Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Phemex against Backpack−0.063%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1041.039% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.754%+$75 · spread now −0.063%, 7d avg −0.011%

Together, before fees+0.782%+$78 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.051% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack WLD_USDC_PERP	0.4638	0.0100	pay 0.0013% / 1h	17m 08s	$134K	$293K	10x
Short	Phemex WLDUSDT	0.4635	0.0100	get 0.0100% / 8h	5h 17m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → −0.011%: −$5.11
Slippage, 4 orders: −$81.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$109.05
Costs to cover: 1.039%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; Phemex: 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, 46 min ago	0.86 bp	6.5 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	5.38 bp	39.4 bp −$39	doesn't fit	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	−0.0124%	8h	0.4635	−0.063%	$45K	$4.6M	1.7x	as long as short
KuCoin WLDUSDTM	−0.0025%	8h	0.4630	−0.170%	$7.1M	$11.6M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4635	−0.061%	$165K	$26K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4633	−0.106%	$120K	$920K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4633	−0.109%	$55K	—	150x	as long as short
Nado WLD-PERP	+0.0012%	1h	0.4634	−0.084%	$268K	$187K	5x	as long as short
01 Exchange WLDUSD	+0.0064%	1h	0.4638	+0.013%	$332	$80	5x	as long as short
Orderly PERP_WLD_USDC	+0.0076%	8h	0.4633	−0.106%	$28K	$891K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4634	−0.084%	$174K	$1.0M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4638	+0.002%	$49K	$511K	5x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WLDUSDT	+0.0100%	8h	0.4636	−0.048%	$88.0M	$326.5M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4635	−0.063%	$66.3M	$88.3M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4637	−0.019%	$35.0M	$149.9M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4637	−0.019%	$7.3M	$37.0M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4637	−0.019%	$45.7M	$54.6M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4636	−0.041%	$30.8M	$29.7M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4637	−0.019%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERPlong	+0.0100%	1h	0.4638	long leg	$134K	$293K	10x
Variational Omni WLD	+0.0100%	8h	0.4658	+0.426%	$2.2M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4652	+0.314%	$28K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4654	+0.347%	$620K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4663	+0.541%	$51K	$236K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4633	−0.101%	$55K	$2.0M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4639	+0.024%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4632	−0.127%	$177	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4634	−0.084%	$847K	$1.9M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4635	−0.063%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4630	−0.175%	$214K	$929K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4633	−0.106%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4632	−0.123%	—	—	20x	as long as short
Lighter WLD	+0.0168%	1h	0.4640	+0.052%	$5.0M	$2.3M	10x	as long as short
Phoenix WLD	+0.0172%	1h	0.4653	+0.330%	$5K	$57K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4637	−0.019%	$4.9M	$805K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0230% / S −0.1268%	1h	0.4633	−0.110%	$5K	—	100x	as long as short
Hyperliquid WLD	+0.0477%	1h	0.4642	+0.097%	$51.7M	$42.7M	10x	as long as short
Coinbase International WLD-PERP-INTX	+0.0480%	1h	0.4640	+0.045%	$274K	$1.7M	50x	as long as short
Injective WLD/USDC PERP	+0.0677%	1h	0.4636	−0.041%	$6K	$185K	5.5x	as long as short
Kraken Futures PF_WLDUSD	+0.0893%	1h	0.4636	−0.040%	$897K	$2.9M	50x	as long as short