Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.054%

Price spread now: Backpack against Kalshi−0.094%54s7-day average +0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as 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−$370.375% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.289%+$29 on $10k

Price spread, last 4 days (all we have)+0.892%+$89 · spread now −0.094%, 7d avg +0.165%

Together, before fees+1.181%+$118 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.259% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of +0.165%). If the spread goes back, that is −$26 on $10k: about 8.6 days of funding at the current rate (+$3 a day). The two prices were read 54 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	Kalshi KXWLDPERP	0.4490	0	get 0.0000% / 8h	6h 38m	$79K	$4.8M	1.7x
Short	Backpack WLD_USDC_PERP	0.4486	0.0100	get 0.0013% / 1h	38m 12s	$133K	$307K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.094%Rate

Funding earned: $21
Price spread: −0.094% → +0.165%: −$25.9
Slippage, 4 orders: −$17.47
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.37
Costs to cover: 0.375%
Break-even: 21.1 days

Slippage from Kalshi: live order book, 5 min ago; Backpack: live order book, 10 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 Kalshi live order book, 5 min ago	4.45 bp	9.4 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit
Sell Backpack live order book, 10 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	−0.0052%	1h	0.4496	+0.145%	$242K	$208K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4491	+0.017%	$153K	$33K	10x	as long as short
Kalshi KXWLDPERPlong	0.0000%	8h	0.4490	long leg	$79K	$4.8M	1.7x
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4493	+0.066%	$65K	—	150x	as long as short
Polymarket Perps WLD-USD	+0.0043%	1h	0.4494	+0.089%	$44K	$2.4M	10x	as long as short
KuCoin WLDUSDTM	+0.0044%	8h	0.4491	+0.022%	$6.7M	$11.9M	50x	as long as short
01 Exchange WLDUSD	+0.0064%	1h	0.4493	+0.067%	$321	$55	5x	as long as short
Orderly PERP_WLD_USDC	+0.0098%	8h	0.4494	+0.089%	$28K	$827K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4496	+0.128%	$224K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4490	−0.011%	$50K	$541K	5x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance WLDUSDT	+0.0100%	8h	0.4498	+0.178%	$85.6M	$338.5M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4496	+0.134%	$64.0M	$91.9M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4496	+0.134%	$33.9M	$153.1M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4493	+0.067%	$7.3M	$37.0M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4493	+0.067%	$38.2M	$55.6M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4496	+0.134%	$29.6M	$31.1M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4493	+0.067%	—	$68.2M	—	as long as short
Backpack WLD_USDC_PERPshort	+0.0100%	1h	0.4486	−0.094%	$133K	$307K	10x
Variational Omni WLD	+0.0100%	8h	0.4488	−0.050%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4497	+0.160%	$27K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4488	−0.045%	$592K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4492	+0.045%	$48K	$240K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4500	+0.223%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4496	+0.134%	$206	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4492	+0.045%	$822K	$1.8M	50x	as long as short
Phemex WLDUSDT	+0.0100%	8h	0.4497	+0.156%	$1.8M	$3.7M	50x	as long as short
Extended WLD-USD	+0.0104%	1h	0.4494	+0.085%	$219K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4496	+0.140%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4495	+0.119%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4493	+0.065%	$5K	$52K	10x	as long as short
Lighter WLD	+0.0160%	1h	0.4503	+0.290%	$4.9M	$2.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4519	+0.646%	$6K	$185K	5.5x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0195%	1h	0.4498	+0.178%	$144K	$1.0M	25x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4493	+0.066%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4487	−0.067%	$4.8M	$923K	75x	as long as short
Hyperliquid WLD	+0.0301%	1h	0.4500	+0.220%	$48.6M	$44.2M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0504%	1h	0.4500	+0.217%	$858K	$2.9M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0536%	1h	0.4492	+0.045%	$274K	$1.7M	50x	as long as short