Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0711%/8h= −77.8% APRpaid last 24h −0.002%

Price spread now: BloFin against Kraken Futures+0.250%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.485%+$49 on $10k

Price spread, last 4 days (all we have)−0.365%−$37 · spread now +0.250%, 7d avg −0.060%

Together, before fees+0.120%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.310% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.250% now, against its 7-day average of −0.060%): +$31 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 35 hours. Mind the row above: over the last 7 days funding on this pair paid +0.485%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.485% in total (about 25.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_WIFUSD	0.2514	0.0571	pay 0.0071% / 1h	28m 41s	$630K	$3.1M	50x
Short	BloFin WIF-USDT	0.2520	−0.0140	pay 0.0070% / 4h	1h 28m	$1.1M	$1.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now +0.250%Rate

Funding earned: −$149.24
Price spread: +0.250% → −0.060%: $30.98
Slippage, 4 orders: −$59.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$199.98
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; BloFin: live order book, 2 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, 3 min ago	7.97 bp	25.3 bp −$25	327.3 bp −$3,273	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	5.96 bp	16.6 bp −$17	36.4 bp −$364	90.4 bp −$9,040	doesn't fit

WIF on 32 exchanges

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	−0.0389%	1h	0.2559	+1.801%	$10K	$28K	12x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0148%	1h	0.2513	−0.028%	$33K	$254K	25x	as long as short
BloFin WIF-USDTshort	−0.0140%	4h	0.2520	+0.250%	$1.1M	$1.1M	75x
GMX WIF/USD [WBTC.b-USDC]	L −0.0119% / S +0.0181%	1h	0.2513	−0.036%	$9K	—	100x	as long as short
Backpack WIF_USDC_PERP	−0.0040%	1h	0.2510	−0.144%	$84K	$375K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2516	+0.107%	$13K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2505	−0.353%	$4K	—	150x	as long as short
Orderly PERP_WIF_USDC	+0.0096%	4h	0.2512	−0.068%	$5K	$957K	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2516	+0.103%	$143K	$883K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2521	+0.290%	$52K	$636K	20x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid WIF	+0.0100%	1h	0.2514	+0.027%	$9.9M	$9.5M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2515	+0.068%	$32K	$426K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2515	+0.070%	$78K	$98K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2515	+0.053%	$20.2M	$174.1M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2516	+0.091%	$17.3M	$59.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2514	+0.011%	$6.2M	$51.2M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2513	−0.028%	$1.2M	$12.7M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2513	−0.028%	$22.3M	$15.1M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2515	+0.051%	$3.7M	$18.6M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2513	−0.028%	$7.5M	$19.6M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2515	+0.051%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2505	−0.350%	$76K	$366K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2506	−0.326%	$285K	$3.4M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2507	−0.267%	$36K	$646K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2509	−0.188%	$2K	$3.2M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2512	−0.048%	$3K	$6K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2516	+0.091%	$155K	$1.0M	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2512	−0.081%	$9K	$261K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2512	−0.052%	$84K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0552%	1h	0.2522	+0.330%	$342K	$3.9M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2518	+0.166%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0571%	1h	0.2514	long leg	$630K	$3.1M	50x