Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0272%/8h= −29.7% APRpaid last 24h +0.025%

Price spread now: Bybit against Kraken Futures−0.061%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$680.681% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now −0.061%, 7d avg −0.075%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.075%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% 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	Kraken Futures PF_WIFUSD	0.2434	0.0372	pay 0.0046% / 1h	8m 58s	$636K	$2.1M	50x
Short	Bybit WIFUSDT	0.2433	0.0100	get 0.0050% / 4h	1h 08m	$16.9M	$35.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$57.04
Price spread: −0.061% → −0.075%: $1.45
Slippage, 4 orders: −$47.05
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$123.64
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bybit: live order book, 5 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, 5 min ago	8.22 bp	22.0 bp −$22	58.5 bp −$585	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.06 bp	12.3 bp −$12	29.8 bp −$298	200.8 bp −$20.1K	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_PERP	−0.0289%	1h	0.2432	−0.081%	$74K	$246K	10x	as long as short
KuCoin WIFUSDTM	−0.0028%	4h	0.2432	−0.090%	$4.1M	$11.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2434	−0.021%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2433	−0.048%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2434	−0.027%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.610%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2432	−0.090%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2434	−0.024%	$136K	$550K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2434	−0.007%	$54K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2437	+0.116%	$7.6M	$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	0.2433	−0.054%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2433	−0.042%	$77K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2435	+0.034%	$18.1M	$101.2M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2433	−0.061%	$16.9M	$35.2M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2433	−0.048%	$6.1M	$31.5M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2434	−0.007%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2433	−0.048%	$22.1M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2435	+0.034%	$7.5M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2433	−0.048%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2420	−0.575%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2429	−0.213%	$277K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2429	−0.213%	$43K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2428	−0.254%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2433	−0.057%	$554	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2431	−0.131%	$168K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2433	−0.069%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2433	−0.048%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0235% / S −0.1345%	1h	0.2433	−0.055%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2432	−0.090%	$320K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2432	−0.090%	$986K	$717K	75x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0372%	1h	0.2434	long leg	$636K	$2.1M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2433	−0.062%	$0	—	15x	as long as short