Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h −0.034%

Price spread now: Kraken Futures against Orderly+0.103%7-day average +0.072% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 3 days (all we have)−0.035%−$4 · spread now +0.103%, 7d avg +0.072%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kraken Futures is 0.031% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.072%. Mind the row above: over the last 7 days funding on this pair cost −0.093%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_WIF_USDC	0.2401	0.0092	pay 0.0046% / 4h	1h 29m	$5K	$1.3M	10x
Short	Kraken Futures PF_WIFUSD	0.2403	0.0376	get 0.0047% / 1h	29m 11s	$629K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpOrdersPrice spread, now +0.103%Rate

Funding earned: $59.61
Price spread: +0.103% → +0.072%: $3.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $46.72
Costs to cover: 0.160%
Break-even: 1.5 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 4 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 Kraken Futures live order book, 4 min ago	4.17 bp	18.3 bp −$18	46.8 bp −$468	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	−0.0317%	1h	0.2401	0.000%	$77K	$243K	10x	as long as short
KuCoin WIFUSDTM	−0.0076%	4h	0.2401	0.000%	$4.1M	$11.4M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2397	−0.180%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2402	+0.042%	$47K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2401	−0.018%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−0.250%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDClong	+0.0092%	4h	0.2401	long leg	$5K	$1.3M	10x
Lighter WIF	+0.0096%	1h	0.2402	+0.046%	$135K	$549K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2398	−0.125%	$53K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2405	+0.183%	$7.5M	$4.0M	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	0.2397	−0.158%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2397	−0.165%	$76K	$50K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2401	+0.010%	$17.8M	$100.8M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2401	−0.008%	$16.6M	$35.0M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2402	+0.042%	$6.0M	$31.0M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2400	−0.042%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2401	0.000%	$21.5M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2402	+0.042%	$7.4M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2400	−0.042%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2396	−0.221%	$71K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2392	−0.362%	$265K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2400	−0.042%	$42K	$617K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2396	−0.208%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2402	+0.021%	$550	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2397	−0.167%	$166K	$718K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2401	−0.018%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2403	+0.070%	$80K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0210% / S −0.1174%	1h	0.2400	−0.030%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2396	−0.208%	$316K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2401	0.000%	$983K	$705K	75x	as long as short
Kraken Futures PF_WIFUSDshort	+0.0376%	1h	0.2403	+0.103%	$629K	$2.2M	50x
Reya WIFRUSDPERP	+0.0558%	1h	0.2399	−0.096%	$0	—	15x	as long as short