Funding arb · Price arb /

WLD

all WLD markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0436%/8h= +47.7% APRpaid last 24h +0.071%

Price spread now: Coinbase International against Phemex+0.154%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1191.193% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.284%−$28 · spread now +0.154%, 7d avg +0.051%

Together, before fees−0.248%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Coinbase International is 0.103% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 1.9% 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	Phemex WLDUSDT	0.4531	0.0100	pay 0.0100% / 8h	2h 18m	$1.8M	$3.7M	50x
Short	Coinbase International WLD-PERP-INTX	0.4538	0.0536	get 0.0067% / 1h	18m 27s	$276K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.154%Rate

Funding earned: $91.56
Price spread: +0.154% → +0.051%: $10.33
Slippage, 4 orders: −$97.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$17.43
Costs to cover: 1.193%
Break-even: 8.3 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: 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 Phemex live order book, 5 min ago	3.35 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	6.69 bp	16.1 bp −$16	20.5 bp −$205	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	−0.0056%	1h	0.4540	+0.210%	$244K	$207K	5x	as long as short
dYdX WLD-USD	0.0000%	1h	0.4533	+0.038%	$155K	$33K	10x	as long as short
Kalshi KXWLDPERP	0.0000%	8h	0.4530	−0.022%	$53K	$4.8M	1.7x	as long as short
gTrade (Gains Network) WLD/USD	L +0.0003% / S −0.0003%	1h	0.4540	+0.200%	$66K	—	150x	as long as short
01 Exchange WLDUSD	+0.0048%	1h	0.4537	+0.124%	$325	$55	5x	as long as short
KuCoin WLDUSDTM	+0.0050%	8h	0.4537	+0.132%	$6.7M	$11.9M	50x	as long as short
Polymarket Perps WLD-USD	+0.0063%	1h	0.4538	+0.150%	$41K	$2.4M	10x	as long as short
Lighter WLD	+0.0096%	1h	0.4537	+0.135%	$4.9M	$2.9M	10x	as long as short
Orderly PERP_WLD_USDC	+0.0099%	8h	0.4541	+0.221%	$28K	$797K	10x	as long as short
Aster WLDUSDT	+0.0100%	8h	0.4539	+0.183%	$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	0.4534	+0.072%	$50K	$539K	5x	as long as short
Binance WLDUSDT	+0.0100%	8h	0.4540	+0.198%	$86.5M	$338.3M	75x	as long as short
Bybit WLDUSDT	+0.0100%	8h	0.4540	+0.199%	$64.6M	$91.4M	50x	as long as short
OKX WLD-USDT-SWAP	+0.0100%	8h	0.4541	+0.221%	$34.3M	$154.5M	50x	as long as short
Gate WLD_USDT	+0.0100%	8h	0.4541	+0.221%	$7.2M	$37.6M	75x	as long as short
MEXC WLD_USDT	+0.0100%	8h	0.4541	+0.221%	$39.2M	$56.0M	300x	as long as short
Bitget WLDUSDT	+0.0100%	8h	0.4542	+0.243%	$29.9M	$31.0M	75x	as long as short
BingX WLD-USDC	+0.0100%	8h	0.4541	+0.221%	—	$1.3M	—	as long as short
Backpack WLD_USDC_PERP	+0.0100%	1h	0.4537	+0.139%	$135K	$300K	10x	as long as short
Variational Omni WLD	+0.0100%	8h	0.4510	−0.470%	$2.0M	$1.7M	—	as long as short
edgeX WLDUSDC	+0.0100%	4h	0.4512	−0.419%	$27K	$320K	20x	as long as short
GRVT WLD_USDT_Perp	+0.0100%	8h	0.4491	−0.887%	$599K	$2.0M	10x	as long as short
ApeX Omni WLDUSDT	+0.0100%	1h	0.4482	−1.081%	$48K	$240K	50x	as long as short
SunX WLD-USDT	+0.0100%	8h	0.4542	+0.243%	$22K	$1.6M	50x	as long as short
SoDEX WLD-USD	+0.0100%	1h	0.4533	+0.044%	$206	$5K	10x	as long as short
HTX WLD-USDT	+0.0100%	8h	0.4529	−0.044%	$829K	$1.7M	50x	as long as short
Phemex WLDUSDTlong	+0.0100%	8h	0.4531	long leg	$1.8M	$3.7M	50x
Extended WLD-USD	+0.0104%	1h	0.4532	+0.030%	$221K	$999K	10x	as long as short
Aevo WLD-PERP	+0.0104%	1h	0.4531	+0.011%	$31K	$600	3x	as long as short
Reya WLDRUSDPERP	+0.0134%	1h	0.4540	+0.194%	—	—	20x	as long as short
Phoenix WLD	+0.0142%	1h	0.4514	−0.366%	$5K	$52K	10x	as long as short
Injective WLD/USDC PERP	+0.0176%	1h	0.4513	−0.397%	$6K	$185K	5.5x	as long as short
Deribit WLD_USDC-PERPETUAL	+0.0191%	1h	0.4535	+0.088%	$145K	$1.0M	25x	as long as short
GMX WLD/USD [ETH-USDC]	L +0.0219% / S −0.0967%	1h	0.4540	+0.202%	$4K	—	100x	as long as short
BloFin WLD-USDT	+0.0220%	8h	0.4535	+0.088%	$4.8M	$921K	75x	as long as short
Hyperliquid WLD	+0.0257%	1h	0.4545	+0.313%	$49.1M	$44.0M	10x	as long as short
Kraken Futures PF_WLDUSD	+0.0500%	1h	0.4537	+0.123%	$864K	$2.9M	50x	as long as short
Coinbase International WLD-PERP-INTXshort	+0.0536%	1h	0.4538	+0.154%	$276K	$1.7M	50x