Funding arb · Price arb /

WLD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Backpack against GRVT−0.161%85s7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.352% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.924%+$92 · spread now −0.161%, 7d avg +0.062%

Together, before fees+0.906%+ Points / potential airdropGRVT: Active · farm board+$91 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 0.223% cheaper against GRVT than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.062%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT WLD_USDT_Perp	0.4508	0.0100	pay 0.0100% / 8h	2h 44m	$602K	$2.0M	10x
Short	Backpack WLD_USDC_PERP	0.4501	0.0100	get 0.0013% / 1h	44m 09s	$133K	$308K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.161%Rate

Funding earned: $0
Price spread: −0.161% → +0.062%: −$22.3
Slippage, 4 orders: −$16.21
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$57.51
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Backpack: live order book, 4 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 GRVT live order book, 4 min ago	1.11 bp	5.8 bp −$6	31.9 bp −$319	659.1 bp −$65.9K	doesn't fit
Sell Backpack live order book, 4 min ago	0.11 bp	11.6 bp −$12	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
Nado WLD-PERP	−0.0048%	1h	0.4499	−0.198%	$242K	$208K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4503	−0.105%	$154K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4503	−0.110%	$73K	$4.8M	1.7x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4501	−0.154%	$144K	$1.0M	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4501	−0.157%	$65K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0044%	8h	0.4498	−0.221%	$6.7M	$11.9M	50x	as long as short
Polymarket Perps WLD-USD	+0.0046%	1h	0.4499	−0.205%	$36K	$2.4M	10x	as long as short
01 Exchange WLDUSD	+0.0056%	1h	0.4500	−0.174%	$322	$55	5x	as long as short
Orderly PERP_WLD_USDC	+0.0098%	8h	0.4500	−0.176%	$28K	$842K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4500	−0.165%	$225K	$1.1M	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	0.4504	−0.086%	$50K	$541K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4499	−0.198%	$85.3M	$337.3M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4498	−0.221%	$64.0M	$91.8M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4499	−0.198%	$34.0M	$152.9M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4499	−0.198%	$7.2M	$36.8M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4499	−0.198%	$38.7M	$55.5M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4497	−0.243%	$29.7M	$30.9M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4498	−0.221%	—	$68.2M	—	as long as short
Backpack WLD_USDC_PERPshort	+0.0100%	1h	0.4501	−0.161%	$133K	$308K	10x
Variational Omni WLD	+0.0100%	8h	0.4501	−0.160%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4507	−0.021%	$27K	$321K	20x	as long as short
GRVT WLD_USDT_Perplong	+0.0100%	8h	0.4508	long leg	$602K	$2.0M	10x
ApeX Omni WLDUSDT	+0.0100%	1h	0.4506	−0.043%	$48K	$240K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4506	−0.043%	$22K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4500	−0.176%	$209	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4501	−0.154%	$824K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4499	−0.198%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4498	−0.214%	$220K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4501	−0.152%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4498	−0.215%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4514	+0.139%	$5K	$52K	10x	as long as short
Lighter WLD	+0.0168%	1h	0.4505	−0.070%	$4.9M	$2.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4519	+0.245%	$6K	$185K	5.5x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4500	−0.186%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4504	−0.088%	$4.8M	$926K	75x	as long as short
Hyperliquid WLD	+0.0304%	1h	0.4505	−0.063%	$48.9M	$44.1M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0503%	1h	0.4504	−0.096%	$859K	$2.9M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0536%	1h	0.4512	+0.090%	$276K	$1.7M	50x	as long as short