Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.035%

Price spread now: Phemex against Coinbase International−0.177%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1171.165% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 3 days (all we have)+0.272%+$27 · spread now −0.177%, 7d avg −0.045%

Together, before fees+0.282%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.132% cheaper against Coinbase International than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment. 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	0.4521	0.0400	pay 0.0050% / 1h	2m 02s	$277K	$1.6M	50x
Short	Phemex WLDUSDT	0.4513	0.0100	get 0.0100% / 8h	2h 02m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$63
Price spread: −0.177% → −0.045%: −$13.2
Slippage, 4 orders: −$94.51
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$192.71
Costs to cover: 1.165%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	3.32 bp	23.9 bp −$24	30.9 bp −$309	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	5.53 bp	43.0 bp −$43	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	−0.0489%	8h	0.4519	−0.044%	$45K	$3.8M	1.7x	as long as short
Orderly PERP_WLD_USDC	−0.0015%	8h	0.4513	−0.177%	$27K	$916K	10x	as long as short
KuCoin WLDUSDTM	−0.0003%	8h	0.4511	−0.221%	$7.0M	$10.7M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4522	+0.016%	$154K	$6K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4513	−0.177%	$122K	$911K	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4515	−0.143%	$56K	—	150x	as long as short
Variational Omni WLD	+0.0018%	8h	0.4512	−0.193%	$2.1M	$1.7M	—	as long as short
Nado WLD-PERP	+0.0042%	1h	0.4515	−0.144%	$271K	$169K	5x	as long as short
Phoenix WLD	+0.0052%	1h	0.4522	+0.013%	$5K	$52K	10x	as long as short
OKX WLD-USDT-SWAP	+0.0094%	8h	0.4511	−0.221%	$33.7M	$137.5M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC WLD_USDT	+0.0098%	8h	0.4512	−0.199%	$48.9M	$48.8M	300x	as long as short
Hyperliquid WLD	+0.0100%	1h	0.4516	−0.117%	$46.4M	$41.4M	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4513	−0.180%	$211K	$976K	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4521	+0.006%	$51K	$481K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4512	−0.201%	$84.7M	$293.1M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4511	−0.221%	$64.2M	$80.5M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4513	−0.177%	$7.3M	$34.9M	75x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4509	−0.265%	$29.9M	$25.1M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4512	−0.199%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4513	−0.168%	$128K	$270K	10x	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4509	−0.264%	$27K	$315K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4510	−0.238%	$605K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4509	−0.265%	$54K	$227K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4518	−0.064%	$51K	$1.7M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4518	−0.066%	$22K	$1.5M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4512	−0.199%	$199	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4516	−0.111%	$852K	$1.8M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4513	−0.177%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4510	−0.243%	$132K	$745K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4513	−0.167%	$31K	$5K	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4512	−0.193%	—	—	20x	as long as short
BloFin WLD-USDT	+0.0219%	8h	0.4518	−0.066%	$4.8M	$808K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0240% / S −0.1996%	1h	0.4514	−0.163%	$9K	—	100x	as long as short
01 Exchange WLDUSD	+0.0304%	1h	0.4522	+0.018%	$324	$77	5x	as long as short
Injective WLD/USDC PERP	+0.0374%	1h	0.4542	+0.464%	$6K	$185K	5.5x	as long as short
Coinbase International WLD-PERP-INTXlong	+0.0400%	1h	0.4521	long leg	$277K	$1.6M	50x
Lighter WLD	+0.0936%	1h	0.4522	+0.013%	$5.1M	$2.1M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.1105%	1h	0.4515	−0.138%	$918K	$2.6M	50x	as long as short