Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.025%

Price spread now: GRVT against Kraken Futures−0.389%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1000.997% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.389%, 7d avg +0.046%

Together, before fees+0.312%+ Points / potential airdropGRVT: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GRVT is 0.434% cheaper against Kraken Futures than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of +0.046%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.114%, 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 0.114% in total (about 6.0% 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	0.2572	0.0355	pay 0.0044% / 1h	10m 45s	$657K	$3.1M	50x
Short	GRVT WIF_USDT_Perp	0.2562	0.0100	get 0.0050% / 4h	10m 45s	$284K	$3.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.389%Rate

Funding earned: −$53.49
Price spread: −0.389% → +0.046%: −$43.42
Slippage, 4 orders: −$80.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$196.61
Costs to cover: 0.997%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; GRVT: live order book, 1 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	7.77 bp	29.7 bp −$30	613.2 bp −$6,132	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	3.89 bp	18.0 bp −$18	48.4 bp −$484	doesn't fit	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
BloFin WIF-USDT	−0.0153%	4h	0.2570	−0.070%	$1.1M	$1.1M	75x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0139%	1h	0.2571	−0.031%	$34K	$218K	25x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L −0.0125% / S +0.0186%	1h	0.2569	−0.101%	$9K	—	100x	as long as short
Backpack WIF_USDC_PERP	−0.0049%	1h	0.2567	−0.179%	$85K	$403K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2573	+0.057%	$20K	$8K	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2569	−0.126%	$4K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2575	+0.124%	$8K	$33K	12x	as long as short
Lighter WIF	+0.0096%	1h	0.2572	+0.011%	$123K	$964K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2571	−0.031%	$55K	$581K	20x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2568	−0.148%	$5K	$761K	10x	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	0.2571	−0.043%	$10.5M	$10.2M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2568	−0.146%	$33K	$414K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2574	+0.070%	$80K	$101K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2568	−0.148%	$21.1M	$182.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2568	−0.148%	$17.7M	$61.2M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2572	+0.008%	$6.4M	$53.8M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2568	−0.148%	$1.2M	$13.6M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2568	−0.148%	$22.8M	$16.0M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2567	−0.187%	$3.8M	$19.2M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2571	−0.031%	$7.8M	$20.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2564	−0.304%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2560	−0.468%	$117K	$472K	—	as long as short
GRVT WIF_USDT_Perpshort	+0.0100%	4h	0.2562	−0.389%	$284K	$3.5M	10x
ApeX Omni WIFUSDT	+0.0100%	1h	0.2555	−0.653%	$36K	$648K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2565	−0.265%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2571	−0.051%	$3K	$6K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2566	−0.226%	$153K	$1.0M	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2568	−0.163%	$14K	$269K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2569	−0.109%	$86K	—	3x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0355%	1h	0.2572	long leg	$657K	$3.1M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2570	−0.079%	$1	—	15x	as long as short
Coinbase International WIF-PERP-INTX	+0.0600%	1h	0.2576	+0.163%	$349K	$4.2M	50x	as long as short