Funding arb · Price arb /

WLD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0615%/8h= −67.4% APRpaid last 24h −0.046%

Price spread now: Phemex against Hyperliquid−0.246%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1241.235% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.300%+$30 · spread now −0.246%, 7d avg −0.089%

Together, before fees+0.242%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.157% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% 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	Hyperliquid WLD	0.4550	0.0715	pay 0.0089% / 1h	43m 14s	$49.9M	$44.8M	10x
Short	Phemex WLDUSDT	0.4539	0.0100	get 0.0100% / 8h	1h 43m	$1.8M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.246%Rate

Funding earned: −$129.19
Price spread: −0.246% → −0.089%: −$15.72
Slippage, 4 orders: −$102.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$268.45
Costs to cover: 1.235%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 5 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 Hyperliquid live order book, 10 min ago	0.44 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	14.29 bp	52.0 bp −$52	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	−0.0006%	1h	0.4544	−0.131%	$239K	$170K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4539	−0.242%	$155K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4547	−0.070%	$48K	$4.8M	1.7x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4544	−0.136%	$151K	$1.0M	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4544	−0.134%	$66K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0082%	8h	0.4542	−0.180%	$6.7M	$11.9M	50x	as long as short
Orderly PERP_WLD_USDC	+0.0099%	8h	0.4543	−0.158%	$27K	$788K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4540	−0.234%	$227K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4541	−0.191%	$50K	$539K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4538	−0.268%	$86.6M	$340.3M	75x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit WLDUSDT	+0.0100%	8h	0.4537	−0.290%	$64.9M	$92.0M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4537	−0.290%	$34.4M	$155.6M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4544	−0.136%	$7.2M	$36.2M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4545	−0.114%	$40.4M	$56.7M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4539	−0.246%	$29.9M	$31.4M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4544	−0.136%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4548	−0.057%	$135K	$300K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4533	−0.384%	$2.1M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4536	−0.314%	$27K	$322K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4544	−0.140%	$600K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4545	−0.114%	$48K	$240K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4542	−0.169%	$51K	$2.6M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4547	−0.070%	$22K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4540	−0.224%	$213	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4539	−0.246%	$830K	$1.7M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4539	−0.246%	$1.8M	$3.6M	50x
Extended WLD-USD	+0.0104%	1h	0.4541	−0.202%	$209K	$1.0M	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4542	−0.169%	$31K	$500	3x	as long as short
Injective WLD/USDC PERP	+0.0132%	1h	0.4581	+0.677%	$6K	$185K	5.5x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4543	−0.152%	—	—	20x	as long as short
01 Exchange WLDUSD	+0.0136%	1h	0.4550	−0.013%	$325	$55	5x	as long as short
Phoenix WLD	+0.0158%	1h	0.4530	−0.453%	$5K	$44K	10x	as long as short
Lighter WLD	+0.0168%	1h	0.4545	−0.112%	$4.9M	$2.9M	10x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4545	−0.125%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4539	−0.246%	$4.8M	$937K	75x	as long as short
Coinbase International WLD-PERP-INTX	+0.0488%	1h	0.4540	−0.224%	$274K	$1.7M	50x	as long as short
Hyperliquid WLDlong	+0.0715%	1h	0.4550	long leg	$49.9M	$44.8M	10x
Kraken Futures PF_WLDUSD	+0.1042%	1h	0.4541	−0.197%	$874K	$2.9M	50x	as long as short