Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.147%

Price spread now: Backpack against Bybit−0.013%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.321%−$32 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.013%, 7d avg −0.046%

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

The price spread pays, funding is against you. Backpack is 0.034% dearer against Bybit than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.046%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WIFUSDT	0.2385	0.0100	pay 0.0050% / 4h	2h 39m	$16.4M	$45.6M	50x
Short	Backpack WIF_USDC_PERP	0.2385	0.0010	get 0.0001% / 1h	39m 29s	$71K	$315K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$18.93
Price spread: −0.013% → −0.046%: $3.36
Slippage, 4 orders: −$23.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$60.02
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 9 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 Bybit live order book, 4 min ago	2.08 bp	15.5 bp −$16	30.0 bp −$300	115.7 bp −$11.6K	doesn't fit
Sell Backpack live order book, 9 min ago	0.20 bp	8.9 bp −$9	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	−0.0144%	4h	0.2390	+0.210%	$1.0M	$892K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2385	−0.015%	$13K	$597	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2387	+0.084%	$32K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2388	+0.146%	—	—	150x	as long as short
Backpack WIF_USDC_PERPshort	+0.0010%	1h	0.2385	−0.013%	$71K	$315K	10x
GMX WIF/USD [WBTC.b-USDC]	L +0.0096% / S +0.0030%	1h	0.2387	+0.092%	$8K	—	100x	as long as short
Lighter WIF	+0.0096%	1h	0.2388	+0.122%	$143K	$667K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2385	0.000%	$51K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2387	+0.063%	$8.4M	$6.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2385	0.000%	$33K	$330K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2386	+0.052%	$75K	$69K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2384	−0.033%	$18.6M	$137.0M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2385	long leg	$16.4M	$45.6M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2384	−0.042%	$5.5M	$38.9M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2384	−0.042%	$1.1M	$8.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2385	0.000%	$21.6M	$11.9M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2385	0.000%	$3.9M	$15.8M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2384	−0.042%	$7.2M	$15.3M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2385	0.000%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2389	+0.172%	$89K	$173K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2389	+0.157%	$268K	$2.7M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2392	+0.294%	$44K	$628K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2386	+0.042%	$4K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2382	−0.126%	$2K	$3.0M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2386	+0.042%	$551	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2388	+0.126%	$169K	$777K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2385	−0.005%	$8K	$163K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2387	+0.063%	$80K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0251%	1h	0.2386	+0.033%	$634K	$2.5M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0416%	1h	0.2388	+0.126%	$320K	$3.0M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2385	−0.004%	$0	—	15x	as long as short
Injective WIF/USDC PERP	+0.0707%	1h	0.2393	+0.335%	$10K	$10K	12x	as long as short