Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.082%

Price spread now: Phemex against Lighter−0.080%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1051.055% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now −0.080%, 7d avg −0.118%

Together, before fees+0.160%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.037% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WLD	0.4598	0.0096	pay 0.0012% / 1h	25m 53s	$5.0M	$2.4M	10x
Short	Phemex WLDUSDT	0.4594	0.0100	get 0.0100% / 8h	4h 25m	$1.8M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.080%Rate

Funding earned: $0.84
Price spread: −0.080% → −0.118%: $3.75
Slippage, 4 orders: −$93.45
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$100.87
Costs to cover: 1.055%
Break-even: 847.5 days

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 3 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 Lighter live order book, 7 min ago	3.06 bp	6.3 bp −$6	35.8 bp −$358	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	9.77 bp	45.5 bp −$45	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	−0.0101%	8h	0.4590	−0.167%	$39K	$4.6M	1.7x	as long as short
Nado WLD-PERP	−0.0041%	1h	0.4586	−0.260%	$243K	$205K	5x	as long as short
KuCoin WLDUSDTM	−0.0015%	8h	0.4589	−0.189%	$7.0M	$11.6M	50x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4589	−0.186%	$157K	$33K	10x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4590	−0.170%	$66K	—	150x	as long as short
Injective WLD/USDC PERP	+0.0014%	1h	0.4544	−1.168%	$6K	$185K	5.5x	as long as short
Orderly PERP_WLD_USDC	+0.0093%	8h	0.4590	−0.167%	$28K	$886K	10x	as long as short
Lighter WLDlong	+0.0096%	1h	0.4598	long leg	$5.0M	$2.4M	10x
Aster WLDUSDT	+0.0100%	8h	0.4600	+0.053%	$211K	$1.1M	50x	as long as short
Pacifica WLD	+0.0100%	1h	0.4591	−0.146%	$49K	$527K	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	0.4590	−0.172%	$87.0M	$328.3M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4588	−0.211%	$65.3M	$89.1M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4589	−0.189%	$34.4M	$150.0M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4587	−0.233%	$7.2M	$37.0M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4588	−0.211%	$43.8M	$54.3M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4589	−0.189%	$30.3M	$30.3M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4588	−0.211%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4593	−0.091%	$137K	$299K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4590	−0.175%	$2.2M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4588	−0.213%	$27K	$320K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4600	+0.039%	$606K	$1.9M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4619	+0.463%	$43K	$239K	50x	as long as short
Polymarket Perps WLD-USD	+0.0100%	1h	0.4586	−0.250%	$47K	$2.1M	10x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4593	−0.102%	$23K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4593	−0.102%	$171	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4583	−0.320%	$838K	$1.8M	50x	as long as short
Phemex WLDUSDTshort	+0.0100%	8h	0.4594	−0.080%	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4588	−0.204%	$221K	$981K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4592	−0.124%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4589	−0.195%	—	—	20x	as long as short
01 Exchange WLDUSD	+0.0144%	1h	0.4590	−0.172%	$328	$80	5x	as long as short
Phoenix WLD	+0.0158%	1h	0.4605	+0.152%	$5K	$52K	10x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0186%	1h	0.4592	−0.124%	$119K	$942K	25x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4592	−0.124%	$4.8M	$834K	75x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0229% / S −0.1268%	1h	0.4589	−0.197%	$5K	—	100x	as long as short
Hyperliquid WLD	+0.0318%	1h	0.4595	−0.059%	$50.5M	$43.3M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0478%	1h	0.4596	−0.045%	$889K	$2.8M	50x	as long as short
Coinbase International WLD-PERP-INTX	+0.0496%	1h	0.4608	+0.224%	$270K	$1.7M	50x	as long as short