Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.135%

Price spread now: Backpack against KuCoin−0.645%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$770.773% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 4 days (all we have)+0.663%+$66 · spread now −0.645%, 7d avg −0.053%

Together, before fees+0.380%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Backpack is 0.593% cheaper against KuCoin than usual: you would sell low and buy high (−$59 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin WIFUSDTM	0.2449	0.0100	pay 0.0050% / 4h	0m 45s	$3.9M	$17.6M	75x
Short	Backpack WIF_USDC_PERP	0.2433	−0.0057	pay 0.0007% / 1h	0m 45s	$71K	$320K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.645%Rate

Funding earned: −$32.92
Price spread: −0.645% → −0.053%: −$59.25
Slippage, 4 orders: −$55.31
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$169.48
Costs to cover: 0.773%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Backpack: live order book, 38 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 KuCoin live order book, 8 min ago	4.09 bp	25.1 bp −$25	77.7 bp −$777	doesn't fit	doesn't fit
Sell Backpack live order book, 38 min ago	0.20 bp	7.4 bp −$7	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
GMX WIF/USD [WBTC.b-USDC]	L −0.0254% / S +0.0291%	1h	0.2445	−0.173%	$19K	—	100x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0162%	1h	0.2426	−0.939%	$32K	$274K	25x	as long as short
Injective WIF/USDC PERP	−0.0161%	1h	0.2526	+3.144%	$18K	$15K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2433	−0.653%	$993K	$989K	75x	as long as short
Backpack WIF_USDC_PERPshort	−0.0057%	1h	0.2433	−0.645%	$71K	$320K	10x
dYdX WIF-USD	0.0000%	1h	0.2487	+1.538%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2442	−0.304%	$4K	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2475	+1.041%	$146K	$794K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2472	+0.939%	$52K	$577K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2470	+0.870%	$9.8M	$8.7M	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	0.2479	+1.230%	$33K	$402K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2479	+1.237%	$78K	$77K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2482	+1.342%	$19.6M	$161.3M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2482	+1.347%	$16.8M	$53.7M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2488	+1.592%	$5.8M	$46.7M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2464	+0.612%	$1.4M	$10.5M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2486	+1.511%	$24.4M	$15.1M	50x	as long as short
KuCoin WIFUSDTMlong	+0.0100%	4h	0.2449	long leg	$3.9M	$17.6M	75x
Bitget WIFUSDT	+0.0100%	4h	0.2466	+0.694%	$7.4M	$17.6M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2467	+0.735%	—	$27.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2429	−0.810%	$115K	$320K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2485	+1.452%	$276K	$3.0M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2489	+1.633%	$35K	$648K	25x	as long as short
Orderly PERP_WIF_USDC	+0.0100%	4h	0.2426	−0.939%	$5K	$1.1M	10x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2426	−0.939%	$2K	$3.2M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2429	−0.808%	$563	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2427	−0.898%	$151K	$947K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2448	−0.044%	$9K	$211K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2425	−0.973%	$81K	—	3x	as long as short
Coinbase International WIF-PERP-INTX	+0.0352%	1h	0.2431	−0.735%	$323K	$3.5M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2432	−0.687%	$0	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0834%	1h	0.2430	−0.777%	$632K	$2.9M	50x	as long as short