Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h −0.139%

Price spread now: Backpack against Gate−0.071%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$580.576% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.354%−$35 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.071%, 7d avg −0.067%

Together, before fees−0.327%−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.067%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.354%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate WIF_USDT	0.2531	−0.0216	get 0.0108% / 4h	3h 23m	$1.4M	$11.6M	50x
Short	Backpack WIF_USDC_PERP	0.2529	0.0100	get 0.0013% / 1h	23m 13s	$82K	$354K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.071%Rate

Funding earned: $66.36
Price spread: −0.071% → −0.067%: −$0.44
Slippage, 4 orders: −$32.57
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: $8.35
Costs to cover: 0.576%
Break-even: 6.1 days

Slippage from Gate: live order book, 5 min ago; Backpack: live order book, 10 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 Gate live order book, 5 min ago	4.00 bp	14.2 bp −$14	54.7 bp −$547	84.8 bp −$8,475	doesn't fit
Sell Backpack live order book, 10 min ago	0.20 bp	6.8 bp −$7	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0453% / S +0.0331%	1h	0.2531	−0.011%	$20K	—	100x	as long as short
Gate WIF_USDTlong	−0.0216%	4h	0.2531	long leg	$1.4M	$11.6M	50x
BloFin WIF-USDT	−0.0140%	4h	0.2533	+0.079%	$1.0M	$1.0M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2523	−0.334%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2531	+0.014%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2532	+0.040%	$6K	$1.1M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2534	+0.122%	$147K	$834K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2534	+0.119%	$55K	$580K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2532	+0.051%	$10.2M	$9.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2532	+0.020%	$41K	$409K	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	0.2529	−0.076%	$78K	$90K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2533	+0.086%	$20.1M	$166.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2531	+0.004%	$17.6M	$56.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2531	0.000%	$5.9M	$49.3M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2530	−0.040%	$24.1M	$15.5M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2531	0.000%	$3.9M	$18.1M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2531	0.000%	$7.7M	$18.3M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2532	+0.040%	—	$27.5M	—	as long as short
Backpack WIF_USDC_PERPshort	+0.0100%	1h	0.2529	−0.071%	$82K	$354K	10x
Variational Omni WIF	+0.0100%	4h	0.2501	−1.185%	$77K	$368K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2526	−0.196%	$290K	$3.1M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2505	−1.027%	$35K	$653K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2529	−0.079%	$2K	$3.3M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2532	+0.059%	$585	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2524	−0.277%	$155K	$950K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2531	−0.008%	$12K	$212K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2532	+0.043%	$84K	—	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0145%	1h	0.2534	+0.119%	$34K	$272K	25x	as long as short
Coinbase International WIF-PERP-INTX	+0.0312%	1h	0.2537	+0.237%	$356K	$4.0M	50x	as long as short
Injective WIF/USDC PERP	+0.0323%	1h	0.2509	−0.869%	$10K	$28K	12x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2531	+0.004%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0730%	1h	0.2534	+0.113%	$649K	$3.0M	50x	as long as short