Funding you earn now, next payment 22:00 UTC+0.1001%/8h= +109.6% APRnext payment +$1.25 per $10,000 · paid last 24h −0.045%
Price spread now: Kraken Futures against Backpack−0.289%51s7-day average +0.020% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$520.519% of the position
Funding, last 7 days+0.001%$0 on $10k
+Price spread, last 3 days (all we have)+0.677%+$68 · spread now −0.289%, 7d avg +0.020%
=Funding pays, the price is against you. Kraken Futures is 0.309% cheaper against Backpack than usual: you would sell low and buy high (spread −0.289% now, against its 7-day average of +0.020%). If the spread goes back, that is −$31 on $10k: about 25 hours of funding at the current rate (+$30 a day). At the pace of the last 7 days (+0.001% in total) that is about years. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.25 per $10,000. 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 | Backpack WLD_USDC_PERP | 0.4543 | 0.0100 | pay 0.0013% / 1h | 36m 12s | $129K | $274K | 10x |
| Short | Kraken Futures PF_WLDUSD | 0.4530 | 0.1101 | get 0.0138% / 1h | 36m 12s | $919K | $2.6M | 50x |
Backpack WLD_USDC_PERP
Kraken Futures PF_WLDUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $210.26
- Price spread: −0.289% → +0.020%
- −$30.91
- Slippage, 4 orders
- −$31.9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $127.45
- Costs to cover
- 0.519%
- Break-even
- 2.8 days
Slippage from Backpack: live order book, 52 min ago; Kraken Futures: 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, 52 min ago | 0.11 bp | 10.6 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 2 min ago | 5.52 bp | 12.7 bp −$13 | 32.1 bp −$321 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXWLDPERP | −0.0557% | 8h | 0.4532 | −0.244% | $44K | $3.8M | 1.7x | as long as short |
| Variational Omni WLD | −0.0037% | 8h | 0.4543 | −0.013% | $2.1M | $1.6M | — | as long as short |
| Orderly PERP_WLD_USDC | −0.0026% | 8h | 0.4534 | −0.200% | $28K | $918K | 10x | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4540 | −0.078% | $155K | $6K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4535 | −0.178% | $129K | $896K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4534 | −0.209% | $56K | — | 150x | as long as short |
| KuCoin WLDUSDTM | +0.0015% | 8h | 0.4535 | −0.178% | $7.0M | $10.7M | 50x | as long as short |
| Nado WLD-PERP | +0.0049% | 1h | 0.4535 | −0.167% | $271K | $168K | 5x | as long as short |
| Phoenix WLD | +0.0052% | 1h | 0.4536 | −0.163% | $5K | $52K | 10x | as long as short |
| OKX WLD-USDT-SWAP | +0.0061% | 8h | 0.4529 | −0.310% | $34.0M | $137.2M | 50x | as long as short |
Kalshi KXWLDPERP
Variational Omni WLD
Orderly PERP_WLD_USDC
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
KuCoin WLDUSDTM
Nado WLD-PERP
Phoenix WLD
OKX WLD-USDT-SWAPShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit WLDUSDT | +0.0096% | 8h | 0.4528 | −0.332% | $64.9M | $80.0M | 50x | as long as short |
| Hyperliquid WLD | +0.0100% | 1h | 0.4540 | −0.059% | $47.0M | $40.7M | 10x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4539 | −0.090% | $208K | $981K | 50x | as long as short |
| Pacifica WLD | +0.0100% | 1h | 0.4537 | −0.140% | $50K | $482K | 5x | as long as short |
| Binance WLDUSDT | +0.0100% | 8h | 0.4529 | −0.310% | $85.5M | $291.5M | 75x | as long as short |
| Gate WLD_USDT | +0.0100% | 8h | 0.4536 | −0.156% | $7.4M | $34.4M | 75x | as long as short |
| MEXC WLD_USDT | +0.0100% | 8h | 0.4529 | −0.310% | $52.5M | $47.0M | 300x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4533 | −0.222% | $30.0M | $25.1M | 75x | as long as short |
| BingX WLD-USDC | +0.0100% | 8h | 0.4535 | −0.178% | — | $1.3M | — | as long as short |
| Backpack WLD_USDC_PERPlong | +0.0100% | 1h | 0.4543 | long leg | $129K | $274K | 10x | |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4544 | +0.028% | $27K | $315K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4543 | −0.001% | $613K | $1.9M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4542 | −0.024% | $55K | $226K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4536 | −0.161% | $54K | $1.7M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4537 | −0.134% | $23K | $1.5M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4528 | −0.332% | $197 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4539 | −0.090% | $856K | $1.8M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4529 | −0.310% | $1.8M | $3.8M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4529 | −0.321% | $132K | $745K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4534 | −0.203% | $31K | $5K | 3x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4536 | −0.159% | — | — | 20x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0217% / S −0.0307% | 1h | 0.4535 | −0.168% | $12K | — | 100x | as long as short |
| BloFin WLD-USDT | +0.0220% | 8h | 0.4545 | +0.042% | $4.9M | $802K | 75x | as long as short |
| Injective WLD/USDC PERP | +0.0374% | 1h | 0.4622 | +1.737% | $6K | $139K | 5.5x | as long as short |
| Coinbase International WLD-PERP-INTX | +0.0400% | 1h | 0.4533 | −0.222% | $280K | $1.6M | 50x | as long as short |
| 01 Exchange WLDUSD | +0.0472% | 1h | 0.4538 | −0.121% | $325 | $77 | 5x | as long as short |
| Lighter WLD | +0.1040% | 1h | 0.4540 | −0.062% | $5.1M | $2.0M | 10x | as long as short |
| Kraken Futures PF_WLDUSDshort | +0.1101% | 1h | 0.4530 | −0.289% | $919K | $2.6M | 50x |
Bybit WLDUSDT
Hyperliquid WLD
Aster WLDUSDT
Pacifica WLD
Binance WLDUSDT
Gate WLD_USDT
MEXC WLD_USDT
Bitget WLDUSDT
BingX WLD-USDC
edgeX WLDUSDC
GRVT WLD_USDT_Perp
ApeX Omni WLDUSDT
Polymarket Perps WLD-USD
SunX WLD-USDT
SoDEX WLD-USD
HTX WLD-USDT
Phemex WLDUSDT
Extended WLD-USD
Aevo WLD-PERP
Reya WLDRUSDPERP
GMX WLD/USD [ETH-USDC]
BloFin WLD-USDT
Injective WLD/USDC PERP
Coinbase International WLD-PERP-INTX
01 Exchange WLDUSD
Lighter WLD