Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h +0.040%

Price spread now: Phemex against Deribit−0.106%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1171.169% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.193%+$19 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now −0.106%, 7d avg −0.026%

Together, before fees+0.261%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.079% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.026%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.193%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit WLD_USDC-PERPETUAL	0.4738	0	get 0.0000% / 1h	11m 47s	$136K	$863K	25x
Short	Phemex WLDUSDT	0.4733	−0.0059	pay 0.0059% / 8h	7h 11m	$1.9M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$12.32
Price spread: −0.106% → −0.026%: −$7.9
Slippage, 4 orders: −$97.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$137.14
Costs to cover: 1.169%
Break-even: never at this rate

Slippage from Deribit: live order book, 62 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 Deribit live order book, 62 min ago	4.36 bp	7.9 bp −$8	17.6 bp −$176	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	13.69 bp	48.9 bp −$49	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	−0.0160%	8h	0.4749	+0.232%	$22K	$4.0M	1.7x	as long as short
Phemex WLDUSDTshort	−0.0059%	8h	0.4733	−0.106%	$1.9M	$3.7M	50x
Nado WLD-PERP	−0.0029%	1h	0.4742	+0.084%	$275K	$178K	5x	as long as short
KuCoin WLDUSDTM	−0.0010%	8h	0.4730	−0.169%	$7.1M	$11.1M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4725	−0.281%	$169K	$12K	10x	as long as short
Deribit WLD_USDC-PERPETUALlong	0.0000%	1h	0.4738	long leg	$136K	$863K	25x
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4740	+0.041%	$56K	—	150x	as long as short
Injective WLD/USDC PERP	+0.0038%	1h	0.4744	+0.127%	$6K	$185K	5.5x	as long as short
Orderly PERP_WLD_USDC	+0.0049%	8h	0.4737	−0.021%	$29K	$900K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4738	+0.001%	$211K	$983K	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica WLD	+0.0100%	1h	0.4727	−0.237%	$55K	$482K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4723	−0.316%	$90.4M	$310.5M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4722	−0.338%	$68.3M	$83.5M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4723	−0.317%	$35.9M	$149.7M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4730	−0.169%	$7.6M	$36.5M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4721	−0.359%	$49.4M	$54.9M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4730	−0.169%	$31.7M	$27.3M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4730	−0.169%	—	$67.2M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4735	−0.072%	$140K	$277K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4758	+0.417%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4762	+0.515%	$28K	$318K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4772	+0.712%	$630K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4768	+0.633%	$58K	$232K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4746	+0.158%	$49K	$1.7M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4745	+0.148%	$24K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4735	−0.063%	$232	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4741	+0.063%	$901K	$1.9M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4732	−0.128%	$219K	$894K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4738	+0.005%	$32K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4739	+0.016%	—	—	20x	as long as short
Phoenix WLD	+0.0157%	1h	0.4760	+0.471%	$5K	$53K	10x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4751	+0.274%	$5.0M	$883K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0240% / S −0.1538%	1h	0.4739	+0.024%	$6K	—	100x	as long as short
01 Exchange WLDUSD	+0.0248%	1h	0.4744	+0.120%	$339	$77	5x	as long as short
Kraken Futures PF_WLDUSD	+0.0318%	1h	0.4739	+0.025%	$939K	$2.7M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0448%	1h	0.4749	+0.232%	$278K	$1.7M	50x	as long as short
Hyperliquid WLD	+0.0877%	1h	0.4738	+0.002%	$53.1M	$44.0M	10x	as long as short
Lighter WLD	+0.1040%	1h	0.4737	−0.025%	$5.4M	$2.0M	10x	as long as short