Funding you earn now, next payment 00:00 UTC−0.0348%/8h= −38.1% APRnext payment −$0.43 per $10,000 · paid last 24h −0.053%
Price spread now: Backpack against Coinbase International+0.011%7-day average −0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$580.577% of the position
Funding, last 7 days−0.039%−$4 on $10k
+Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.011%, 7d avg −0.037%
=The price spread pays, funding is against you. Backpack is 0.048% dearer against Coinbase International than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.037%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.039% in total) that is about 8.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.43 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 | Coinbase International WLD-PERP-INTX | 0.4589 | 0.0448 | pay 0.0056% / 1h | 46m 38s | $274K | $1.7M | 50x |
| Short | Backpack WLD_USDC_PERP | 0.4590 | 0.0100 | get 0.0013% / 1h | 46m 38s | $136K | $282K | 10x |
Coinbase International WLD-PERP-INTX
Backpack WLD_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. 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
- −$73.08
- Price spread: +0.011% → −0.037%
- $4.75
- Slippage, 4 orders
- −$37.68
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$126.01
- Costs to cover
- 0.577%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 2 min ago; Backpack: live order book, 27 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 Coinbase International live order book, 2 min ago | 5.45 bp | 21.8 bp −$22 | 29.4 bp −$294 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 27 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 | −0.0200% | 8h | 0.4586 | −0.065% | $63K | $3.9M | 1.7x | as long as short |
| Nado WLD-PERP | −0.0020% | 1h | 0.4583 | −0.131% | $276K | $169K | 5x | as long as short |
| KuCoin WLDUSDTM | −0.0008% | 8h | 0.4582 | −0.153% | $7.0M | $11.1M | 50x | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4590 | +0.018% | $164K | $13K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4585 | −0.087% | $123K | $861K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4586 | −0.063% | $56K | — | 150x | as long as short |
| Injective WLD/USDC PERP | +0.0038% | 1h | 0.4597 | +0.174% | $6K | $185K | 5.5x | as long as short |
| Orderly PERP_WLD_USDC | +0.0041% | 8h | 0.4585 | −0.087% | $28K | $903K | 10x | as long as short |
| Gate WLD_USDT | +0.0042% | 8h | 0.4587 | −0.044% | $7.5M | $35.1M | 75x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4587 | −0.035% | $191K | $984K | 50x | as long as short |
Kalshi KXWLDPERP
Nado WLD-PERP
KuCoin WLDUSDTM
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
Injective WLD/USDC PERP
Orderly PERP_WLD_USDC
Gate WLD_USDT
Aster WLDUSDTShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica WLD | +0.0100% | 1h | 0.4589 | 0.000% | $54K | $483K | 5x | as long as short |
| Binance WLDUSDT | +0.0100% | 8h | 0.4583 | −0.137% | $86.5M | $303.7M | 75x | as long as short |
| Bybit WLDUSDT | +0.0100% | 8h | 0.4582 | −0.153% | $65.7M | $82.6M | 50x | as long as short |
| OKX WLD-USDT-SWAP | +0.0100% | 8h | 0.4579 | −0.218% | $34.3M | $143.3M | 50x | as long as short |
| MEXC WLD_USDT | +0.0100% | 8h | 0.4588 | −0.022% | $46.6M | $53.2M | 300x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4589 | 0.000% | $30.4M | $26.1M | 75x | as long as short |
| BingX WLD-USDT | +0.0100% | 8h | 0.4588 | −0.022% | — | $67.1M | — | as long as short |
| Backpack WLD_USDC_PERPshort | +0.0100% | 1h | 0.4590 | +0.011% | $136K | $282K | 10x | |
| Variational Omni WLD | +0.0100% | 8h | 0.4581 | −0.179% | $2.0M | $1.7M | — | as long as short |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4581 | −0.165% | $27K | $317K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4589 | 0.000% | $609K | $1.9M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4584 | −0.109% | $54K | $229K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4584 | −0.109% | $48K | $1.6M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4589 | 0.000% | $23K | $1.5M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4584 | −0.109% | $213 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4577 | −0.261% | $852K | $1.8M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4584 | −0.109% | $1.8M | $3.7M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4585 | −0.097% | $231K | $847K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4584 | −0.109% | $31K | $600 | 3x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4582 | −0.157% | — | — | 20x | as long as short |
| Phoenix WLD | +0.0157% | 1h | 0.4585 | −0.081% | $5K | $53K | 10x | as long as short |
| BloFin WLD-USDT | +0.0220% | 8h | 0.4583 | −0.131% | $4.9M | $821K | 75x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0229% / S −0.1268% | 1h | 0.4586 | −0.076% | $5K | — | 100x | as long as short |
| 01 Exchange WLDUSD | +0.0248% | 1h | 0.4588 | −0.013% | $328 | $77 | 5x | as long as short |
| Kraken Futures PF_WLDUSD | +0.0329% | 1h | 0.4587 | −0.045% | $903K | $2.7M | 50x | as long as short |
| Coinbase International WLD-PERP-INTXlong | +0.0448% | 1h | 0.4589 | long leg | $274K | $1.7M | 50x | |
| Hyperliquid WLD | +0.0727% | 1h | 0.4594 | +0.109% | $51.1M | $43.5M | 10x | as long as short |
| Lighter WLD | +0.0944% | 1h | 0.4595 | +0.137% | $5.2M | $2.0M | 10x | as long as short |
Pacifica WLD
Binance WLDUSDT
Bybit WLDUSDT
OKX WLD-USDT-SWAP
MEXC WLD_USDT
Bitget WLDUSDT
BingX WLD-USDT
Variational Omni WLD
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
Phoenix WLD
BloFin WLD-USDT
GMX WLD/USD [ETH-USDC]
01 Exchange WLDUSD
Kraken Futures PF_WLDUSD
Hyperliquid WLD
Lighter WLD