Funding arb · Price arb /

WLD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0102%/8h= −11.1% APRpaid last 24h −0.065%

Price spread now: Orderly against Hyperliquid−0.222%7-day average −0.096% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 4 days (all we have)+0.750%+$75 · spread now −0.222%, 7d avg −0.096%

Together, before fees+0.574%+ Points / potential airdropHyperliquid: Season 2 · farm board+$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.125% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid WLD	0.4597	0.0183	pay 0.0023% / 1h	54m 24s	$50.4M	$43.2M	10x
Short	Orderly PERP_WLD_USDC	0.4587	0.0082	get 0.0082% / 8h	4h 54m	$28K	$889K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hyperliquid. 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 HyperliquidbpFee OrderlybpOrdersPrice spread, now −0.222%Rate

Funding earned: −$21.36
Price spread: −0.222% → −0.096%: −$12.54
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$48.9
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Orderly: no order-book sample. Net counts fees only.

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 Hyperliquid live order book, 9 min ago	1.10 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0112%	8h	0.4580	−0.374%	$58K	$4.6M	1.7x	as long as short
Nado WLD-PERP	−0.0079%	1h	0.4591	−0.146%	$243K	$205K	5x	as long as short
KuCoin WLDUSDTM	−0.0025%	8h	0.4588	−0.200%	$7.0M	$11.6M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4594	−0.077%	$157K	$33K	10x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4592	−0.116%	$55K	—	150x	as long as short
Injective WLD/USDC PERP	+0.0014%	1h	0.4558	−0.853%	$6K	$185K	5.5x	as long as short
01 Exchange WLDUSD	+0.0032%	1h	0.4592	−0.109%	$329	$80	5x	as long as short
Orderly PERP_WLD_USDCshort	+0.0082%	8h	0.4587	−0.222%	$28K	$889K	10x
Lighter WLD	+0.0096%	1h	0.4597	+0.002%	$5.0M	$2.4M	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4591	−0.126%	$181K	$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	0.4592	−0.113%	$49K	$528K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4591	−0.135%	$87.2M	$327.3M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4588	−0.200%	$65.4M	$88.8M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4587	−0.222%	$34.4M	$149.2M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4591	−0.135%	$7.2M	$36.6M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4592	−0.113%	$44.3M	$53.5M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4592	−0.113%	$30.3M	$30.1M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4590	−0.157%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4592	−0.104%	$137K	$297K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4586	−0.249%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4560	−0.805%	$27K	$318K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4584	−0.296%	$603K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4562	−0.766%	$50K	$236K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4591	−0.133%	$44K	$2.1M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4596	−0.026%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4589	−0.178%	$177	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4586	−0.244%	$839K	$1.9M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4592	−0.113%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4589	−0.180%	$227K	$974K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4590	−0.167%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4592	−0.118%	—	—	20x	as long as short
Phoenix WLD	+0.0172%	1h	0.4571	−0.574%	$5K	$52K	10x	as long as short
Hyperliquid WLDlong	+0.0183%	1h	0.4597	long leg	$50.4M	$43.2M	10x
Deribit WLD_USDC-PERPETUAL	+0.0186%	1h	0.4594	−0.070%	$115K	$923K	25x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4593	−0.091%	$5.0M	$850K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4591	−0.129%	$5K	—	100x	as long as short
Kraken Futures PF_WLDUSD	+0.0478%	1h	0.4593	−0.101%	$889K	$2.8M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0496%	1h	0.4588	−0.200%	$271K	$1.7M	50x	as long as short