Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0222%/8h= +24.3% APRpaid last 24h +0.029%

Price spread now: Kraken Futures against Bybit+0.028%7-day average +0.069% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.210%+$21 · spread now +0.028%, 7d avg +0.069%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.041% cheaper against Bybit than usual: you would sell low and buy high (spread +0.028% now, against its 7-day average of +0.069%). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$7 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.034% in total (about -1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WIFUSDT	0.2584	0.0100	pay 0.0050% / 4h	2h 20m	$17.9M	$58.8M	50x
Short	Kraken Futures PF_WIFUSD	0.2584	0.0322	get 0.0040% / 1h	20m 39s	$664K	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.028%Rate

Funding earned: $46.58
Price spread: +0.028% → +0.069%: −$4.08
Slippage, 4 orders: −$59.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$37.52
Costs to cover: 0.800%
Break-even: 12.6 days

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 1 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, 1 min ago	1.93 bp	15.5 bp −$15	34.2 bp −$342	173.5 bp −$17.4K	doesn't fit
Sell Kraken Futures live order book, 1 min ago	9.67 bp	20.9 bp −$21	64.8 bp −$648	doesn't fit	doesn't fit

WIF on 32 exchanges

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	−0.0140%	4h	0.2582	−0.062%	$1.1M	$1.1M	75x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0115% / S +0.0177%	1h	0.2584	+0.013%	$9K	—	100x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2589	+0.228%	$13K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2585	+0.050%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2585	+0.054%	$5K	$1.1M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2584	+0.027%	$143K	$880K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2586	+0.093%	$55K	$634K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2582	−0.070%	$10.2M	$9.5M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2586	+0.088%	$33K	$425K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2582	−0.054%	$80K	$97K	5x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDT	+0.0100%	4h	0.2585	+0.053%	$20.7M	$172.8M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2584	long leg	$17.9M	$58.8M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2584	+0.015%	$6.4M	$52.6M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2584	+0.015%	$1.2M	$12.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2584	+0.015%	$23.1M	$15.6M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2582	−0.062%	$3.9M	$18.6M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2586	+0.093%	$7.8M	$19.4M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2585	+0.054%	—	$27.7M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2582	−0.062%	$87K	$359K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2584	+0.014%	$79K	$369K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2577	−0.252%	$295K	$3.2M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2560	−0.913%	$36K	$647K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2579	−0.178%	$2K	$3.2M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2584	−0.004%	$3K	$6K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2590	+0.248%	$161K	$1.0M	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2582	−0.053%	$11K	$239K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2584	+0.010%	$86K	—	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0137%	1h	0.2585	+0.054%	$34K	$255K	25x	as long as short
Kraken Futures PF_WIFUSDshort	+0.0322%	1h	0.2584	+0.028%	$664K	$3.0M	50x
Coinbase International WIF-PERP-INTX	+0.0376%	1h	0.2592	+0.325%	$352K	$4.1M	50x	as long as short
Injective WIF/USDC PERP	+0.0497%	1h	0.2559	−0.952%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2582	−0.073%	$1	—	15x	as long as short