Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: Injective against Bybit−3.076%108s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.076% cheaper against Bybit than usual: you would sell low and buy high (−$308 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WIFUSDT	0.2471	0.0100	pay 0.0050% / 4h	55m 24s	$17.1M	$35.6M	50x
Short	Injective WIF/USDC PERP	0.2395	0.0033	get 0.0004% / 1h	55m 24s	$10K	$10K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.076%Rate

Funding earned: −$14
Price spread: −3.076% → 0.000%: −$307.57
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$332.59
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Injective: 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 Bybit live order book, 3 min ago	2.04 bp	13.0 bp −$13	33.8 bp −$338	203.4 bp −$20.3K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Backpack WIF_USDC_PERP	−0.0372%	1h	0.2472	+0.040%	$75K	$247K	10x	as long as short
KuCoin WIFUSDTM	−0.0014%	4h	0.2473	+0.081%	$4.4M	$11.3M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2475	+0.146%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2478	+0.266%	$15K	—	150x	as long as short
Injective WIF/USDC PERPshort	+0.0033%	1h	0.2395	−3.076%	$10K	$10K	12x
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2476	+0.202%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2474	+0.105%	$139K	$562K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2473	+0.081%	$55K	$485K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2475	+0.158%	$7.7M	$4.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2473	+0.101%	$25K	$256K	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	0.2473	+0.097%	$78K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2473	+0.081%	$18.6M	$102.4M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2471	long leg	$17.1M	$35.6M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2474	+0.121%	$6.2M	$32.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2472	+0.040%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2472	+0.040%	$22.5M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2473	+0.081%	$7.6M	$11.8M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2466	−0.202%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2444	−1.086%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2463	−0.324%	$281K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2460	−0.445%	$43K	$620K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2471	0.000%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2475	+0.142%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2474	+0.121%	$171K	$720K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2472	+0.023%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2475	+0.159%	$83K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0154%	1h	0.2477	+0.243%	$49K	$289K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2477	+0.243%	$7K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2477	+0.243%	$326K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0315%	1h	0.2476	+0.201%	$660K	$2.2M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2456	−0.607%	$997K	$726K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2471	−0.013%	$0	—	15x	as long as short