Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h +0.111%

Price spread now: OKX against Deribit−0.040%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs+$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.720%+$72 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now −0.040%, 7d avg +0.023%

Together, before fees+0.640%+$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.063% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.720%, 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	0.2504	0.0150	pay 0.0019% / 1h	25m 47s	$45K	$256K	25x
Short	OKX WIF-USDT-SWAP	0.2503	0.0100	get 0.0050% / 4h	25m 47s	$6.0M	$36.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$10.4
Price spread: −0.040% → +0.023%: −$6.27
Slippage, 4 orders: −$30.44
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$64.11
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Deribit: live order book, 33 min ago; OKX: live order book, 3 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, 33 min ago	6.05 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.00 bp	14.5 bp −$14	36.3 bp −$363	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	−0.0181%	4h	0.2498	−0.240%	$1.0M	$831K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0163%	1h	0.2504	−0.012%	$77K	$291K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2502	−0.099%	$19K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2502	−0.080%	$808	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−1.358%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2505	+0.032%	$139K	$631K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2499	−0.200%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2506	+0.094%	$33K	$284K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2502	−0.067%	$78K	$60K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2504	+0.005%	$18.9M	$118.6M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WIFUSDT	+0.0100%	4h	0.2502	−0.072%	$17.0M	$39.8M	50x	as long as short
OKX WIF-USDT-SWAPshort	+0.0100%	4h	0.2503	−0.040%	$6.0M	$36.3M	50x
Gate WIF_USDT	+0.0100%	4h	0.2504	0.000%	$1.2M	$7.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2504	0.000%	$23.1M	$11.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2505	+0.040%	$4.6M	$14.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2503	−0.040%	$7.6M	$13.3M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2504	0.000%	—	$23.5M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2501	−0.118%	$76K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2488	−0.639%	$282K	$2.3M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2491	−0.519%	$46K	$624K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2502	−0.080%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2498	−0.240%	$1K	$2.9M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2504	−0.020%	$583	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2500	−0.160%	$168K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2504	+0.014%	$9K	$147K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2502	−0.060%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0134% / S −0.0013%	1h	0.2501	−0.100%	$8K	—	100x	as long as short
Deribit WIF_USDC-PERPETUALlong	+0.0150%	1h	0.2504	long leg	$45K	$256K	25x
Kraken Futures PF_WIFUSD	+0.0259%	1h	0.2506	+0.085%	$651K	$2.3M	50x	as long as short
Hyperliquid WIF	+0.0297%	1h	0.2509	+0.212%	$8.2M	$4.9M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2503	−0.040%	$330K	$2.7M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2499	−0.196%	$0	—	15x	as long as short