Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +3.801%

Price spread now: Orderly against GMX+0.037%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.037% dearer against GMX than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WIF/USD [WBTC.b-USDC]	0.2444	L +0.0048% / S +0.0252%	pay 0.0006% / 1h	35m 32s	$21K	—	100x
Short	Orderly PERP_WIF_USDC	0.2445	0.0100	get 0.0050% / 4h	1h 35m	$5K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.037%Rate

Funding earned: $10.92
Price spread: +0.037% → 0.000%: $3.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.4
Costs to cover: 0.180%
Break-even: 9.2 days

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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
Injective WIF/USDC PERP	−0.0467%	1h	0.2462	+0.732%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2452	+0.323%	$974K	$923K	75x	as long as short
Backpack WIF_USDC_PERP	−0.0032%	1h	0.2442	−0.074%	$72K	$293K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2444	−0.022%	$13K	$587	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2444	−0.004%	$32K	$274K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2444	+0.013%	—	—	150x	as long as short
GMX WIF/USD [WBTC.b-USDC]long	L +0.0048% / S +0.0252%	1h	0.2444	long leg	$21K	—	100x
Lighter WIF	+0.0096%	1h	0.2446	+0.061%	$141K	$701K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2444	−0.004%	$52K	$570K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2445	+0.029%	$8.5M	$6.4M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2445	+0.025%	$31K	$351K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2444	+0.011%	$77K	$70K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2445	+0.022%	$18.6M	$143.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2443	−0.061%	$16.5M	$47.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2442	−0.086%	$5.5M	$41.1M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2443	−0.045%	$1.1M	$9.1M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2443	−0.045%	$22.1M	$12.2M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2442	−0.086%	$4.0M	$16.4M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2443	−0.045%	$7.4M	$15.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2444	−0.004%	—	$27.1M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2445	+0.019%	$72K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2457	+0.535%	$273K	$2.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2457	+0.528%	$45K	$629K	25x	as long as short
Orderly PERP_WIF_USDCshort	+0.0100%	4h	0.2445	+0.037%	$5K	$1.1M	10x
SunX WIF-USDT	+0.0100%	4h	0.2442	−0.086%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2444	−0.020%	$561	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2446	+0.078%	$144K	$897K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2442	−0.090%	$10K	$150K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2444	−0.019%	$82K	$85	3x	as long as short
Kraken Futures PF_WIFUSD	+0.0349%	1h	0.2447	+0.108%	$634K	$2.7M	50x	as long as short
Coinbase International WIF-PERP-INTX	+0.0384%	1h	0.2444	−0.004%	$323K	$3.2M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2442	−0.081%	$0	—	15x	as long as short