Funding arb · Price arb /

WIF

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0347%/8h= −38.0% APRpaid last 24h −0.201%

Price spread now: Backpack against SunX+0.048%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$221as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1781.781% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.427%−$43 on $10k

Price spread, last 3 days (all we have)+0.092%+$9 · spread now +0.048%, 7d avg +0.111%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Backpack is 0.063% cheaper against SunX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.111%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX WIF-USDT	0.2495	0.0100	pay 0.0050% / 4h	3h 20m	$2K	$2.8M	50x
Short	Backpack WIF_USDC_PERP	0.2496	−0.0247	pay 0.0031% / 1h	20m 50s	$76K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$72.8
Price spread: +0.048% → +0.111%: −$6.28
Slippage, 4 orders: −$160.15
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$257.22
Costs to cover: 1.781%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Backpack: live order book, 52 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 SunX live order book, 7 min ago	34.16 bp	96.4 bp −$96	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 52 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	−0.0247%	1h	0.2496	+0.048%	$76K	$254K	10x
Gate WIF_USDT	−0.0160%	4h	0.2499	+0.160%	$1.3M	$7.2M	50x	as long as short
Deribit WIF_USDC-PERPETUAL	−0.0150%	1h	0.2500	+0.200%	$49K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0044%	4h	0.2498	+0.120%	$4.5M	$12.1M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2505	+0.421%	$19K	$589	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0001%	1h	0.2500	+0.219%	$12K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2470	−1.002%	$11K	$10K	12x	as long as short
Kraken Futures PF_WIFUSD	+0.0039%	1h	0.2501	+0.228%	$656K	$2.3M	50x	as long as short
Lighter WIF	+0.0096%	1h	0.2501	+0.224%	$143K	$588K	10x	as long as short
Popdex WIFUSDT	+0.0096%	1h	0.2499	+0.160%	$57K	$497K	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_USDC	+0.0097%	4h	0.2500	+0.200%	$5K	$1.3M	10x	as long as short
Aster WIFUSDT	+0.0100%	4h	0.2502	+0.268%	$35K	$274K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2507	+0.469%	$77K	$52K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2501	+0.240%	$19.3M	$107.6M	75x	as long as short
Bybit WIFUSDT	+0.0100%	4h	0.2499	+0.160%	$17.2M	$37.1M	50x	as long as short
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2499	+0.160%	$6.0M	$34.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2501	+0.240%	$22.6M	$11.0M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2501	+0.240%	$7.6M	$12.2M	50x	as long as short
BingX WIF-USDC	+0.0100%	4h	0.2507	+0.481%	—	$2.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2497	+0.084%	$74K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2501	+0.249%	$282K	$1.9M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2513	+0.721%	$43K	$631K	25x	as long as short
SunX WIF-USDTlong	+0.0100%	4h	0.2495	long leg	$2K	$2.8M	50x
SoDEX WIF-USD	+0.0100%	1h	0.2499	+0.176%	$568	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2499	+0.160%	$171K	$745K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2499	+0.177%	$10K	$155K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2499	+0.161%	$83K	$85	3x	as long as short
Hyperliquid WIF	+0.0176%	1h	0.2506	+0.441%	$8.0M	$4.2M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0190% / S −0.0050%	1h	0.2500	+0.218%	$8K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0288%	1h	0.2502	+0.281%	$336K	$2.5M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2500	+0.200%	$1.0M	$709K	75x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2498	+0.115%	$0	—	15x	as long as short