Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0349%/8h= −38.2% APRpaid last 24h −0.047%

Price spread now: GMX against Orderly+0.119%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. GMX is 0.119% dearer against Orderly than usual: you sell high and buy low (spread +0.119% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2538	0.0100	pay 0.0050% / 4h	40m 52s	$6K	$1.1M	10x
Short	GMX WIF/USD [WBTC.b-USDC]	0.2541	L −0.0048% / S +0.0249%	pay 0.0031% / 1h	40m 52s	$20K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$73.25
Price spread: +0.119% → 0.000%: $11.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$79.39
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; GMX: 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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	−0.0161%	1h	0.2462	−2.994%	$10K	$11K	12x	as long as short
BloFin WIF-USDT	−0.0140%	4h	0.2543	+0.197%	$988K	$965K	75x	as long as short
GMX WIF/USD [WBTC.b-USDC]short	L −0.0048% / S +0.0249%	1h	0.2541	+0.119%	$20K	—	100x
dYdX WIF-USD	0.0000%	1h	0.2536	−0.059%	$14K	$587	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2540	+0.093%	$354	—	150x	as long as short
Lighter WIF	+0.0096%	1h	0.2543	+0.193%	$145K	$705K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2534	−0.158%	$54K	$575K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2545	+0.279%	$8.9M	$6.8M	5x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2535	−0.131%	$31K	$351K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2535	−0.132%	$79K	$70K	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WIFUSDT	+0.0100%	4h	0.2535	−0.131%	$19.3M	$147.4M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2534	−0.173%	$16.9M	$48.3M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2531	−0.276%	$5.8M	$43.6M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2534	−0.158%	$1.2M	$9.3M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2534	−0.158%	$22.6M	$12.4M	50x	as long as short
KuCoin WIFUSDTM	+0.0100%	4h	0.2534	−0.158%	$4.3M	$16.9M	75x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2532	−0.236%	$7.7M	$16.1M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2534	−0.158%	—	$27.1M	—	as long as short
Backpack WIF_USDC_PERP	+0.0100%	1h	0.2541	+0.118%	$75K	$303K	10x	as long as short
Variational Omni WIF	+0.0100%	4h	0.2532	−0.236%	$75K	$193K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2544	+0.243%	$282K	$2.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2544	+0.236%	$47K	$637K	25x	as long as short
Orderly PERP_WIF_USDClong	+0.0100%	4h	0.2538	long leg	$6K	$1.1M	10x
SunX WIF-USDT	+0.0100%	4h	0.2529	−0.355%	$2K	$3.1M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2539	+0.032%	$577	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2537	−0.039%	$161K	$916K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2535	−0.125%	$12K	$181K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2539	+0.020%	$85K	$85	3x	as long as short
Deribit WIF_USDC-PERPETUAL	+0.0144%	1h	0.2538	0.000%	$34K	$273K	25x	as long as short
Coinbase International WIF-PERP-INTX	+0.0352%	1h	0.2542	+0.158%	$344K	$3.4M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2541	+0.121%	$1	—	15x	as long as short
Kraken Futures PF_WIFUSD	+0.0797%	1h	0.2543	+0.189%	$663K	$2.7M	50x	as long as short