Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.024%

Price spread now: Bybit against Injective+1.223%78s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 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 Bybit is 1.223% dearer against Injective than usual: you sell high and buy low: +$122 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective WIF/USDC PERP	0.2395	0.0033	pay 0.0004% / 1h	30m 02s	$10K	$10K	12x
Short	Bybit WIFUSDT	0.2424	0.0100	get 0.0050% / 4h	30m 02s	$16.7M	$36.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +1.223%Rate

Funding earned: $14
Price spread: +1.223% → 0.000%: $122.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $125.32
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	2.06 bp	14.2 bp −$14	28.0 bp −$280	174.5 bp −$17.5K	doesn't fit

Injective: 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	−0.0413%	1h	0.2423	+1.177%	$72K	$248K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2424	+1.199%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2426	+1.294%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2426	+1.278%	$16K	—	150x	as long as short
Injective WIF/USDC PERPlong	+0.0033%	1h	0.2395	long leg	$10K	$10K	12x
KuCoin WIFUSDTM	+0.0046%	4h	0.2423	+1.169%	$4.3M	$11.6M	75x	as long as short
Orderly PERP_WIF_USDC	+0.0093%	4h	0.2425	+1.253%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2426	+1.278%	$136K	$571K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2426	+1.294%	$54K	$484K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2428	+1.381%	$7.5M	$4.0M	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	0.2426	+1.302%	$24K	$256K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2423	+1.185%	$75K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2425	+1.253%	$18.0M	$103.5M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2424	+1.223%	$16.7M	$36.0M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2423	+1.169%	$6.0M	$31.9M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2424	+1.211%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2425	+1.253%	$21.9M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2425	+1.253%	$7.5M	$11.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2425	+1.253%	—	$65.7M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2424	+1.220%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2423	+1.172%	$275K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2426	+1.294%	$43K	$624K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2421	+1.086%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2425	+1.236%	$553	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2425	+1.253%	$168K	$740K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2424	+1.193%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2425	+1.238%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2425	+1.258%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2427	+1.336%	$319K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0322%	1h	0.2427	+1.316%	$632K	$2.2M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2422	+1.127%	$984K	$724K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2424	+1.220%	$0	—	15x	as long as short