Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h +0.052%

Price spread now: Bybit against Deribit+0.361%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.580%+$58 on $10k

Price spread, last 4 days (all we have)−0.611%−$61 · spread now +0.361%, 7d avg −0.016%

Together, before fees−0.031%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.378% dearer against Deribit than usual: you sell high and buy low (spread +0.361% now, against its 7-day average of −0.016%): +$38 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 24 days. Mind the row above: over the last 7 days funding on this pair paid +0.580%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WIF_USDC-PERPETUAL	0.2491	0.0152	pay 0.0019% / 1h	39m 41s	$33K	$274K	25x
Short	Bybit WIFUSDT	0.2500	0.0100	get 0.0050% / 4h	3h 39m	$17.4M	$55.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.361%Rate

Funding earned: −$10.84
Price spread: +0.361% → −0.016%: $37.77
Slippage, 4 orders: −$25.85
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.91
Costs to cover: 0.438%
Break-even: never at this rate

Slippage from Deribit: live order book, 59 min ago; Bybit: live order book, 4 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, 59 min ago	5.95 bp	9.4 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.00 bp	10.9 bp −$11	25.5 bp −$255	90.4 bp −$9,038	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
Gate WIF_USDT	−0.0484%	4h	0.2498	+0.281%	$1.4M	$11.4M	50x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0353% / S +0.0311%	1h	0.2492	+0.028%	$19K	—	100x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2499	+0.321%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2499	+0.321%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2489	−0.067%	$4K	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2501	+0.401%	$145K	$826K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2489	−0.080%	$54K	$580K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2491	0.000%	$6K	$1.1M	10x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2495	+0.157%	$10.0M	$9.1M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2497	+0.253%	$40K	$411K	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	0.2498	+0.279%	$77K	$88K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2500	+0.368%	$19.8M	$165.8M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2500	+0.361%	$17.4M	$55.8M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2498	+0.281%	$5.8M	$48.2M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2500	+0.361%	$24.4M	$15.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2499	+0.321%	$3.9M	$18.0M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2500	+0.361%	$7.6M	$18.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2495	+0.161%	—	$2.3M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2492	+0.024%	$85K	$334K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2493	+0.084%	$76K	$366K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2494	+0.120%	$281K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2499	+0.321%	$35K	$653K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2487	−0.161%	$2K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2491	0.000%	$576	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2489	−0.080%	$153K	$944K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2499	+0.314%	$12K	$216K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2491	−0.016%	$83K	—	3x	as long as short
Deribit WIF_USDC-PERPETUALlong	+0.0152%	1h	0.2491	long leg	$33K	$274K	25x
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2491	0.000%	$340K	$3.8M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	+0.723%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2488	−0.136%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0742%	1h	0.2494	+0.133%	$641K	$3.0M	50x	as long as short