Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0503%/8h= −55.1% APRpaid last 24h −0.201%

Price spread now: Backpack against OKX+0.008%7-day average −0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.008%, 7d avg −0.080%

Together, before fees−0.376%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.088% dearer against OKX than usual: you sell high and buy low (spread +0.008% now, against its 7-day average of −0.080%): +$9 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.422% in total) that is about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX WIF-USDT-SWAP	0.2444	0.0100	pay 0.0050% / 4h	3h 42m	$6.0M	$32.8M	50x
Short	Backpack WIF_USDC_PERP	0.2444	−0.0403	pay 0.0050% / 1h	42m 14s	$74K	$251K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$105.65
Price spread: +0.008% → −0.080%: $8.81
Slippage, 4 orders: −$22.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$139.69
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Backpack: live order book, 31 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 OKX live order book, 1 min ago	2.05 bp	12.9 bp −$13	33.4 bp −$334	doesn't fit	doesn't fit
Sell Backpack live order book, 31 min ago	0.21 bp	8.2 bp −$8	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
Backpack WIF_USDC_PERPshort	−0.0403%	1h	0.2444	+0.008%	$74K	$251K	10x
dYdX WIF-USD	0.0000%	1h	0.2446	+0.064%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2450	+0.245%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2451	+0.268%	$16K	—	150x	as long as short
KuCoin WIFUSDTM	+0.0012%	4h	0.2448	+0.164%	$4.3M	$11.9M	75x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−2.005%	$10K	$10K	12x	as long as short
Gate WIF_USDT	+0.0036%	4h	0.2447	+0.123%	$1.2M	$7.0M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2449	+0.206%	$633K	$2.2M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0095%	4h	0.2451	+0.286%	$5K	$1.3M	10x	as long as short
Lighter WIF	+0.0096%	1h	0.2448	+0.172%	$146K	$580K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex WIFUSDT	+0.0096%	1h	0.2448	+0.164%	$54K	$484K	20x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2448	+0.151%	$24K	$258K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2446	+0.071%	$76K	$51K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2448	+0.173%	$18.4M	$105.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2448	+0.151%	$16.9M	$36.4M	50x	as long as short
OKX WIF-USDT-SWAPlong	+0.0100%	4h	0.2444	long leg	$6.0M	$32.8M	50x
MEXC WIF_USDT	+0.0100%	4h	0.2447	+0.123%	$22.0M	$10.9M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2446	+0.082%	$7.5M	$11.9M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2442	−0.082%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2443	−0.036%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2443	−0.059%	$270K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2443	−0.041%	$43K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2443	−0.041%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2449	+0.184%	$559	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2445	+0.041%	$168K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2448	+0.163%	$11K	$154K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2449	+0.224%	$82K	$85	3x	as long as short
Hyperliquid WIF	+0.0142%	1h	0.2450	+0.254%	$7.7M	$4.1M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2450	+0.231%	$6K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2450	+0.245%	$330K	$2.4M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2446	+0.082%	$995K	$738K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2447	+0.128%	$0	—	15x	as long as short