Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.065%

Price spread now: Kalshi against Backpack−0.055%7-day average −0.170% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.302%−$30 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now −0.055%, 7d avg −0.170%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.115% dearer against Backpack than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.170%): +$12 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLD_USDC_PERP	0.4566	0.0100	pay 0.0013% / 1h	1m 42s	$136K	$299K	10x
Short	Kalshi KXWLDPERP	0.4563	0	get 0.0000% / 8h	1m 42s	$53K	$4.6M	1.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.055%Rate

Funding earned: −$21
Price spread: −0.055% → −0.170%: $11.51
Slippage, 4 orders: −$24.57
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$54.06
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Backpack: live order book, 57 min ago; Kalshi: live order book, 2 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 Backpack live order book, 57 min ago	1.21 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	8.76 bp	13.8 bp −$14	22.6 bp −$226	doesn't fit	doesn't fit

WLD on 38 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
Nado WLD-PERP	−0.0046%	1h	0.4563	−0.044%	$242K	$205K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4565	−0.019%	$156K	$33K	10x	as long as short
Kalshi KXWLDPERPshort	0.0000%	8h	0.4563	−0.055%	$53K	$4.6M	1.7x
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4566	+0.011%	$124K	$963K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4564	−0.035%	$66K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0005%	8h	0.4564	−0.033%	$6.9M	$11.7M	50x	as long as short
Injective WLD/USDC PERP	+0.0014%	1h	0.4583	+0.383%	$6K	$185K	5.5x	as long as short
Lighter WLD	+0.0096%	1h	0.4569	+0.085%	$4.9M	$2.4M	10x	as long as short
Orderly PERP_WLD_USDC	+0.0098%	8h	0.4564	−0.033%	$28K	$885K	10x	as long as short
Polymarket Perps WLD-USD	+0.0099%	1h	0.4562	−0.077%	$40K	$2.2M	10x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WLDUSDT	+0.0100%	8h	0.4564	−0.027%	$211K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4567	+0.032%	$49K	$527K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4566	+0.018%	$86.6M	$328.7M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4569	+0.077%	$65.1M	$89.6M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4571	+0.120%	$34.3M	$150.2M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4568	+0.055%	$7.2M	$37.1M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4567	+0.033%	$43.4M	$54.6M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4570	+0.099%	$30.2M	$30.2M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4569	+0.077%	—	$67.5M	—	as long as short
Backpack WLD_USDC_PERPlong	+0.0100%	1h	0.4566	long leg	$136K	$299K	10x
Variational Omni WLD	+0.0100%	8h	0.4556	−0.215%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4553	−0.272%	$27K	$320K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4561	−0.099%	$603K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4556	−0.208%	$43K	$238K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4568	+0.055%	$22K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4564	−0.033%	$172	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4565	−0.011%	$834K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4569	+0.077%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4569	+0.070%	$218K	$981K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4565	−0.006%	$31K	$600	3x	as long as short
01 Exchange WLDUSD	+0.0128%	1h	0.4572	+0.149%	$327	$80	5x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4562	−0.082%	—	—	20x	as long as short
Phoenix WLD	+0.0158%	1h	0.4568	+0.053%	$5K	$52K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4562	−0.077%	$4.9M	$829K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4563	−0.047%	$5K	—	100x	as long as short
Hyperliquid WLD	+0.0333%	1h	0.4569	+0.070%	$50.2M	$43.3M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0480%	1h	0.4569	+0.067%	$882K	$2.8M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0496%	1h	0.4561	−0.099%	$267K	$1.6M	50x	as long as short