Funding you earn now, next payment 22:00 UTC−0.1001%/8h= −109.6% APRnext payment −$1.25 per $10,000 · paid last 24h +0.045%
Price spread now: Backpack against Kraken Futures+0.023%7-day average −0.020% · you sell dearer than you buy
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$48as in the Price arb table
costs, in and out, $10k−$520.519% of the position
Funding, last 7 days−0.001%$0 on $10k
+Price spread, last 3 days (all we have)−0.411%−$41 · spread now +0.023%, 7d avg −0.020%
=The price spread pays, funding is against you. Backpack is 0.043% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.020%): +$4 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.001% in total) that is about 7 months.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.25 per $10,000. 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 | Kraken Futures PF_WLDUSD | 0.4530 | 0.1101 | pay 0.0138% / 1h | 36m 01s | $919K | $2.6M | 50x |
| Short | Backpack WLD_USDC_PERP | 0.4531 | 0.0100 | get 0.0013% / 1h | 36m 01s | $128K | $274K | 10x |
Kraken Futures PF_WLDUSD
Backpack WLD_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$210.26
- Price spread: +0.023% → −0.020%
- $4.28
- Slippage, 4 orders
- −$31.9
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$257.88
- Costs to cover
- 0.519%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 3 min ago; Backpack: live order book, 52 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 Kraken Futures live order book, 3 min ago | 5.52 bp | 22.5 bp −$23 | 38.9 bp −$389 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 52 min ago | 0.11 bp | 6.1 bp −$6 | 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 | −0.0557% | 8h | 0.4532 | +0.045% | $44K | $3.8M | 1.7x | as long as short |
| Variational Omni WLD | −0.0037% | 8h | 0.4543 | +0.277% | $2.1M | $1.6M | — | as long as short |
| Orderly PERP_WLD_USDC | −0.0026% | 8h | 0.4534 | +0.089% | $28K | $918K | 10x | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4540 | +0.211% | $155K | $6K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4535 | +0.111% | $129K | $896K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4534 | +0.080% | $56K | — | 150x | as long as short |
| KuCoin WLDUSDTM | +0.0015% | 8h | 0.4527 | −0.066% | $7.0M | $10.7M | 50x | as long as short |
| Nado WLD-PERP | +0.0049% | 1h | 0.4535 | +0.122% | $271K | $168K | 5x | as long as short |
| Phoenix WLD | +0.0052% | 1h | 0.4536 | +0.126% | $5K | $52K | 10x | as long as short |
| OKX WLD-USDT-SWAP | +0.0061% | 8h | 0.4529 | −0.022% | $33.9M | $137.2M | 50x | as long as short |
Kalshi KXWLDPERP
Variational Omni WLD
Orderly PERP_WLD_USDC
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
KuCoin WLDUSDTM
Nado WLD-PERP
Phoenix WLD
OKX WLD-USDT-SWAPShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit WLDUSDT | +0.0096% | 8h | 0.4529 | −0.022% | $64.9M | $80.0M | 50x | as long as short |
| Hyperliquid WLD | +0.0100% | 1h | 0.4534 | +0.089% | $46.9M | $40.7M | 10x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4535 | +0.121% | $214K | $981K | 50x | as long as short |
| Pacifica WLD | +0.0100% | 1h | 0.4537 | +0.149% | $50K | $482K | 5x | as long as short |
| Binance WLDUSDT | +0.0100% | 8h | 0.4530 | +0.001% | $85.6M | $291.5M | 75x | as long as short |
| Gate WLD_USDT | +0.0100% | 8h | 0.4529 | −0.022% | $7.4M | $34.4M | 75x | as long as short |
| MEXC WLD_USDT | +0.0100% | 8h | 0.4529 | −0.022% | $52.5M | $47.0M | 300x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4527 | −0.066% | $30.0M | $25.1M | 75x | as long as short |
| BingX WLD-USDC | +0.0100% | 8h | 0.4530 | +0.001% | — | $1.3M | — | as long as short |
| Backpack WLD_USDC_PERPshort | +0.0100% | 1h | 0.4531 | +0.023% | $128K | $274K | 10x | |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4544 | +0.318% | $27K | $315K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4543 | +0.289% | $613K | $1.9M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4542 | +0.265% | $55K | $226K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4536 | +0.129% | $54K | $1.7M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4537 | +0.155% | $23K | $1.5M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4528 | −0.044% | $197 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4539 | +0.199% | $856K | $1.8M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4529 | −0.022% | $1.8M | $3.8M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4529 | −0.033% | $132K | $745K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4534 | +0.086% | $31K | $5K | 3x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4536 | +0.130% | — | — | 20x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0217% / S −0.0307% | 1h | 0.4535 | +0.122% | $12K | — | 100x | as long as short |
| BloFin WLD-USDT | +0.0220% | 8h | 0.4545 | +0.332% | $4.9M | $802K | 75x | as long as short |
| Injective WLD/USDC PERP | +0.0374% | 1h | 0.4622 | +2.031% | $6K | $139K | 5.5x | as long as short |
| Coinbase International WLD-PERP-INTX | +0.0400% | 1h | 0.4533 | +0.067% | $280K | $1.6M | 50x | as long as short |
| 01 Exchange WLDUSD | +0.0472% | 1h | 0.4538 | +0.168% | $325 | $77 | 5x | as long as short |
| Lighter WLD | +0.1040% | 1h | 0.4540 | +0.228% | $5.1M | $2.0M | 10x | as long as short |
| Kraken Futures PF_WLDUSDlong | +0.1101% | 1h | 0.4530 | long leg | $919K | $2.6M | 50x |
Bybit WLDUSDT
Hyperliquid WLD
Aster WLDUSDT
Pacifica WLD
Binance WLDUSDT
Gate WLD_USDT
MEXC WLD_USDT
Bitget WLDUSDT
BingX WLD-USDC
edgeX WLDUSDC
GRVT WLD_USDT_Perp
ApeX Omni WLDUSDT
Polymarket Perps WLD-USD
SunX WLD-USDT
SoDEX WLD-USD
HTX WLD-USDT
Phemex WLDUSDT
Extended WLD-USD
Aevo WLD-PERP
Reya WLDRUSDPERP
GMX WLD/USD [ETH-USDC]
BloFin WLD-USDT
Injective WLD/USDC PERP
Coinbase International WLD-PERP-INTX
01 Exchange WLDUSD
Lighter WLD