Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.021%

Price spread now: Backpack against Bybit−0.087%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$370.365% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now −0.087%, 7d avg +0.045%

Together, before fees+0.081%+$8 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: Backpack is 0.132% cheaper against Bybit than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit WLDUSDT	0.4716	0.0100	pay 0.0100% / 8h	7h 20m	$68.1M	$83.2M	50x
Short	Backpack WLD_USDC_PERP	0.4712	0.0100	get 0.0013% / 1h	20m 31s	$140K	$279K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0
Price spread: −0.087% → +0.045%: −$13.17
Slippage, 4 orders: −$15.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.68
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 53 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 Bybit live order book, 3 min ago	1.06 bp	10.6 bp −$11	18.6 bp −$186	109.9 bp −$11.0K	doesn't fit
Sell Backpack live order book, 53 min ago	1.86 bp	8.4 bp −$8	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	−0.0170%	8h	0.4712	−0.085%	$40K	$4.0M	1.7x	as long as short
Nado WLD-PERP	−0.0023%	1h	0.4717	+0.021%	$279K	$175K	5x	as long as short
KuCoin WLDUSDTM	−0.0018%	8h	0.4715	−0.021%	$7.0M	$11.1M	50x	as long as short
Phemex WLDUSDT	−0.0009%	8h	0.4710	−0.127%	$1.9M	$3.7M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4716	+0.004%	$168K	$12K	10x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0002%	1h	0.4717	+0.021%	$57K	—	150x	as long as short
Injective WLD/USDC PERP	+0.0038%	1h	0.4659	−1.209%	$6K	$185K	5.5x	as long as short
Orderly PERP_WLD_USDC	+0.0047%	8h	0.4716	0.000%	$29K	$903K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4717	+0.027%	$208K	$974K	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4716	+0.004%	$55K	$481K	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	0.4719	+0.056%	$90.2M	$308.7M	75x	as long as short
Bybit WLDUSDTlong	+0.0100%	8h	0.4716	long leg	$68.1M	$83.2M	50x
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4715	−0.021%	$35.7M	$148.9M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4720	+0.085%	$7.7M	$35.9M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4711	−0.106%	$48.6M	$54.5M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4716	0.000%	$31.5M	$26.9M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4722	+0.127%	—	$67.2M	—	as long as short
Backpack WLD_USDC_PERPshort	+0.0100%	1h	0.4712	−0.087%	$140K	$279K	10x
Variational Omni WLD	+0.0100%	8h	0.4717	+0.015%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4713	−0.073%	$28K	$317K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4733	+0.363%	$625K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4713	−0.064%	$55K	$230K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4719	+0.066%	$45K	$1.7M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4718	+0.042%	$24K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4713	−0.064%	$225	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4712	−0.085%	$873K	$1.8M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4722	+0.136%	$218K	$893K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4713	−0.057%	$32K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4712	−0.079%	—	—	20x	as long as short
Phoenix WLD	+0.0157%	1h	0.4704	−0.257%	$5K	$53K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0174%	1h	0.4716	0.000%	$135K	$863K	25x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4713	−0.064%	$5.0M	$874K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0239% / S −0.1538%	1h	0.4715	−0.025%	$6K	—	100x	as long as short
01 Exchange WLDUSD	+0.0240%	1h	0.4727	+0.242%	$338	$77	5x	as long as short
Kraken Futures PF_WLDUSD	+0.0320%	1h	0.4717	+0.021%	$931K	$2.7M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0448%	1h	0.4716	0.000%	$286K	$1.7M	50x	as long as short
Hyperliquid WLD	+0.0831%	1h	0.4724	+0.161%	$52.8M	$43.6M	10x	as long as short
Lighter WLD	+0.0984%	1h	0.4726	+0.212%	$5.4M	$2.0M	10x	as long as short