Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.188%

Price spread now: Backpack against Orderly−0.323%46s7-day average −0.049% · you buy dearer than you sell

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 3 days (all we have)+0.210%+$21 · spread now −0.323%, 7d avg −0.049%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Backpack is 0.274% cheaper against Orderly than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.049%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2449	0.0099	pay 0.0049% / 4h	2h 55m	$5K	$1.3M	10x
Short	Backpack WIF_USDC_PERP	0.2441	0.0087	get 0.0011% / 1h	55m 24s	$73K	$262K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.323%Rate

Funding earned: −$2.46
Price spread: −0.323% → −0.049%: −$27.37
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$45.83
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 13 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 13 min ago	0.41 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit

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
Injective WIF/USDC PERP	−0.0783%	1h	0.2470	+0.857%	$11K	$10K	12x	as long as short
Gate WIF_USDT	−0.0228%	4h	0.2446	−0.122%	$1.2M	$7.3M	50x	as long as short
Kraken Futures PF_WIFUSD	−0.0075%	1h	0.2443	−0.260%	$637K	$2.3M	50x	as long as short
KuCoin WIFUSDTM	−0.0050%	4h	0.2445	−0.163%	$4.4M	$12.8M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2445	−0.180%	$18K	$589	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2443	−0.245%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S +0.0001%	1h	0.2448	−0.022%	$791	—	150x	as long as short
Backpack WIF_USDC_PERPshort	+0.0087%	1h	0.2441	−0.323%	$73K	$262K	10x
Lighter WIF	+0.0096%	1h	0.2445	−0.176%	$145K	$596K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2446	−0.122%	$55K	$496K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_WIF_USDClong	+0.0099%	4h	0.2449	long leg	$5K	$1.3M	10x
Hyperliquid WIF	+0.0100%	1h	0.2448	−0.041%	$7.9M	$4.6M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2446	−0.129%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2444	−0.185%	$76K	$53K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2449	−0.019%	$18.4M	$110.7M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2446	−0.122%	$16.8M	$37.8M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2448	−0.041%	$5.9M	$34.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2448	−0.041%	$22.1M	$11.0M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2448	−0.041%	$7.4M	$12.4M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2447	−0.082%	—	$65.9M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2439	−0.403%	$74K	$70K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2451	+0.069%	$278K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2457	+0.327%	$42K	$631K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2438	−0.449%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2443	−0.253%	$555	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2442	−0.286%	$167K	$747K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2445	−0.176%	$9K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2448	−0.041%	$82K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0182% / S −0.0044%	1h	0.2449	−0.009%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0304%	1h	0.2443	−0.245%	$320K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2450	+0.041%	$1.0M	$697K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2448	−0.036%	$0	—	15x	as long as short