WIF

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0445%/8h= −48.7% APRnext payment −$0.56 per $10,000 · paid last 24h −0.162%

Price spread now: Backpack against Kraken Futures−0.088%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.239%−$24 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now −0.088%, 7d avg −0.123%

Together, before fees−0.471%−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.036% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.088% now, against its 7-day average of −0.123%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.239% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.239% in total (about -12.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. 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	Kraken Futures PF_WIFUSD	0.2497	0.0260	pay 0.0032% / 1h	27m 23s	$648K	$2.3M	50x
Short	Backpack WIF_USDC_PERP	0.2495	−0.0185	pay 0.0023% / 1h	27m 23s	$77K	$291K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$93.42
Price spread: −0.088% → −0.123%: $3.56
Slippage, 4 orders: −$58.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$168.7
Costs to cover: 0.788%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Backpack: live order book, 31 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 Kraken Futures live order book, 1 min ago	14.01 bp	25.7 bp −$26	84.4 bp −$844	doesn't fit	doesn't fit
Sell Backpack live order book, 31 min ago	0.81 bp	11.6 bp −$12	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	−0.0185%	1h	0.2495	−0.088%	$77K	$291K	10x
BloFin WIF-USDT	−0.0181%	4h	0.2488	−0.348%	$996K	$827K	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2497	−0.007%	$19K	$597	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2497	+0.012%	$807	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−1.069%	$11K	$10K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2500	+0.141%	$140K	$630K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2500	+0.133%	$57K	$497K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2497	+0.026%	$33K	$284K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2498	+0.070%	$78K	$60K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2499	+0.088%	$18.9M	$118.5M	75x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WIFUSDT	+0.0100%	4h	0.2498	+0.036%	$17.0M	$39.7M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2498	+0.053%	$6.0M	$36.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2498	+0.053%	$1.2M	$7.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2498	+0.053%	$23.1M	$11.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2497	+0.012%	$4.6M	$14.5M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2498	+0.053%	$7.6M	$13.3M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2498	+0.053%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2485	−0.466%	$76K	$69K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2488	−0.348%	$282K	$2.3M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2491	−0.228%	$46K	$624K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2495	−0.068%	$5K	$1.3M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2490	−0.268%	$2K	$2.9M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2495	−0.048%	$581	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2494	−0.108%	$166K	$695K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2500	+0.118%	$9K	$147K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2495	−0.085%	$83K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0134% / S −0.0013%	1h	0.2497	+0.006%	$8K	—	100x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0151%	1h	0.2496	−0.028%	$45K	$260K	25x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0260%	1h	0.2497	long leg	$648K	$2.3M	50x
Hyperliquid WIF	+0.0304%	1h	0.2503	+0.237%	$8.1M	$4.9M	5x	as long as short
Coinbase International WIF-PERP-INTX	+0.0328%	1h	0.2495	−0.068%	$328K	$2.7M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2497	+0.016%	$0	—	15x	as long as short