WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0079%/8h= +8.6% APRnext payment +$0.10 per $10,000 · paid last 24h −0.072%

Price spread now: Backpack against Deribit+0.042%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 3 days (all we have)−0.225%−$22 · spread now +0.042%, 7d avg −0.066%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.108% dearer against Deribit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WIF_USDC-PERPETUAL	0.2389	0	get 0.0000% / 1h	55m 31s	$47K	$289K	25x
Short	Backpack WIF_USDC_PERP	0.2390	0.0079	get 0.0010% / 1h	55m 31s	$75K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.042%Rate

Funding earned: $16.5
Price spread: +0.042% → −0.066%: $10.76
Slippage, 4 orders: −$19.34
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.08
Costs to cover: 0.363%
Break-even: 10.9 days

Slippage from Deribit: live order book, 28 min ago; Backpack: live order book, 28 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 Deribit live order book, 28 min ago	6.30 bp	9.8 bp −$10	18.7 bp −$187	doesn't fit	doesn't fit
Sell Backpack live order book, 28 min ago	0.21 bp	7.6 bp −$8	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
KuCoin WIFUSDTM	−0.0142%	4h	0.2394	+0.209%	$4.2M	$11.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2392	+0.117%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUALlong	0.0000%	1h	0.2389	long leg	$47K	$289K	25x
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2389	−0.015%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	+0.251%	$10K	$10K	12x	as long as short
Variational Omni WIF	+0.0054%	4h	0.2364	−1.029%	$67K	$65K	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0079%	1h	0.2390	+0.042%	$75K	$235K	10x
Aster WIFUSDT	+0.0089%	4h	0.2395	+0.245%	$25K	$255K	10x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2388	−0.042%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2395	+0.251%	$133K	$541K	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	0.2397	+0.335%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2401	+0.486%	$7.5M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2396	+0.278%	$76K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2397	+0.332%	$17.7M	$99.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2398	+0.377%	$16.8M	$34.7M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2399	+0.419%	$6.1M	$30.6M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2394	+0.209%	$1.2M	$6.9M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2397	+0.335%	$21.4M	$10.6M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2399	+0.419%	$7.3M	$11.6M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2395	+0.251%	—	$65.1M	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2383	−0.251%	$274K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2379	−0.419%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2382	−0.293%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2389	−0.021%	$547	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2385	−0.167%	$165K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2395	+0.257%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2388	−0.041%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0178% / S −0.0944%	1h	0.2388	−0.023%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2389	0.000%	$313K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2375	−0.586%	$974K	$691K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0379%	1h	0.2389	+0.007%	$629K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2398	+0.370%	$0	—	15x	as long as short