Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.040%

Price spread now: Phemex against Kraken Futures+0.057%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1211.211% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.057%, 7d avg −0.035%

Together, before fees−0.174%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.092% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.035%): +$9 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.068% in total) that is about 9.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.068% in total (about -3.5% 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	Kraken Futures PF_WLDUSD	0.4518	0.0502	pay 0.0063% / 1h	52m 53s	$865K	$2.9M	50x
Short	Phemex WLDUSDT	0.4521	0.0100	get 0.0100% / 8h	2h 52m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$84.33
Price spread: +0.057% → −0.035%: $9.24
Slippage, 4 orders: −$99.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$196.22
Costs to cover: 1.211%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	5.53 bp	14.8 bp −$15	26.1 bp −$261	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	13.38 bp	41.1 bp −$41	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	−0.0043%	1h	0.4510	−0.186%	$239K	$205K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4514	−0.104%	$154K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4513	−0.120%	$72K	$4.8M	1.7x	as long as short
Deribit WLD_USDC-PERPETUAL	0.0000%	1h	0.4518	−0.009%	$146K	$1.0M	25x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4516	−0.054%	$65K	—	150x	as long as short
KuCoin WLDUSDTM	+0.0035%	8h	0.4518	−0.009%	$6.8M	$11.9M	50x	as long as short
Polymarket Perps WLD-USD	+0.0053%	1h	0.4512	−0.140%	$47K	$2.4M	10x	as long as short
01 Exchange WLDUSD	+0.0064%	1h	0.4512	−0.133%	$323	$55	5x	as long as short
Orderly PERP_WLD_USDC	+0.0098%	8h	0.4517	−0.031%	$28K	$854K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4519	+0.007%	$226K	$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	0.4514	−0.101%	$47K	$533K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4521	+0.053%	$85.9M	$336.2M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4521	+0.057%	$64.1M	$91.5M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4521	+0.057%	$34.1M	$153.3M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4520	+0.035%	$7.2M	$36.6M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4520	+0.035%	$38.9M	$55.4M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4519	+0.013%	$29.7M	$30.7M	75x	as long as short
BingX WLD-USDT	+0.0100%	8h	0.4521	+0.057%	—	$68.1M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4519	+0.004%	$134K	$305K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4523	+0.095%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4513	−0.123%	$27K	$319K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4524	+0.132%	$600K	$2.0M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4518	−0.009%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4517	−0.031%	$203	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4511	−0.164%	$825K	$1.8M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4521	+0.057%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4519	+0.013%	$221K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4518	−0.014%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4514	−0.092%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4490	−0.636%	$5K	$52K	10x	as long as short
Lighter WLD	+0.0160%	1h	0.4522	+0.086%	$4.9M	$2.9M	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4519	+0.013%	$6K	$185K	5.5x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4516	−0.060%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4515	−0.076%	$4.8M	$927K	75x	as long as short
ApeX Omni WLDUSDT	+0.0243%	1h	0.4518	−0.009%	$48K	$240K	50x	as long as short
Hyperliquid WLD	+0.0309%	1h	0.4524	+0.132%	$49.0M	$44.0M	10x	as long as short
Kraken Futures PF_WLDUSDlong	+0.0502%	1h	0.4518	long leg	$865K	$2.9M	50x
Coinbase International WLD-PERP-INTX	+0.0536%	1h	0.4521	+0.057%	$266K	$1.7M	50x	as long as short