Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0897%/8h= −98.2% APRpaid last 24h −0.207%

Price spread now: Backpack against HTX+0.211%7-day average −0.630% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$1401.405% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.588%−$59 on $10k

Price spread, last 3 days (all we have)−0.776%−$78 · spread now +0.211%, 7d avg −0.630%

Together, before fees−1.363%−$136 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.841% dearer against HTX than usual: you sell high and buy low (spread +0.211% now, against its 7-day average of −0.630%): +$84 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 7 days (−0.588% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.588% in total (about -30.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX WIF-USDT	0.2366	0.0100	pay 0.0050% / 4h	2h 40m	$164K	$718K	75x
Short	Backpack WIF_USDC_PERP	0.2371	−0.0797	pay 0.0100% / 1h	40m 41s	$72K	$233K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.211%Rate

Funding earned: −$188.41
Price spread: +0.211% → −0.630%: $84.14
Slippage, 4 orders: −$118.46
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$244.73
Costs to cover: 1.405%
Break-even: never at this rate

Slippage from HTX: live order book, 48 min ago; Backpack: live order book, 47 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 HTX live order book, 48 min ago	8.38 bp	40.7 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 47 min ago	0.21 bp	11.1 bp −$11	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
Backpack WIF_USDC_PERPshort	−0.0797%	1h	0.2371	+0.211%	$72K	$233K	10x
Injective WIF/USDC PERP	−0.0321%	1h	0.2395	+1.226%	$10K	$10K	12x	as long as short
KuCoin WIFUSDTM	−0.0206%	4h	0.2371	+0.211%	$4.2M	$11.2M	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0171%	1h	0.2373	+0.296%	$47K	$289K	25x	as long as short
Variational Omni WIF	−0.0093%	4h	0.2361	−0.232%	$67K	$47K	—	as long as short
Kraken Futures PF_WIFUSD	−0.0077%	1h	0.2374	+0.328%	$622K	$2.1M	50x	as long as short
Gate WIF_USDT	−0.0042%	4h	0.2372	+0.254%	$1.2M	$6.9M	50x	as long as short
GRVT WIF_USDT_Perp	−0.0024%	4h	0.2360	−0.272%	$263K	$1.8M	10x	as long as short
Aster WIFUSDT	0.0000%	4h	0.2373	+0.305%	$23K	$254K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2373	+0.295%	$18K	$582	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2373	+0.287%	$14K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2372	+0.254%	$4K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2374	+0.338%	$131K	$540K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2371	+0.211%	$53K	$482K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2376	+0.423%	$7.4M	$4.0M	5x	as long as short
Pacifica WIF	+0.0100%	1h	0.2374	+0.337%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2373	+0.296%	$17.5M	$99.1M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2373	+0.283%	$16.6M	$34.6M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2375	+0.380%	$6.1M	$30.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2373	+0.296%	$21.2M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2374	+0.338%	$7.2M	$11.5M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2373	+0.296%	—	$2.3M	—	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2361	−0.211%	$41K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2366	0.000%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2372	+0.275%	$538	$5K	5x	as long as short
HTX WIF-USDTlong	+0.0100%	4h	0.2366	long leg	$164K	$718K	75x
Extended WIF-USD	+0.0104%	1h	0.2371	+0.225%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2372	+0.275%	$79K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0124% / S −0.0562%	1h	0.2373	+0.292%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0272%	1h	0.2375	+0.380%	$310K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2370	+0.169%	$977K	$690K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2372	+0.232%	$0	—	15x	as long as short