%	$7.5M	$12.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2494	+0.049%	—	$65.9M	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2492	−0.028%	$85K	$272K	10x
Variational Omni WIF	+0.0100%	4h	0.2488	−0.191%	$76K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2487	−0.251%	$282K	$2.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2492	−0.032%	$43K	$627K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2496	+0.129%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2494	+0.049%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2495	+0.069%	$573	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2491	−0.072%	$168K	$693K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2491	−0.057%	$9K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2494	+0.063%	$83K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0136%	1h	0.2496	+0.115%	$655K	$2.3M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0151% / S −0.0024%	1h	0.2496	+0.128%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2498	+0.209%	$333K	$2.7M	50x	as long as short
Hyperliquid WIF	+0.0326%	1h	0.2497	+0.162%	$8.1M	$4.8M	5x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2491	−0.089%	$0	—	15x	as long as short