Funding arb · Price arb /

WIF

all WIF markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0064%/8h= +7.1% APRpaid last 24h −0.119%

Price spread now: Deribit against Orderly−0.040%7-day average +0.017% · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.652%−$65 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now −0.040%, 7d avg +0.017%

Together, before fees−0.612%−$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.058% cheaper against Orderly than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.017%). If the spread goes back, that is −$6 on $10k: about 3.0 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.652%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2474	0.0090	pay 0.0045% / 4h	53m 30s	$5K	$1.3M	10x
Short	Deribit WIF_USDC-PERPETUAL	0.2473	0.0154	get 0.0019% / 1h	53m 30s	$49K	$289K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.040%Rate

Funding earned: $13.53
Price spread: −0.040% → +0.017%: −$5.78
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$5.25
Costs to cover: 0.130%
Break-even: 9.7 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 25 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 Deribit live order book, 25 min ago	4.13 bp	7.6 bp −$8	16.8 bp −$168	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
Backpack WIF_USDC_PERP	−0.0359%	1h	0.2470	−0.174%	$74K	$249K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2464	−0.421%	$18K	$589	10x	as long as short
KuCoin WIFUSDTM	0.0000%	4h	0.2464	−0.404%	$4.3M	$11.3M	75x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2463	−0.463%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−3.193%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDClong	+0.0090%	4h	0.2474	long leg	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2463	−0.441%	$138K	$562K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2465	−0.364%	$55K	$485K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2469	−0.218%	$7.7M	$4.0M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2465	−0.377%	$25K	$256K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WIF	+0.0100%	1h	0.2463	−0.438%	$78K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2465	−0.364%	$18.5M	$102.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2464	−0.404%	$17.0M	$35.7M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2464	−0.404%	$6.1M	$32.3M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2463	−0.445%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2463	−0.445%	$22.4M	$10.8M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2465	−0.364%	$7.6M	$11.8M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2462	−0.485%	—	$65.7M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2466	−0.317%	$73K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2470	−0.178%	$275K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2460	−0.566%	$43K	$620K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2471	−0.121%	$2K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2472	−0.081%	$569	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2469	−0.202%	$170K	$720K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2462	−0.504%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2473	−0.057%	$82K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUALshort	+0.0154%	1h	0.2473	−0.040%	$49K	$289K	25x
GMX WIF/USD [WBTC.b-USDC]	L +0.0191% / S −0.0138%	1h	0.2474	+0.011%	$7K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2473	−0.040%	$326K	$2.4M	50x	as long as short
Kraken Futures PF_WIFUSD	+0.0316%	1h	0.2474	+0.004%	$660K	$2.2M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2470	−0.162%	$999K	$731K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2465	−0.377%	$0	—	15x	as long as short