Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0064%/8h= −7.1% APRpaid last 24h +0.120%

Price spread now: Orderly against Deribit+0.040%7-day average −0.017% · you sell dearer than you buy

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.653%+$65 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.040%, 7d avg −0.017%

Together, before fees+0.613%+$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.058% dearer against Deribit than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.017%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.653%, 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	0.2473	0.0154	pay 0.0019% / 1h	54m 18s	$49K	$289K	25x
Short	Orderly PERP_WIF_USDC	0.2474	0.0090	get 0.0045% / 4h	54m 18s	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.040%Rate

Funding earned: −$13.53
Price spread: +0.040% → −0.017%: $5.78
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.75
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 24 min ago; Orderly: 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 Deribit live order book, 24 min ago	4.13 bp	11.3 bp −$11	23.2 bp −$232	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0360%	1h	0.2469	−0.174%	$75K	$247K	10x	as long as short
KuCoin WIFUSDTM	−0.0004%	4h	0.2472	−0.040%	$4.3M	$11.3M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2471	−0.095%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2475	+0.063%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−3.154%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDCshort	+0.0090%	4h	0.2474	+0.040%	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2473	−0.008%	$139K	$562K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2474	+0.040%	$55K	$485K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2478	+0.198%	$7.7M	$4.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2475	+0.063%	$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	0.2469	−0.144%	$78K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2473	0.000%	$18.6M	$102.5M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2469	−0.174%	$17.0M	$35.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2469	−0.162%	$6.2M	$32.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2474	+0.040%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2471	−0.081%	$22.5M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2473	0.000%	$7.6M	$11.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2473	0.000%	—	$65.7M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2466	−0.276%	$73K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2463	−0.404%	$281K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2460	−0.526%	$43K	$620K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2471	−0.081%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2472	−0.040%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2469	−0.162%	$170K	$720K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2471	−0.099%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2473	−0.016%	$82K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUALlong	+0.0154%	1h	0.2473	long leg	$49K	$289K	25x
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2474	+0.052%	$7K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2473	0.000%	$326K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0316%	1h	0.2474	+0.045%	$660K	$2.2M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2470	−0.121%	$999K	$731K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2474	+0.027%	$0	—	15x	as long as short