Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h +0.034%

Price spread now: Orderly against Kraken Futures−0.103%7-day average −0.072% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.103%, 7d avg −0.072%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.031% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.072%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.093%, 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 0.093% in total (about 4.8% 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	0.2403	0.0376	pay 0.0047% / 1h	29m 07s	$629K	$2.2M	50x
Short	Orderly PERP_WIF_USDC	0.2401	0.0092	get 0.0046% / 4h	1h 29m	$5K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.103%Rate

Funding earned: −$59.61
Price spread: −0.103% → −0.072%: −$3.1
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$78.71
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Orderly: no order-book sample. 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 Kraken Futures live order book, 4 min ago	4.17 bp	24.0 bp −$24	55.0 bp −$550	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0317%	1h	0.2401	−0.103%	$77K	$243K	10x	as long as short
KuCoin WIFUSDTM	−0.0076%	4h	0.2401	−0.103%	$4.1M	$11.4M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2397	−0.283%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2402	−0.062%	$47K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2401	−0.122%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.353%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDCshort	+0.0092%	4h	0.2401	−0.103%	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2402	−0.057%	$135K	$549K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2398	−0.228%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2405	+0.080%	$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	0.2397	−0.261%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2397	−0.268%	$76K	$50K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2401	−0.093%	$17.8M	$100.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2401	−0.112%	$16.6M	$35.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2402	−0.062%	$6.0M	$31.0M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2400	−0.145%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2401	−0.103%	$21.5M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2402	−0.062%	$7.4M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2400	−0.145%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2396	−0.324%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2392	−0.465%	$265K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2400	−0.145%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2396	−0.311%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2402	−0.082%	$550	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2397	−0.270%	$166K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2401	−0.121%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2403	−0.033%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0210% / S −0.1174%	1h	0.2400	−0.134%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2396	−0.311%	$316K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2401	−0.103%	$983K	$705K	75x	as long as short
Kraken Futures PF_WIFUSDlong	+0.0376%	1h	0.2403	long leg	$629K	$2.2M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2399	−0.199%	$0	—	15x	as long as short